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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Vivan Ltd. invited applications for 10,000 shares of ₹100 each, payable as: ₹30 on application, ₹30 on allotment, ₹20 on first call, and the balance on final call. All the shares were applied for and allotted, and all the money was duly received. Journalise these transactions and show Share Capital in the Balance Sheet.
JOURNAL (Books of Vivan Ltd.)
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Bank A/c Dr. | 3,00,000 | |||
| To Share Application A/c | 3,00,000 | |||
| (Application money received on 10,000 shares @ ₹30) | ||||
| Share Application A/c Dr. | 3,00,000 | |||
| To Share Capital A/c | 3,00,000 | |||
| (Application money transferred to Share Capital) | ||||
| Share Allotment A/c Dr. | 3,00,000 | |||
| To Share Capital A/c | 3,00,000 | |||
| (Allotment due on 10,000 shares @ ₹30) | ||||
| Bank A/c Dr. | 3,00,000 | |||
| To Share Allotment A/c | 3,00,000 | |||
| (Allotment money received) | ||||
| Share First Call A/c Dr. | 2,00,000 | |||
| To Share Capital A/c | 2,00,000 | |||
| (First call due on 10,000 shares @ ₹20) | ||||
| Bank A/c Dr. | 2,00,000 | |||
| To Share First Call A/c | 2,00,000 | |||
| (First call money received) | ||||
| Share Final Call A/c Dr. | 2,00,000 | |||
| To Share Capital A/c | 2,00,000 | |||
| (Final call due on 10,000 shares @ ₹20, being the balance of ₹100) | ||||
| Bank A/c Dr. | 2,00,000 | |||
| To Share Final Call A/c | 2,00,000 | |||
| (Final call money received) |
BALANCE SHEET OF VIVAN LTD. (Extract)
| Particulars | Note No. | ₹ |
|---|---|---|
| Shareholders’ Funds: Share Capital | 1 | 10,00,000 |
NOTES TO ACCOUNTS
| Particulars | ₹ |
|---|---|
| 1. Share Capital | |
| Issued Share Capital: 10,000 Equity Shares of ₹100 each | 10,00,000 |
| Subscribed and Fully Paid-up: 10,000 Equity Shares of ₹100 each | 10,00,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Vol 2 Chapter 1 Q.13 - Share Capital", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Share Capital.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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