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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Blue Chip Ltd. was registered on 1st January, 2024 with a capital of ₹10,00,000 divided into 1,00,000 shares of ₹10 each. The company issued 42,000 shares, of which 40,000 shares were taken up by the public, and ₹1 per share was received with application. On 1st February, these shares were allotted, and ₹2 per share was duly received on 28th February as allotment money. A first call of ₹3 per share was made on 1st March, and the call money on all shares except 100 shares was received. The final call of ₹4 per share was made on 1st June, and the amount due, except on 400 shares, was received by 30th June. Pass the necessary Journal and Cash Book entries and prepare the Balance Sheet as at 30th June, 2024.
JOURNAL (Books of Blue Chip Ltd.)
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Feb 1 | Share Application A/c Dr. | 40,000 | ||
| To Share Capital A/c | 40,000 | |||
| (Application money on 40,000 shares @ ₹1 transferred to Share Capital) | ||||
| Feb 1 | Share Allotment A/c Dr. | 80,000 | ||
| To Share Capital A/c | 80,000 | |||
| (Allotment due on 40,000 shares @ ₹2) | ||||
| Mar 1 | Share First Call A/c Dr. | 1,20,000 | ||
| To Share Capital A/c | 1,20,000 | |||
| (First call due on 40,000 shares @ ₹3) | ||||
| May 30 | Calls-in-Arrears A/c Dr. | 300 | ||
| To Share First Call A/c | 300 | |||
| (First call outstanding on 100 shares @ ₹3) | ||||
| Jun 1 | Share Final Call A/c Dr. | 1,60,000 | ||
| To Share Capital A/c | 1,60,000 | |||
| (Final call due on 40,000 shares @ ₹4) | ||||
| Jun 30 | Calls-in-Arrears A/c Dr. | 1,600 | ||
| To Share Final Call A/c | 1,600 | |||
| (Final call outstanding on 400 shares @ ₹4) |
CASH BOOK (Bank Column)
| Date & Particulars | ₹ | Date & Particulars | ₹ |
|---|---|---|---|
| Feb 1 To Share Application | 40,000 | Jun 30 By Balance c/d | 3,98,100 |
| Feb 28 To Share Allotment | 80,000 | ||
| May 1 To Share First Call | 1,19,700 | ||
| Jun 30 To Share Final Call | 1,58,400 | ||
| Total | 3,98,100 | Total | 3,98,100 |
BALANCE SHEET OF BLUE CHIP LTD. as at 30th June, 2024 (Extract)
| Particulars | Note No. | ₹ |
|---|---|---|
| Shareholders’ Funds: Share Capital | 1 | 3,98,100 |
| Current Assets: Cash and Cash Equivalents | 2 | 3,98,100 |
NOTES TO ACCOUNTS
| Particulars | ₹ |
|---|---|
| 1. Share Capital | |
| Authorised Share Capital: 1,00,000 shares of ₹10 each | 10,00,000 |
| Issued Share Capital: 42,000 shares of ₹10 each | 4,20,000 |
| Subscribed, Called-up and Paid-up: 40,000 shares of ₹10 each, fully called-up | 4,00,000 |
| Less: Calls-in-Arrears (300 + 1,600) | (1,900) |
| Total Share Capital | 3,98,100 |
| 2. Cash and Cash Equivalents | |
| Cash at Bank | 3,98,100 |
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.32 - 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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