Question 02 Chapter 1 of +2-B – USHA Publication 12 Class

Question 02 Chapter 1 of +2-B

Question 02 Chapter 1 of +2-B

Arrangement of Balance sheet Items

2. (Exhibiting Not Full Paid-up Capital) Good Year Tyre Limited has an authorized capital of 20,00,000 divided into Rs 10 shares. It invited applications for 1,00,000 shares company received full face value on 99,000 shares. However, on 1,000 shares the final call of Rs 3 is not received.
Show the above in the Balance Sheet.

 

The solution of Question 02 Chapter 1 of +2-B: – 

 

Balance Sheet of Punjab Steel Limited

Particulars
Note no. Amount
I. Equity and Liabilities    
1. Shareholders’ Funds    
Share Capital 1 9,97,000
Total   9,97,000

 

 

Balance Sheet of Punjab Steel Limited

Particulars
Note no. Amount
1. Share Capital    
Authorised Capital    
2,00,000 Shares of Rs 100 each   20,00,000
2. Issued Capital    
1,00,000 Shares of Rs 100 each   10,00,000
Subscribed Capital    
Subscribed & Fully Paid-up Capital    
99,000 Shares of Rs 10 each   9,90,000
Subscribed but not Fully Paid-up Capital    
1,000 Shares of Rs 100 each    
Less :Calls in arrears (1,000 x Rs 3 )   7,000
    9,97,000

 

To understand more about Balance Sheet please check out following links:

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 3 min 225x300 - Question 02 Chapter 1 of +2-B  - USHA Publication  12 Class
T.S. Grewal’s Analysis of Financial Statements

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