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Question 03 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 03 Chapter 8 of +2- Part
Q-3 - CH-8 - Usha +2 Book 2018 - Solution

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Question 03 Chapter 8 of +2-Part-1

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3. (Balance Sheet/Notes to Accounts) A company has received applications for 30,000 equity shares of Rs. 10 each and 20,000 12% preference shares of Rs. 10 each. The company called up Rs. 8 on per equity shares and Rs. 6 on per preference shares.
Ajit did not pay Rs. 3 per share on his 3,000 shares and Sumit did not pay Rs. 5,000 on his preference shares.
Show the capital is Balance Sheet .

The solution of Question 03 Chapter 8 of +2 Part-1: –

Journal
Date  Particulars
Note no.Current Year
i)Equity & Liability   
 Shareholders fund   
 Share Capital 13,46,000
    
Particulars
Amount
Shared capital  
Authorized capital  
Subscribed capital  
30,000 equity shares of Rs. 10 each 3,00,000
20,000 , 12 % Preference shares of Rs. 10 each 2,00,000
Called up capital 5,00,000
30,000 equity shares of Rs. 10 each , Rs. 8 called up 2,40,000
20,000 , 12 % Preference shares of Rs. 10 each , Rs. 8 called up 1,20,000
Paid up capital 3,60,000
30,000 equity shares of Rs. 10 each , Rs. 8 called up2,40,000 
Less : Calls in Arrears (3,000X3)9,0002,31,000
20,000 , 12 % Preference shares of Rs. 10 each , Rs. 8 called up1,20,000 
Less : Calls in Arrears5,0001,15,000
  3,46,000

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 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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