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

Question 03 Chapter 8 of +2- Part

Question 03 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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   1 3,46,000
       
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 up 2,40,000  
Less : Calls in Arrears (3,000X3) 9,000 2,31,000
20,000 , 12 % Preference shares of Rs. 10 each , Rs. 8 called up 1,20,000  
Less : Calls in Arrears 5,000 1,15,000
    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 - Question 03 Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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