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Question 04 Chapter 8 of +2-Part-1
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4. (Journal/Balance Sheet) Amritsar company has an authorized capital of Rs. 10,00,000 divided in to Rs. 100 share. It invited applications for 3,000 shares.
Amount is payable; Rs. 25 on application; Rs. 35 on allotment and balance in two equal installments on first call and final call.
The money was duly received on 3,000 shares. Show entries in journal and prepare Balance Sheet.
The solution of Question 04 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c | Dr. | 75,000 | ||
| To Share Application A/c | 75,000 | ||||
| (Being application money received on 3000 @ 25 each ) | |||||
| b) | Share Application A/c | Dr. | 75,000 | ||
| To Share capital A/c | 75,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Share Allotment A/c | Dr. | 1,05,000 | ||
| To Share capital A/c | 1,05,000 | ||||
| (Being allotment money due on 3000 share @ 35 each ) | |||||
| d) | Bank A/c | Dr. | 1,05,000 | ||
| To Share Allotment A/c | 1,05,000 | ||||
| (Being allotment money received ) | |||||
| e) | Share first & Final Call A/c | Dr. | 60,000 | ||
| To Share capital A/c | 60,000 | ||||
| (Being call money on 3000 share @ 20 each ) | |||||
| f) | Bank A/c | Dr. | 60,000 | ||
| To Share first & Final Call A/c | 60,000 | ||||
| (Being final call received ) | |||||
Balance Sheet
| Particulars | Note No. | Current Year | ||
| i) | Equity & Liability | |||
| Shareholders fund | ||||
| Share Capital | ||||
| Long term Liabilities | ||||
| Short term Liabilities | 1 | 3,00,000 | ||
| Total | 3,00,000 | |||
| i) | Assets | |||
| Non current Assets | ||||
| Cash at bank | 3,00,000 | |||
| Total | 3,00,000 | |||
Wroking Note:-
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| Particulars | Note No. | Current Year | |
| Equity Share capital | |||
| Authorized Capital | |||
| 10,000 shares of Rs. 100 each | 10,00,000 | ||
| Issued, subscribed, called & paid up 3,000 shares of Rs. 100 each fully called & paid up | 3,00,000 | ||
| 3,00,000 | |||
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
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Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
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Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication