Question 04 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 04 Chapter 8 of +2- Part

Question 04 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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 )        
         
  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:-

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

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 04 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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