Question 09 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 09 Chapter 8 of +2- Part

Question 09 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

9. (Under subscription) A limited company issued 10,000 shares of 100 each payable asunder:
Rs. 20 on application
Rs. 30 on allotment
Rs. 50 on final call.
The public applied for 9,000 shares which were allotted. All the money due on shares were received. Pass journal entries in the books of the company and prepare Cash Book and Balance Sheet.

The solution of Question 09 Chapter 8 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
a)  Share Application A/c Dr.   1,80,000  
  To Share capital A/c       1,80,000
  (Being application money of 9,000 shares transferred to share cap. A/c )        
           
b) Share Allotment A/c Dr.   2,70,000  
  To Share capital A/c       2,70,000
  (Being allotment due on 9,000 shares @ 30 per share )        
           
c) Share Application A/c Dr.   4,50,000  
  To Share capital A/c       4,50,000
  (Being final call due )        
         

Cash Book (Bank Cloumn only)
Particulars
Amount Particulars Amount
To Share application A/c 1,80,000 By Balance c/d 9,00,000
To Share allotment A/c 2,70,000    
To Share final call A/c 4,50,000    
  9,00,000   9,00,000

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 09 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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