
Question 10 Chapter 8 of +2-Part-1
10. (Issue at Premium/Call in Arrears) Amritsar Fan Company issued 25,000 shares of Rs. 10 each at 20% premium Applications for 20,000 shares were received.
Amount was payable as follows:
On application Rs. 3
On allotment Rs. 6 ( Premium 2)
On first & final call Rs. 3
On 2,000 shares final call was not received.
Pass journal entries and prepare cash book.
The solution of Question 10 Chapter 8 of +2 Part-1: –
Journal |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
a) | Share Application A/c | Dr. | 60,000 | ||
To Share capital A/c | 60,000 | ||||
(Being 20,000 shares allotted ) | |||||
b) | Share Allotment A/c | Dr. | 1,20,000 | ||
To Share capital A/c | 1,20,000 | ||||
(Being allotment due) | |||||
c) | Share Application A/c | Dr. | 60,000 | ||
To Share capital A/c | 60,000 | ||||
(Being final call due ) | |||||
d) | Calls in arrears A/c | Dr. | 6,000 | ||
To Share First & Final Call A/c | 6,000 | ||||
(Being call in arrears on 2,000 shares @ 3 on final call) | |||||
Cash Book (Bank Cloumn only) |
|||
Particulars |
Amount | Particulars | Amount |
To Share application A/c | 60,000 | By Balance c/d | 2,34,000 |
To Share allotment A/c | 1,20,000 | ||
To Share final call A/c | 54,000 | ||
2,34,000 | 2,34,000 |
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
