Question 10 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 8 of +2- Part

Question 10 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

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 10 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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