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

Question 10 Chapter 8 of +2- Part
Q-10 - CH-8 - Usha +2 Book 2018 - Solution

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Question 10 Chapter 8 of +2-Part-1

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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.DebitCredit
a) Share Application A/cDr. 60,000 
 To Share capital A/c   60,000
 (Being 20,000 shares allotted )    
      
b)Share Allotment A/cDr. 1,20,000 
 To Share capital A/c   80,000
 To Security Premium A/c   40,000
 (Being allotment due)    
      
c)Share First & Final Call A/cDr. 60,000 
 To Share capital A/c   60,000
 (Being final call due )    
      
d)Calls in arrears A/cDr. 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
AmountParticularsAmount
To Share application A/c60,000By Balance c/d2,34,000
To Share allotment A/c1,20,000  
To Share final call A/c54,000  
 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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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