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

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