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Question 14 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 8 of +2- Part

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Question 14 Chapter 8 of +2-Part-1

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14. (Call in Arrears) Gujrat Steels Ltd., invited applications for 60,000 equity shares of Rs. 10 each. Amount being payable Rs. 3 on application : Rs. 4 on allotment and balance on final call. Applications for 50,000 shares were received. Expenses on issue were Rs. 4,000. Final call was not received on 500 shares. Pass entries in Journal.

The solution of Question 14 Chapter 8 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
a)Bank A/cDr. 1,50,000 
 To Share Application A/c   1,50,000
 (Being application money received on 50,000 share shares @ Rs. 3 per share)    
      
b)Share Application A/cDr. 1,50,000 
 To Equity Share capital A/c   1,50,000
 (Being the transfer of app. Amount to Share cap. A/c)    
      
c)Share Allotment A/cDr. 2,00,000 
 To Share capital A/c   2,00,000
 (Being allotment money due on 50,000 share @ 4 as per shares)    
      
d)Bank A/cDr. 2,00,000 
 To Share allotment A/c   2,00,000
 (Being allotment money received in full )    
      
e)Share final Call A/cDr. 1,50,000 
 To Share capital A/c   1,50,000
 (Being final call money due on 50,000 share @ 3 as per shares)    
      
f)Bank A/cDr. 1,48,500 
 Calls in arrears A/cDr. 1,500 
 To Share final Call A/c   1,50,000
 (Being final call money received & balance transferred to calls – in arrears A/c )    
      
g)Expenses on Issue A/cDr. 4,000 
 To Bank A/c   4,000
 (Being share issue expenses paid )    
     

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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