Advertisement
Question 15 Chapter 8 of +2-Part-1
Advertisement
15. (Call in arrears/Payment of call with interest) Satyam Computers issued 80,000 shares of Rs. 10 each, payable as follows:
On application Rs. 2
On allotment Rs. 3
On first call Rs. 2 (Two months after allotment)
On Second & final call Rs. 3 (One month after first call)
One share holder did not pay first call on his 4,000 shares, which he paid with interest @9%at the time of second and final call. Another shareholder did not pay final call on his 1,000)shares. Prepare journal and Cash Book.
The solution of Question 15 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share Application A/c | 1,60,000 | ||||
| (Being application money received on 80,000 shares @ Rs. 2 per share) | |||||
| b) | Share Application A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being the transfer of app. Amount to Share cap. A/c) | |||||
| c) | Share Allotment A/c (80,000X3) | Dr. | 2,40,000 | ||
| To Share capital A/c | 2,40,000 | ||||
| (Being allotment money due on 50,000 share @ 3 per shares) | |||||
| d) | Bank A/c | Dr. | 2,40,000 | ||
| To Share allotment A/c | 2,40,000 | ||||
| (Being allotment money received in full ) | |||||
| e) | Share First Call A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being first call money due on 80,000 share @ 2 as per shares) | |||||
| f) | Bank A/c (76,000X2) | Dr. | 1,52,000 | ||
| Calls in arrears A/c (4000X2) | Dr. | 8,000 | |||
| To Share First Call A/c | 1,60,000 | ||||
| (Being first call money received & Unpaid amount transferred to calls – in arrears A/c ) | |||||
| g) | Share final call A/c (80,000X3) | Dr. | 2,40,000 | ||
| To Share capital A/c | 2,40,000 | ||||
| (Being final call money due on 80,000 share @ 3 as per shares) | |||||
| h) | Bank A/c (79,000X3) | Dr. | 2,37,000 | ||
| Calls in arrears A/c (1,000X3) | Dr. | 3,000 | |||
| To Share Second & Final Call A/c | 2,40,000 | ||||
| (Being final call money received & balance transferred to calls – in arrears A/c ) | |||||
| i) | Bank A/c | Dr. | 8,060 | ||
| To Calls in arrears A/c | 8,000 | ||||
| To interest on Calls in arrears A/c | 60 | ||||
| (Being calls – in arrears on first call received along with interest ) | |||||
| Cash Book (Bank Cloumn only) | |||
| Particulars | Amount | Particulars | Amount |
| To Share application A/c | 1,60,000 | By Balance c/d | 7,97,060 |
| To Share allotment A/c | 2,40,000 | ||
| To Share First Call A/c | 1,52,000 | ||
| To Share Second & Final Call A/c | 2,37,000 | ||
| To Calls in arrears A/c | 8,000 | ||
| To Interest on Calls in arrears A/c | 60 | ||
| 7,97,060 | 7,97,060 | ||
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 8 – Company Accounts (Share Capital) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Advertisement-Y
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
End of Post
Download a PDF of Chapter No. 8 – Company Accounts (Share Capital):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
Advertisement-X
Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Advertisement-X
Advertisement-Y
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
Advertisement-X
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication