Question 15 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 8 of +2- Part

Question 15 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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. 72
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 share shares @ Rs. 2 per share)        
           
b) Share Application A/c (80,000X2) Dr.   1,60,000  
  To Equity 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 @ 4 as 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 final Call A/c       1,60,000
  (Being first call money received & balance 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 first Call A/c       2,40,000
  (Being final call money received & balance transferred to calls – in arrears A/c )        
           
i) Bank A/c Dr.   860  
  To Calls in arrears A/c       800
  To interest on Calls in arrears A/c       60
  (Being calls – in arrears on first call received along with interest )        
         

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 15 Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

Leave a Reply

Your email address will not be published. Required fields are marked *