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

Question 15 Chapter 8 of +2-Part-1

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The solution of Question 15 Chapter 8 of +2 Part-1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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 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