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

Question 15 Chapter 8 of +2- Part
Q-15 - CH-8 - Usha +2 Book 2018 - Solution

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Question 15 Chapter 8 of +2-Part-1

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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: –

Day 172 Solution of Questions 13 14 and 15 Share Capital Chapter 8 Accounts Part - B class 12 PSEB

Journal
Date  Particulars
L.F.DebitCredit
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/cDr. 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/cDr. 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
AmountParticularsAmount
To Share application A/c1,60,000By Balance c/d7,97,060
To Share allotment A/c2,40,000  
To Share First Call A/c1,52,000  
To Share Second & Final Call A/c2,37,000  
To Calls in arrears A/c8,000  
To Interest on Calls in arrears A/c60  
 7,97,060 7,97,060

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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