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Question 17 Chapter 8 of +2-Part-1
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Table of Contents
17. (Call in Arrears/Cash Book/Balance Sheet) Delhi Milk Supply Co. issued prospectus for 40,000 shares of Rs. 10 each. Amount is payable Rs. 2 on application ; Rs. 4 on allotment, Rs. 3 on first call and Rs. 1 on second and final call.
Ashok did not pay first call and final call on 2,000 shares. While Anil did not pay final call on his 1,000 shares.
Prepare Journal Cash Book and Balance Sheet.
The solution of Question 17 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Share Application A/c (40,000X2) | Dr. | 80,000 | ||
| To Share capital A/c | 80,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| b) | Share Allotment A/c (40,000X4) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being allotment money due on 40,000 share @ 4 per shares) | |||||
| c) | Share first Call A/c(40,000X3) | Dr. | 1,20,000 | ||
| To Share capital A/c | 1,20,000 | ||||
| (Being first call money due on 40,000 share @ 3 per shares) | |||||
| d) | Calls in arrears A/c | Dr. | 6,000 | ||
| To Share first Call A/c | 6,000 | ||||
| (Being amount unpaid on first call ) | |||||
| e) | Share second & final Call A/c (40,000X1) | Dr. | 40,000 | ||
| To Share capital A/c | 40,000 | ||||
| (Being final call money due on 40,000 share @ Rs. 1 per shares) | |||||
| f) | Calls in arrears A/c | Dr. | 3,000 | ||
| To Share final Call A/c | 3,000 | ||||
| (Being final call money not received ) | |||||
| Cash Book | |||
| Particulars | Rs. | Particulars | Rs. |
| To Share application A/c (40,000X2) | 80,000 | By Balance c/d | 3,91,000 |
| To Share allotment A/c (40,000X4) | 1,60,000 | ||
| To Share first call A/c (40,000X3) | 1,14,000 | ||
| To Share final call A/c (40,000X1) | 37,000 | ||
| 3,91,000 | 3,91,000 | ||
| Delhi Milk Supply Co. Ltd. Balance Sheet | |||
| Particulars | Note no/. | Rs. | |
| i) | Equity & Liability | ||
| Shareholders fund | |||
| Share Capital | 1 | 3,91,000 | |
| Total | 3,91,000 | ||
| ii) | Assets | ||
| Current Assets | |||
| Cash & Cash equivalent | 2 | 3,91,000 | |
| Total | 3,91,000 | ||
| Note | |||
| Particulars | Rs. | ||
| 1 | Share capital | ||
| Authorized capital | |||
| Issued capital | |||
| 40,000 shares of Rs. 10 each | 4,00,000 | ||
| Subscribed capital | |||
| Subscribed & fully Paid up | 3,70,000 | ||
| 37,000 shares of Rs. 10 each | 4,00,000 | ||
| Subscribed & not fully Paid up | |||
| 3,000 shares of Rs. 10 each | 30,000 | ||
| Less : Calls in Arrears | |||
| (2,000 X 4) | 8,000 | ||
| (1,000 X 1) | 1,000 | 21,000 | |
| Total | 3,91,000 | ||
| 2 | Cash & Cash equivalent | ||
| Cash at Bank | 3,91,000 | ||
| Total | 3,91,000 | ||
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
