Question 17 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 8 of +2- Part

Question 17 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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 as 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 as 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 as 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.
i) Shared 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
ii) 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

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

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