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

Q-17 - CH-8 - Usha +2 Book 2018 - Solution

Question 17 Chapter 8 of +2-Part-1

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: –