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 (38,000X3) | 1,14,000 | ||
| To Share final call A/c (37,000X1) | 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 | |||
| 37,000 shares of Rs. 10 each | 3,70,000 | ||
| 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 | ||
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
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Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
Chapter No. 15 – Cash Flow Statement
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- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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