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Question 19 B Chapter 8 of +2-Part-1
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19B (Called up Capital, Calls in Arrears and Calls in Advance in Balance sheet).Roma Ltd. was registered with a capital of Rs. 10,00,000 in shares of Rs. 100 each. It issued 7,000 shares at par playable Rs. 25 on application, Rs. 25 on Allotment, Rs. 30 on first call and Rs. 20 on final call .
Shares were fully subscribed and allotted. Ravi holding 400 shares did not pay first call while Ajay holding 600 shares paid the full amount of shares on allotment.
Journalise the transactions assuming that final call was not made. Also prepare the Balance Sheet of the company.
The solution of Question 19 B Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c | Dr. | 1,75,000 | ||
| To Share application A/c | 1,75,000 | ||||
| (Being application money received on 7,000 shares @ Rs. 25 Each ) | |||||
| b) | Share Application A/c | Dr. | 1,75,000 | ||
| To Share capital A/c | 1,75,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Share Allotment A/c | Dr. | 1,75,000 | ||
| To Share capital A/c | 1,75,000 | ||||
| (Being allotment money due on 7,000 share @ Rs.25 each ) | |||||
| d) | Bank A/c | Dr. | 2,05,000 | ||
| To Share allotment A/c | 1,75,000 | ||||
| To Calls in advance A/c | 30,000 | ||||
| (Being allotment money received along with calls in advance on 600 share @ Rs.50 each ) | |||||
| e) | Share first Call A/c | Dr. | 2,10,000 | ||
| To Share capital A/c | 2,10,000 | ||||
| (Being first call money due on 19,500 share & call in advance on shares adjusted) | |||||
| f) | Bank A/c | Dr. | 1,80,000 | ||
| Calls in advance A/c | Dr. | 18,000 | |||
| Calls in arrear A/c | Dr. | 12,000 | |||
| To Share First Call A/c | 2,10,000 | ||||
| (Being first call money received on 19,500 shares & call in advance on 500 shares adjusted ) | |||||
| Rome Ltd. Balance Sheet | |||
| Particulars | Note no/. | Current year | |
| i) | Equity & Liability | ||
| (1) Shareholders fund | |||
| (a) Share Capital | 1 | 5,48,000 | |
| (2) Current Liabilities | |||
| (c) Other Current Liabilities | 2 | 12,000 | |
| Total | 5,60,000 | ||
| ii) | Assets | ||
| (2) Current Assets | |||
| (d)Cash & Cash equivalent | 2 | 5,60,000 | |
| Total | 5,60,000 | ||
| Note to Accounts:- | |||
| Particulars | |||
| i) | Shared capital | ||
| Authorized capital | |||
| 10,000 Equity shares of Rs. 100 each | 10,00,000 | ||
| Issued capital | |||
| 7,000 Equity shares of Rs. 100 each | 7,00,000 | ||
| Subscribed capital | |||
| Subscribed & not fully Paid up | |||
| 7,000 shares of Rs. 100 each Rs. 80 called | 5,60,000 | ||
| Less : Calls in Arrears (400 X 30) | 12,000 | 5,48,000 | |
| 2) | Reserve & Surplus | ||
| Securities Premium Reserve | 12,000 | ||
| 3) | Cash & Cash equivalent | ||
| Cash at Bank | 5,60,000 | ||
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)
Chapter No. 11 – Financial Statements of a Company
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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
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- 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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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
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2. Advanced Accountancy Part 1 Class 12 by Unimax Publication