Question 19 B Chapter 8 of +2-Part-1
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 Equity Share application A/c | 1,75,000 | ||||
| (Being application money received on 7,000 shares @ Rs. 25 Each ) | |||||
| b) | Equity Share Application A/c | Dr. | 1,75,000 | ||
| To Equity Share capital A/c | 1,75,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Equity Share Allotment A/c | Dr. | 1,75,000 | ||
| To Equity 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 Equity 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) | Equity Share first Call A/c | Dr. | 2,10,000 | ||
| To Equity 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 | |||
| To Share final Call A/c | 1,98,000 | ||||
| (Being first call money received on 19,500 shares & call in advance on 500 shares adjusted ) | |||||
| Delhi Milk Supply Co. 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 |
|||
| 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 | ||
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
