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Question 19 B Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 B Chapter 8 of +2- Part
Q-19B - CH-8 - Usha +2 Book 2018 - Solution

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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.DebitCredit
a)Bank A/cDr. 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/cDr. 1,75,000 
 To Share capital A/c   1,75,000
 (Being application money transferred to Share cap. A/c)    
      
c)Share Allotment A/cDr. 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/cDr. 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/cDr. 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/cDr. 1,80,000 
 Calls in advance A/cDr. 18,000 
 Calls in arrear A/cDr. 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
 ParticularsNote no/.
Current year
i)Equity & Liability  
 (1) Shareholders fund  
  (a) Share Capital15,48,000
 (2) Current Liabilities  
 (c) Other Current Liabilities212,000
 Total 5,60,000
ii)Assets  
 (2) Current Assets  
 (d)Cash & Cash equivalent25,60,000
 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 called5,60,000 
 Less : Calls in Arrears (400 X 30)12,0005,48,000
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

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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