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

Question 19 B Chapter 8 of +2- Part

Question 19 B Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

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 - Question 19 B Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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