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

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

19C. (Interest on calls in arrears and calls in advance) Anamika limited applications for 5,000 shares of 100 each payable as follows:
On application 30
On allotment 20
On first and last demand 50.
All the shares were applied for and allotted. One shareholder holding 200 share paid the whole of the amount due along with allotment. Another shareholder did not pay the allotment money on his 300 share but which he paid with the first and final call. Directors have decided to charge and allow interest, as the case may be, on calls in arrears and call in advance respectively according to the provision of Table F. There is a gap between allotment and call money in three (3) months. Journalise the transactions.

The solution of Question 19 C Chapter 8 of +2 Part-1: –

Journal
Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		1,50,000
	To Share Application A/c				1,50,000
	(Being application money received on)
b)	Share Application A/c	Dr.		1,50,000
	To Share capital A/c				1,50,000
	(Being application money transferred to Share cap. A/c)
c)	Share Allotment A/c	Dr.		1,00,000
	To Share capital A/c				1,00,000
	(Being allotment money due on 7,000 share @ Rs.25 each )
d)	Bank A/c	Dr.		1,04,000
	Calls in arrears (300 X 20)	Dr.		6,000
	To Share allotment A/c				1,00,000
	To Calls in advance A/c				10,000
	(Being allotment money real)
e)	Share first & final Call A/c	Dr.		2,50,000
	To Share capital A/c				2,50,000
	(Being final call due )
f)	Bank A/c	Dr.		2,46,000
	Calls in advance A/c	Dr.		10,000
	To Share first & final Call A/c				2,50,000
	To call in advance				6,000
	(Being call money received)
g)	Interest on Call in advance A/c	Dr.		300
	To Bank A/c				300
	(Being amt. paid call in advance )
h)	Bank A/c	Dr.		150
	To Interest on Call in arrears A/c				150
	(Being amt. received call in advance )

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

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