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

Question 19 C Chapter 8 of +2- Part

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

Free Accounting book Solution - Class 11 and Class 12

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

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 C 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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