Question 26 Chapter 8 of +2-A
Table of Contents
26. Bharat ltd. Made the first call of Rs 2 per share on its 1,00,000 equity shares on 1st March 2006. Ashok, a shareholder, holding 800 shares paid the second and the final call amount along with the first call amount was Rs 3 per share. Pass necessary journal entries for recording the above using the calls in advance Account.
The solution of Question 26 Chapter 8 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| Share first call A/c | Dr. | 2,00,000 | |||
| To Share capital A/c | 2,00,000 | ||||
| (Being the first call money due ) | |||||
| Cash A/c | Dr. | 2,02,400 | |||
| To calls in advance A/c | 2400 | ||||
| To Equity share capital A/c | 2,00,000 | ||||
| (Being first call money received ) | |||||
| Share second and final call A/c | Dr | 2,97,600 | |||
| Calls in advance A/c | Dr | 2400 | |||
| To Share capital A/c | 3,00,000 | ||||
| (Being the second and final call money due ) | |||||
| Cash A/c | Dr | 2,97,600 | |||
| To Share first call A/c | 2,97,600 | ||||
| (Being second and final call money received ) | |||||
| Cash Book | Cr. | |
|
Particulars (1) |
Note no. (2) |
Figures as at the end of the Previous Reporting Period (3) |
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| (a) Share Capital | (1) | 37,000 |
| 37,000 | ||
| Equity share capital A/c | Cr. | |
| Particulars |
Details |
Amount |
| Share capital | ||
| Authorized capital | ||
| 8000 Equity share of Rs 10each | 80,000 | |
| Issued capital | ||
| 8000 equity shares of Rs 10 each | 40,000 | |
| Subscribed capital | ||
| Subscribed and fully paid-up | ||
| 8000 Equity shares of Rs 10 each(Rs 5 called) | ||
| On application (8000 *Rs 2 each ) | 16,000 | |
| On allotment (8000*Rs 1 each )- calls in arrear (250) | 7750 | |
| On first call (8000 *Rs 1 each ) – calls in arrear (750) | 7250 | |
| On first call (8000 *Rs 1 each )- calls in arrear ( 2000) | 6000 | |
| 37,000 | ||
| share capital (subscribed) | 37,000 | |
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Also, Check out the solved question of previous Chapters: –
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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