Question No 14 Chapter 1 – Unimax Class 12 Part 2 – 2021
Table of Contents
Star Ltd. invited application for 40,000 shares of ₹ 10 each, payments were to be made as follows: ₹ 3 on Application; ₹ 3 on Allotment: ₹ 2 on First call and ₹ 2 on final call. All the shares were applied. Pass entries in the Cash Book, Journal, Ledger and show the Balance sheet of the Company.
The solution of Question 14 Chapter 1 of +2 Part-2: –
Bank A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| To Share application A/c | 1,20,000 | By Balance C/d | 4,00,000 | ||||
| (₹ 3 on 40,000 shares) | |||||||
| To Share allotment A/c | 1,20,000 | ||||||
| (₹ 3 on 40,000 shares) | |||||||
| To Share first call A/c | 80,000 | ||||||
| (₹ 2 on 40,000 shares) | |||||||
| To Second and final call A/c | 80,000 | ||||||
| (₹ 2 on 40,000 shares) | |||||||
| 4,00,000 | 4,00,000 |
Journal
Books of ABC Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
| Shares Application A/c | Dr. | 1,20,000 | |||
| To Share capital A/c | 1,20,000 | ||||
| (Being the application money on 40,000 shares transferred to share capital A/c) | |||||
| Share Allotment A/c | Dr. | 1,20,000 | |||
| To Shares capital A/c | 1,20,000 | ||||
| (Being the amount due on allotment @ ₹ 3 per share on 40,000 shares) | |||||
| Shares first call A/c | Dr. | 80,000 | |||
| To Share capital A/c | 80,000 | ||||
| (Being the amount due on 40,000 share on first call @ ₹ 4 per share) | |||||
| Shares final call A/c | Dr. | 80,000 | |||
| To Share capital A/c | 80,000 | ||||
| (Being the amount due on 40,000 share on final call @ ₹ 4 per share) | |||||
Ledger
Share application A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| To Share capital A/c | 1,20,000 | By Bank A/c | 1,20,000 | ||||
| 1,20,000 | 1,20,000 |
Ledger
Share allotment A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| To Share capital A/c | 1,20,000 | By Bank A/c | 1,20,000 | ||||
| 1,20,000 | 1,20,000 |
Ledger
Share first call A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| To Share capital A/c | 80,000 | By Bank A/c | 80,000 | ||||
| 80,000 | 80,000 |
Ledger
Share final call A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| To Share capital A/c | 80,000 | By Bank A/c | 80,000 | ||||
| 80,000 | 80,000 |
Share capital A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| By Balance C/d | 4,00,000 | By Share application A/c | 1,20,000 | ||||
| By Share allotment A/c | 1,20,000 | ||||||
| By Share first call A/c | 80,000 | ||||||
| By Share final call A/c | 80,000 | ||||||
| 4,00,000 | 4,00,000 |
Share capital A/c
| Particulars |
Note No |
₹ |
| Equity and Liabilities | ||
| 1 Shareholders funds | 1 | 4,00,000 |
| a. share capital | 4,00,000 | |
| Total | ||
| 2. Assets | ||
| 1.Current Assets | ||
| Cash and cash equivalents | 2 | 4,00,000 |
| Total | 4,00,000 |
Note to Amounts
| Particulars |
₹ |
| 1 share capital : | |
| Authorized capital | |
| Authorized capital … equity shares of ₹ 10 each |
4,00,000 |
| Issued capital: | |
| 40,000 shares of ₹ 10 each | 40,00,000 |
| Subscribed capital | |
| Subscribed and fully paid up | |
| 40,000 shares of ₹ 10 each | 40,00,000 |
| 40,00,000 | |
| Cash and cash equivalents | |
| Cash at bank | 40,00,000 |
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Share Capital: Meaning, Types, and Classes
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
