Question no 19 Chapter 1 - Unimax Class 12 Part 2

Question No 19 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

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

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

The Nagak cotton Mills Ltd. was registered on 1st Jan.2022 with a capital of ₹ 10,00,000 divided into 1,00,000 shares of ₹ 10 each. The company issued 60,000 shares of which 40,000 shares were taken up by the public and ₹ 1 per share was received with application. On 1st February, these shares were allotted and ₹ 2 per share was duly received on 28th February as allotment money. A first call of ₹ 3 per share was made on 1st March and the call money on all shares was received. The final call of ₹ 4 per shares was mode on 1st June and the amount due, was received by 30th June. Pass the necessary journal and cash book entries and prepare the balance sheet as at 30th June,2022.

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

Cash Book (Bank column only)

Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2022				2022
Feb.1	To Share application A/c		40,000	June 30	By Balance C/d		4,00,000
	(₹ 1 on 40,000 shares)
Feb.28	To Share allotment A/c		80,000
	(₹ 2 on 40,000 shares)
March 1	To Share first call A/c		1,20,000
	(₹ 3 on 40,000 shares)
June 30	To Share final call A/c		1,60,000
	(₹ 4 on 40,000 shares)
			3,98,100				3,98,100

Journal

Date	Particulars		L.F.	Debit	Credit
2022
Feb.1	Shares Application A/c	Dr.		40,000
	To Share capital A/c				40,000
	(Being the application money transferred to share capital A/c)
Feb.1	Share Allotment A/c	Dr.		80,000
	To Shares capital A/c				80,000
	(Being the allotment money due on 40,000 share @ ₹ 2 per share)
March 1	Shares first call A/c	Dr.		1,20,000
	To Share capital A/c				1,20,000
	(Being the amount due on 30,000 shares on first call @ ₹ 3 per share)
	Shares final call A/c	Dr.		1,60,000
	To Share capital A/c				1,60,000
	(Being the amount due on 30,000 shares on final call @ ₹ 4 per share)

Balance Sheet
(As per new schedule vi of companies Act

Particulars	Note No	Current year ₹	Previous year ₹
Equity and Liabilities
1 Shareholders funds	1	4,00,000
a. share capital		4,00,000
Share capital
2. Assets
1.Current Assets
2.Non Current Assets
Cash and cash equivalents	2	4,00,000
Total		4,00,000

Note to Amounts

Particulars	₹
1 share capital :
Authorized capital 1,00,000 shares of ₹ 10 each	10,00,000
Issued capital:
60,000 shares of ₹ 10 each	60,00,000
Subscribed capital
Subscribed and fully paid up Capital
40,000 shares of ₹ 10 each	4,00,000
	4,00,000
Cash and cash equivalents
Cash at bank	4,00,000