Question 15 Chapter 8 of Class 12 Part – 2 – 2024
15. (Call in arrears/Payment of call with interest) Satyam Computers issued 80,000 shares of Rs. 10 each, payable as follows:
On application Rs. 2
On allotment Rs. 3
On first call Rs. 2 (Two months after allotment)
On Second & final call Rs. 3 (One month after first call)
One share holder did not pay first call on his 4,000 shares, which he paid with interest @9%at the time of second and final call. Another shareholder did not pay final call on his 1,000)shares. Prepare journal and Cash Book.
The solution of Question 15 Chapter 8 of Class 12 Part – 2 – 2024: –
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| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Bank A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share Application A/c | 1,60,000 | ||||
| (Being application money received on 80,000 shares @ Rs. 2 per share) | |||||
| b) | Share Application A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being the transfer of app. Amount to Share cap. A/c) | |||||
| c) | Share Allotment A/c (80,000X3) | Dr. | 2,40,000 | ||
| To Share capital A/c | 2,40,000 | ||||
| (Being allotment money due on 50,000 share @ 3 per shares) | |||||
| d) | Bank A/c | Dr. | 2,40,000 | ||
| To Share allotment A/c | 2,40,000 | ||||
| (Being allotment money received in full ) | |||||
| e) | Share First Call A/c (80,000X2) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being first call money due on 80,000 share @ 2 as per shares) | |||||
| f) | Bank A/c (76,000X2) | Dr. | 1,52,000 | ||
| Calls in arrears A/c (4000X2) | Dr. | 8,000 | |||
| To Share First Call A/c | 1,60,000 | ||||
| (Being first call money received & Unpaid amount transferred to calls – in arrears A/c ) | |||||
| g) | Share final call A/c (80,000X3) | Dr. | 2,40,000 | ||
| To Share capital A/c | 2,40,000 | ||||
| (Being final call money due on 80,000 share @ 3 as per shares) | |||||
| h) | Bank A/c (79,000X3) | Dr. | 2,37,000 | ||
| Calls in arrears A/c (1,000X3) | Dr. | 3,000 | |||
| To Share Second & Final Call A/c | 2,40,000 | ||||
| (Being final call money received & balance transferred to calls – in arrears A/c ) | |||||
| i) | Bank A/c | Dr. | 8,060 | ||
| To Calls in arrears A/c | 8,000 | ||||
| To interest on Calls in arrears A/c | 60 | ||||
| (Being calls – in arrears on first call received along with interest ) | |||||
| Cash Book (Bank Cloumn only) |
|||
| Particulars |
Amount | Particulars | Amount |
| To Share application A/c | 1,60,000 | By Balance c/d | 7,97,060 |
| To Share allotment A/c | 2,40,000 | ||
| To Share First Call A/c | 1,52,000 | ||
| To Share Second & Final Call A/c | 2,37,000 | ||
| To Calls in arrears A/c | 8,000 | ||
| To Interest on Calls in arrears A/c | 60 | ||
| 7,97,060 | 7,97,060 | ||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Ratio Analysis
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication