Question 16 Chapter 8 of Class 12 Part – 2 – 2024
16. (Advance Money Received and Interest on call in Advance) A company issued 25,000 equity shares of 10 each payable as follows :
On application Rs. 3; on allotment Rs. 5 and on call Rs. 2
The time gap between allotment and call is 2 months. Applications for 28,000 shares were received. Excess money received on applications was refunded. One shareholder paid call money on his 2,000 shares at the time of allotment. Interest on calls in advance is paid @ 12% p.a.
Pass entries in Journal.
The solution of Question 16 Chapter 8 of Class 12 Part – 2 – 2024: –
We are providing a solution of Question 16 Chapter 8 of Class 12 Part – 2 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 16 to 19 Chapter no. 8 class 12 of Usha publication. To check the direct solution of question no. 16 from the flowing video by using time stamps of the video.
2. Check out the Solution of Question 16 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Bank A/c (28,000X3) | Dr. | 84,000 | ||
| To Share Application A/c | 84,000 | ||||
| (Being application money received on 28,000 shares @ Rs. 3 per share) | |||||
| b) | Share Application A/c | Dr. | 84,000 | ||
| To Share capital A/c (25,000X3) | 75,000 | ||||
| To Bank A/c (3,000X3) | 9,000 | ||||
| (Being transfer of application money to share Capital A/c and Excess application money refunded) | |||||
| c) | Share Allotment A/c (25,000X5) | Dr. | 1,25,000 | ||
| To Share capital A/c | 1,25,000 | ||||
| (Being allotment money due on 25,000 share @ 5 per share) | |||||
| d) | Bank A/c (1,25,000+40,000) | Dr. | 1,29,000 | ||
| To Share allotment A/c | 1,25,000 | ||||
| To Call In Advance A/c (2,000X2) | 4,000 | ||||
| (Being allotment money received in full & on 2,000 shares call money received in advance) | |||||
| e) | Share final call A/c (25,000X2) | Dr. | 50,000 | ||
| To Share capital A/c | 50,000 | ||||
| (Being Final call due on 50,000 share @ Rs. 3 per share) | |||||
| f) | Bank A/c (50,000-4,000) | Dr. | 46,000 | ||
| Calls in advance A/c | Dr. | 4,000 | |||
| To Share final Call A/c | 50,000 | ||||
| (Being balance of Final call received and call in advance adjusted) | |||||
| g) | Interest on Calls in advance A/c | Dr. | 80 | ||
| To Bank A/c | 80 | ||||
| (Being interest on call-in-advance paid ) | |||||
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 8 – Company Accounts (Share Capital) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
Download a PDF of Chapter No. 8 – Company Accounts (Share Capital):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
End of Post
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
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication