Advertisement
VDO+ Tag:Question 19 Chapter 8 of Class 12 Part – 2 – 2024
19. (Call in Arrears/Journal Entries/B/S) Bharat Industries Ltd. issued 1,50,000 equity shares of Rs. 15 each payable Rs. 3 on application, Rs. 7 on allotment and the balance on two calls, each of equal amount.
Applications were received for 1,25,000 shares which were duly allotted. A shareholder Holding 500 shares paid in full on allotment, while another shareholder holding 200 shares failed to pay call moneys.
Give journal entries to record the above transactions and show how they would appear in company’s balance sheet
Advertisement
Video Tag:The solution of Question 19 Chapter 8 of Class 12 Part – 2 – 2024: –
We are providing a solution of Question 19 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. 19 from the flowing video by using time stamps of the video.
2. Check out the Solution of Question 19 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Bank A/c ( 1,25,000 X 3) | Dr. | 3,75,000 | ||
| To Share Application A/c | 3,75,000 | ||||
| (Being application money received on 1,25,00 shares @ Rs. 3 per share ) | |||||
| b) | Share Application A/c | Dr. | 3,75,000 | ||
| To Share capital A/c | 3,75,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Share Allotment A/c (1,25,000 X 7)) | Dr. | 8,75,000 | ||
| To Share capital A/c | 8,75,000 | ||||
| (Being allotment money due on 1,25,000 share @ Rs.7 as per shares) | |||||
| d) | Bank A/c | Dr. | 8,77,500 | ||
| To Share allotment A/c | 8,75,000 | ||||
| To Calls in advance A/c (500 x 5) | 2,500 | ||||
| (Being allotment money received along with calls in advance) | |||||
| e) | Share first Call A/c (1,25,000 X 2.50) | Dr. | 3,12,500 | ||
| To Share capital A/c | 3,12,500 | ||||
| (Being first call money due on 1,25,000 share @ Rs. 2.5 as per shares) | |||||
| f) | Bank A/c | Dr. | 3,10,750 | ||
| Calls in advance A/c | Dr. | 1,250 | |||
| Calls in arrears A/c | Dr. | 500 | |||
| To Share final Call A/c | 3,12,500 | ||||
| (Being first call money received with calls in advance and calls in arrear (200*2.5 = 500) adjusted ) | |||||
| g) | Share final Call A/c (1,25,000 X 2.50) | Dr. | 3,12,500 | ||
| To Share capital A/c | 3,12,500 | ||||
| (Being final call money due on 1,25,000 shares @ Rs. 2.5 as per share) | |||||
| h) | Bank A/c | Dr. | 3,10,750 | ||
| Calls in advance A/c | Dr. | 1,250 | |||
| Calls in arrears A/c | Dr. | 500 | |||
| To Share final Call A/c | 3,12,000 | ||||
| (Being final call money received with calls in advance and calls in arrear (200 x 2.5 = 500) adjusted ) | |||||
| Bharat Industries Ltd. Balance Sheet | ||
| Particulars | Note no. |
FIG. RELATING TO CURRENT REPORTNG PERIOD |
| I. Equity & Liability | ||
| Shareholders fund | ||
| Share Capital | 1 | 18,74,000 |
| Total | 18,74,000 | |
| II. Assets | ||
| Current Assets | ||
| Cash & Cash equivalent | 2 | 18,74,000 |
| Total | 18,74,000 | |
| Note No. 1 Share Capital |
||
| Particulars | Details | Amount |
| Authorized capital | ||
| Issued capital | ||
| 1,50,000 shares of Rs. 15 each | 22,50,000 | |
| Subscribed capital | ||
| Subscribed & fully Paid up | ||
| 1,24,800 shares of Rs. 10 each | 12,48,000 | |
| Subscribed & not fully Paid up | ||
| 200 shares of Rs. 15 each | 3,000 | |
| Less: Calls in Arrears | ||
| First Call | 500 | |
| Final Call | 500 | 2,000 |
| Total | 18,74,000 | |
| Note No. 2 :- Cash & Cash equivalent |
||
| Particulars | Details | Amount |
| Cash & Cash equivalent | ||
| Cash at Bank | 18,74,000 | |
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