Question 4 Chapter 8 of Class 12 Part – 2 – 2024

Question 4 Chapter 8 of Class 12 Part – 2 – 2024

4. (Journal/Balance Sheet) Amritsar company has an authorized capital of Rs. 10,00,000 divided into Rs. 100 share. It invited applications for 3,000 shares.
Amount is payable; Rs. 25 on application; Rs. 35 on allotment and balance in two equal installments on first call and final call.
The money was duly received on 3,000 shares. Show entries in journal and prepare Balance Sheet.

The solution of Question 4 Chapter 8 of Class 12 Part – 2 – 2024: –

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2. Check out the Solution of Question 4 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-

Journal
Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		75,000
	To Share Application A/c				75,000
	(Being application money received on 3000 @ 25 each )
b)	Share Application A/c	Dr.		75,000
	To Share capital A/c				75,000
	(Being application money transferred to Share cap. A/c)
c)	Share Allotment A/c	Dr.		1,05,000
	To Share capital A/c				1,05,000
	(Being allotment money due on 3000 share @ 35 each )
d)	Bank A/c	Dr.		1,05,000
	To Share Allotment A/c				1,05,000
	(Being allotment money received )
e)	Share first & Final Call A/c	Dr.		60,000
	To Share capital A/c				60,000
	(Being call money on 3000 share @ 20 each )
f)	Bank A/c	Dr.		60,000
	To Share first & Final Call A/c				60,000
	(Being final call received )

Balance Sheet

	Particulars		Note No.	Current Year
i)	Equity & Liability
	Shareholders fund
	Share Capital
	Long term Liabilities
	Short term Liabilities		1	3,00,000
	Total			3,00,000
i)	Assets
	Non-current Assets
	Cash at bank			3,00,000
	Total			3,00,000

Wroking Note:-

Particulars		Note No.	Current Year
Equity Share capital
Authorized Capital
10,000 shares of Rs. 100 each			10,00,000
Issued, subscribed, called & paid up 3,000 shares of Rs. 100 each fully called & paid up			3,00,000
			3,00,000

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