Question 8: Chapter 10 - Company Accounts Part I (Accounting For Shares)
Book Keeping Accountancy Solutions for Class 12 Commerce Accountancy
PRACTICAL PROBLEMS
(Issue at premium and calls in arrears)
Hindusthan Petroleum Ltd., invited application for 40,000 Equity shares of Rs 100 each payable as under including 20% premium:
On Application Rs. 30
On Allotment Rs. 40 [including premium]
On First Call: Rs. 20
On Final Call: Rs. 30
All the shares were applied for and also allotted. One shareholder who allotted 500 shares failed to pay first and final call.
Record the above transactions in the journal of the company.
Working Notes:
Calls - in - arrears on First Call = 500 x 20 = Rs. 10,000.
Calls - in - arrears on Final Call = 500 x 30 = Rs. 15,000.
On Application Rs. 30
|
On Allotment Rs. 40 [including premium]
|
On First Call: Rs. 20
|
On Final Call: Rs. 30
|
