Question

A company invited applications for 1,000, 6% preference shares of Rs.100 each, payable as follows: 20% on application, 30% on allotment, 50% on first and final call. All the shares were subscribed and fully paid. pass entries in the cash book and journal of the company.

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Answer 1

Answer:

Pavan, Madan and Suman were partners sharing profits & losses in the ratio d 2:1:1. Their balance sheet as on 31.3.2017 was as under:

Balance Sheet as on 31-03-2017

Assets

25,000 20,000

35,000

80,000

Cash

Stock

.