Question

Calls in Arrear
Q. 15. X Ltd. issued 20,000, 7% Preference shares of 2100 each at a premium of
6%. Payments were to be made as 325 on Application; 46 on Allotment, il
on First call and 25 on Final Call.
The applications for 18,000 shares were received and all were accepted. All the
money was duly received except the first and final call on 100 shares.
Give the necessary Journal Entries and prepare Cash Book of the Company. Also
show the Share Capital in the Balance Sheet of the Company.
[Ans. First Call in arrear $1,000; Final Call in arrear 32,500; Share Capital
17,96,500; Securities Premium Reserve 1,08,000; Cash at Bank 19,04,500.]
Hint: It will be assumed that premium is included in allotment.​

Answer 1

Answer:

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Answer 2

Answer:

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