In the Books of XYZ

JOURNAL
Date Particulars
YZ

L.F. Amount (Dr.) Amount (Cr.)

Seat Number: 454528
Seat Number in Words: Four Lakh Fifty Four Thousand
Five Hundred and Twenty Eight
Semester: 2
Name of the course: Corporate Accounting
 In the Books of XYZ
JOURNAL
Date Particulars L.F.
Bank A/c Dr
To Share Application A/c
(Being the amount received on share application for 1,20,000 shares)

Share Application A/c Dr

To Share Capital A/c

Share Allotment A/c Dr

To Share Capital A/c

Bank A/c Dr
Calls in Arrears A/c Dr
To Shares Allotment A/c

Share First Call A/c Dr

To Share Capital A/c

Bank A/c Dr
Calls in Arrears A/c Dr
To Share First Call A/c

Share Second and Final Call A/c Dr

To Equity Share Capital A/c
Bank A/c Dr
Calls-in- Arrears A/c Dr
To Equity Share Capital A/c

Share Capital A/c Dr

To Forfeited Shares A/c
To Calls in Arrears A/c
Amount (Dr.) Amount (Cr.)
1,200,000
1,200,000

1,200,000
1,200,000

1,200,000
1,200,000

1,176,000
24,000
1,200,000

1,800,000
1,800,000

1,738,800
61,200
1,800,000

1,800,000
1,800,000
1,733,400
66,600
1,800,000

228,000
76,200
151,800
 STATEMENT SHOWING AMOUNT
Share Application Rs.
Name of Allottee No. of Shares Paid Due
David 1,800 18,000 18,000
Samara 1,200 12,000 12,000
Jake 1,080 10,800 10,800
Fred 300 3,000 3,000
Kerry 180 1,800 1,800
HOWING AMOUNT RECEIVED AND CALLS-IN-ARREARS ON FORFEITED SHARES
Share Allotment Rs. Share First Call Rs.
Paid Due Paid Due
0 18,000 0 27,000
6,000 12,000 0 18,000
10,800 10,800 0 16,200
3,000 3,000 4,500 4,500
1,800 1,800 2,700 2,700
 Share Second & Final Call Rs.
Paid Due Unpaid
0 27,000 72,000
0 18,000 42,000
0 16,200 32,400
0 4,500 4,500
1,800 2,700 900
ans 1

Dr.
Income and Expenditure Account for the year ending Marc
Expenditure Amount (Rs.)
Electricity 220,000
Salaries 480,000
Office Expenses 164,000
Printing 92,000
Repair of Ground 80,000
Depreciation:
Building:144,000
Sports Equipment: 109,200
Pavilion Chairs: 78,800 332,000
Surplus 1,052,000
2,420,000

Balance Sheet as at March 31, 2020

Liabilities Amount (Rs.)
Capital Fund 2,983,600

2,983,600

Balance Sheet as on March 31, 2021

Liabilities Amount (Rs.)
Capital Fund: 2,983,600
Add: Surplus: 1,052,000
4,035,600
Outstanding Salary 40,000
Life Membership Fee 88,000
Match Fund 300,000
Specific Donations 1,500,000

5,963,600
 Cr.
ccount for the year ending March 31, 2021
Income Amount (Rs.)
Subscriptions 2,160,000
Entrance Fees 128,000
Locker Rent 60,000
Gain on Sale of Wicket Set 12,000
Sale of Old Sports Equipment 30,000
Interest on Investment(Accrued) 30,000

2,420,000

heet as at March 31, 2020

Assets Amount (Rs.)
 Building 1,440,000
Pavilion Chairs 480,000
Outstanding Subscription 48,000
Sports Equipment 700,000
Cash in Hand 315,600
2,983,600

heet as on March 31, 2021

Assets Amount (Rs.)
Building 1,296,000
Sports Equipment 982,800
Pavilion Chairs 709,200
Cash in Hand 907,600
Outstanding Subscriptions 128,000
Outstanding Locker Rent 10,000
Accrued Interest on Investment 30,000
Fitness Cross Trainer 500,000
Fielding Net and Roller 200,000
Investment 1,200,000
5,963,600
Ans 2

STATEMENT OF LIABILITY OF B LIST OF CONTRIBUTO

Creditors outstanding on the date of such transfer P

Date Rs. Rs. Rs.

Jul-20,2020 40,000 12,000
Sep-15,2020 73,600
Nov-14,2020 84,000
Feb-9,2021 88,000
Total (a) 12,000
No.of Shares held 9,600
Maximum Liability on Shares held (b) 38,400
Amount Paid - Lower of (a) or (b) 12,000
Working Notes

A is not liable since he has left the firm one year preceding t

Step 1

Amount due to creditors=40,000 which will be divided in

P's liability=12,000
Q's liability=15,000
R's liability=8,000
S's liability= 5,000

Step 2
Amount due to creditors= 33,600 which will be divided

Q's liability= 18,000

R's liability=9,600

S's liability= 6,000

Amount due to creditors= =10,400 which will be divide

R's liability= 6,400
S's liability=4,000

Step 3
Step 3

Amount remaining is 4,000. However, S can be called upon to pay only 1,000 sinc
due from him. The remaining amount of 3,000 is a loss which w

Step 4

Step 5

Step 6
Y OF B LIST OF CONTRIBUTORIES
Q R S Amount to be paid to
creditors
Rs. Rs. Rs. Rs.
15,000 8,000 5,000 40,000
18,000 9,600 6,000 33,600
6,400 4,000 10,400
4,000 1,000*
33,000 24,000 19,000
12,000 6,400 4,000
48,000 25,600 16,000
33,000 24,000 16,000
orking Notes

as left the firm one year preceding the date of liquidation

itors=40,000 which will be divided in ratio of 12:15:8:5

P's liability=12,000
Q's liability=15,000
R's liability=8,000
S's liability= 5,000

ditors= 33,600 which will be divided in ratio of 15:8:5

Q's liability= 18,000

R's liability=9,600

S's liability= 6,000

editors= =10,400 which will be divided in ratio of 8:5

R's liability= 6,400
S's liability=4,000
be called upon to pay only 1,000 since he has already paid 15,000 out of 16,000
ing amount of 3,000 is a loss which will be borne by creditors