DELHI PUBLIC SCHOOL

NAVI MUMBAI
SAMPLE PAPER-I
Class: XII M. Marks:80
Subject: Accountancy Duration: 3Hrs.
General Instructions:
Read the following instructions very carefully and strictly follow them:

This
1 There are 32 questions in the question paper and 10 printed side.
2 Heading of the option opted must be written on the answer-book before attempting the
questions of that particular OPTION.
3 Question no. 1 to 20 are very short answer type questions carrying 1 mark each.
4 Question no. 21 is short answer type-I questions carrying 3 marks each.
5 Question no. 22 & 23 are short answer type-II questions carrying 4 marks each.
6 Question no. 24 to 26 are long answer type-I questions carrying 6 marks each.
7 Question no. 27 and 28 are long answer type-II questions carrying 8 marks each.
8 Answer should be brief and to the point. The answer of each part should be written at one
place.
9 All questions are compulsory. There is no overall choice. However, an internal choice
has been provided in 1 question of three marks, 1 question of four marks, 1 question of
six marks and 2 questions of eight marks. You have to attempt only one of the choices in
such questions.

(Accounting for Partnership Firms and Companies)

1
Salary or Commission to a partner is ___________________out of profit.
Appropriation out of profit.

(1)
2
In case of fixed capitals, interest on capital
(a) is credited to Partner's Capital Account.
(b) is credited to Partner's Current Account.
(c) may be credited to Partner's Capital or Current Account.
(d) None of the above.
(b) is credited to Partner's Current Account.

(1)
3
A manager gets 5% commission on net profit after charging such commission, gross profit
₹ 5,80,000 and expenses of indirect nature other than manager's commission are: ₹1 ,60,000.
Commission amount will be
(a) ₹ 29,000. (b) ₹ 20,000.
(c) ₹ 1 5,000. (d) ₹ 22,000.
(b) `20 000

(1)
4
Goodwill is an __________________ asset, but not a ______________ asset.
intangible, ·fictitious
(1)
5
Total assets of a firm including fictitious assets of ₹ 5,000 are ₹ 85,000. Liabilities of the
firm are ₹ 30,000. Normal rate of return is 10% and the average profit of the firm is ₹ 8,000.
Calculate goodwill as per capitalisation of super profit.
(a) ₹ 20,000 (b) ₹ 30,000
(c) ₹ 25,000 (d) None of these
(b) `30000

(1)
6
If the partners of a firm decide to change their profit-sharing ratio, the gaining partner
compensates the sacrificing partner by paying the proportionate amount of ______ .
Goodwill

(1)
7
Assets are revalued and liabilities are reassessed at the time of change in profit-sharing ratio
so that
(a) Assets and liabilities are shown at their present value.
(b) Gaining partner is not put to an advantage and sacrificing partner is not put to
disadvantage and vice versa.
(c) Both (a) and (b).
(d) None of the above.
(b) Gaining partner is not put to an advantage and sacrificing partner is not put to
disadvantage and vice versa.

(1)
8
A, B and Care partners sharing profits in the ratio of 5 : 3 : 2. They decided to share future
profits in the ratio of 2 : 3 : 5 with effect from 1st April, 2019. They also decided to adjust the
following accumulated profits, losses and reserves without affecting their book values, by
passing an adjustment entry:
Profit and loss a/c `15,000; General Reserve ` 60,000; Advertising Suspense a/c ` 30,000.
The necessary adjustment entry will be:
(a) Dr. Cs Capital a/c and Cr. A's Capital a/c c with ` 13,500.
(b) Dr. A's Capital a/c and Cr. Cs Capital a/c with `13,500.
(c) Dr. B's Capital a/c and Cr. A's Capital a/c with ` 13,500.
(d) Dr. A's Capital a/c and Cr. B's Capital a/c with ` 13,500.

(c)

(1)
9
X and Yare partners sharing profits in the ratio of 3 : 2. Z is admitted for 1 /4th share in
profits which he acquires equally from X and Y. The new ratio will be
(a) 9 : 6 :5. (b) 19 : 11 : 1 0.
(c) 3 :3 :2. (d) None of these.
(b) 19 : 11 : 1 0.

(1)

10
X and Y are equal partners in a firm. Their capital accounts show credit balances of `1,80,000
and 1,20,000 respectively, A new partner Z is admitted with 1 /5th share in profits. He brings
`1,40,000 for his capital. Value of hidden goodwill at the time of Zs admission will be :
(a) `2,60,000. (b) ` 2,50,000.
(c) ` 2,00,000. (d) None of these.
(a) `2,60,000.

(1)
11
As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their
choice to the interest calculated from the date of death till the date of payment of the final
amount due to the deceased partner at
(a) 6% p.a. (b) 7% p.a.
(c) 8% p.a. (d) 10% p.a.
(a) 6%
(1)
12
Harman carried out dissolution of the firm for a remuneration of ` 20,000. He later agreed to
take stock valued at ~ 18,000 in settlement of his remuneration. What accounting treatment
will be given for this arrangement: ~ ~
(a) Harman a/c Dr. 20,000 (c) No Entry
To Stock a/c 18,000
To Realisation a/c 2,000

(b) Harman ... Dr. 18,000 (d) None of the above.

To Realisation a/c 18,000
(c) No Entry

(1)
13
Green Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro rata basis.
The amount payable on application is ` 2 per share. Mohan applied for 420 shares. The
number of shares allotted and the amount carried forward for adjustment against allotment
money due from Mohan are
(a) 60 shares, ` 120. (b) 320 shares, ` 200.
(c) 340 shares, ` 100. (d) 300 shares, ` 240.
(d) 300 shares, `240

(1)
14
Sun & Moon Ltd. invited applications for 25,000 equity shares of~ 10 each and received
30,000
applications along with the application money of~ 4 per share. Which of the following
alternatives can be followed?
(i) Refund the excess application money and full allotment to rest of the applicants.
(ii) Not to allot any share to some applicants, full allotment to some of the applicants and pro
rata allotment to the rest of the applicants.
(iii) Not to allot any share to some applicants and make pro rata allotment to other applicants
.
(iv) Make pro rata allotment to all the applicants and adjust the excess money received
towards call money.
(a) only (i) above. (b) both (i) and (iii) above.
(c) All of the above. (d) only (ii) above.
(c) All of the above
(1)
15
Amount of Calls in Arrears is shown in the Balance Sheet
(a) as deduction from issued capital
(b) as deduction from subscribed capital
(c) as addition to subscribed capital
(d) on the asset side
(HY 2020-21)
(b) as deduction from subscribed capital

(1)
16
Capital invested in a firm is ₹3, 00,000. Normal rate of return is 10%. Average profits of the
firm are ₹41,000 (after an abnormal loss ₹2,000). Calculate super profits.
HY 2020-21)
Actual average profit 41000+2000=43000
Normal profit3,00,000*10/100=300000
Super profit=43,000-30000=13,000

(1)
17
A portion of share capital that is reserved by the company and will be utilized only on the
happening of winding up of the company is called ___________________.
HY 2020-21)
Reserve Capital.

(1)
18

The Directors of a company forfeited 800 shares of ₹ 10 each issue at a premium of Rs 3 per
share (payable with allotment) for non-payment of the first call money of ₹ 2 per share. The
final call of ₹ 2 per share has not yet been made. While recording the forfeiture of such
shares, Share Capital and Security Premium Reserve Account will be debited respectively by:
(a) ₹ 8000 and ₹ 2400
(b) ₹ 6400 and ₹ Nil
(c) ₹6400 and₹ 2400
(d) ₹ 8000 and Nil
first term paperq no 3
b

(1)
19
20

Loss on Revaluation at the time of admission of a new partner is born by:

(a) Old partners in the old ratio
(b) New partners only
(c) All partners in their new ratio
(d) Old partners in their sacrificing ratio
this year first term board paper question number 5 a

Give the journal entry for the treatment of partners loan appearing on the asset side of the
balance sheet on dissolution of a partnership firm.
DK question number 22
partners capital account debit to partners loan account
6.70 page number

1
21
M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity
shares of Rs. 100 each. On 1st April 2016 the Subscribed and Called up capital of the
company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the
naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill
Development Centres’. The company also decided to provide free medical services to the
villagers of these states by starting mobile dispensaries. To meet the capital expenditure of
these activities the company further issued 1,00,000 equity shares during financial year 2016-
These shares were fully subscribed and paid.
Present the share capital of the company in its Balance Sheet.
King Ltd took over assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd
paid the purchase consideration by issuing 10,000 equity shares of 100each at a premium of
10% and 11,00,000 by a Bank Draft.
Calculate Purchase consideration and pass necessary Journal entries in the books of King
Ltd.
(3)
23
M, S and U are partners in a firm sharing profits in the ratio of 3:1:1. Their fixed capital
balances are ₹ 4,00,000, ₹ 1,60,000 and ₹1,20,000 respectively.Net profit for the year
ended 31st March, 2018 distributed amongst the partners was ₹1,00,000, without taking
into account the following adjustments:
a) Interest on capitals @ 2.5% p.a.;
b) Salary to M ₹ 18,000 p.a. and commission to Uday ₹ 12,000
c) M was allowed a commission of 6% of divisible profit after charging such
commission.
Pass a rectifying journal entry in the books of the firm. Show workings clearly.
OR
The partners of a firm, A, B and C distributed the profits for the year ended 31st March,
2017, ₹ 80,000 in the ratio of 3:3:2 without providing for the following adjustments:

a) A and C were entitled to a salary of ₹ 1,500 each p.a.

b) B was entitled for a commission of ₹ 4,000
c) B and C had guaranteed a minimum profit of ₹ 35,000 p.a. to A any deficiency
to borne equally by B and C.
Pass the necessary Journal entry for the above adjustments in the books of the firm. Show
workings clearly.

Solution at the end

3
24
On 1st April, 2012, Kavi Ltd. was formed with an authorised capital of'₹ 40,00,000 divided
into 4,00,000 equity shares of ₹10 each. The company issued prospectus inviting applications
for 3,80,000 equity shares. The company received applications for 3,60,000 equity shares.
During the first year, ₹ 8 per share were called. Deepti holding 3,000 shares and Deepak
holding 6,000 shares did not pay the first call of ₹2 per share. Deepak's shares were forfeited
after the first call and later on 5,000 of the forfeited shares were reissued at ₹6 per share, ₹8
called-up.
Show the following:
(i) 'Share Capital' in the Balance Sheet of the company as per Schedule III, Part I of the
Companies Act, 2013.
(ii) Also prepare 'Note to Accounts'.
Solution at the end

(4)
25
The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the
following after various assets (other than cash and Bank) and the third party liabilities had
been transferred to realisation account.
(i) K agreed to pay off his wife’s loan of ₹ 6,000.
(ii) Total Creditors of the firm were ₹ 40,000. Creditors worth ₹10,000 were given a piece of
furniture costing ₹8,000 in full and final settlement. Remaining creditors allowed a discount
of 10%.
(iii) A machine that was not recorded in the books was taken over by K at ₹ 3,000 whereas
its expected value was ₹ 5,000.
(iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of
dissolution.
Cbse sample paper 2019-20 q 18
(4)
26
Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2.
Their books are closed on March 31st every year.
Danish died on September 30th , 2019, The executors of Danish are entitled to:-
i. His share of Capital i.e. ₹ 5,00,000 along-with his share of goodwill. The total goodwill of
the firm was valued at ₹ 60,000.
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales for
the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on
sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%.
iii. Amount payable to Danish was transferred to his executors.
Pass necessary Journal Entries and show the workings clear
(4)
27
Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of
`3,00,000, `2,00,000 and `1,00,000 respectively. In addition to capital Chandra has advanced
a loan of `1,00,000. Since they had no agreement to guide them, they faced following issues
during and at the end of the year.
1. Ajay wanted interest on capital to be provided @8% pa but Binod and Chandra did not
agree.
2. Chandra wanted that interest on loan be paid to him @ 10% pa but Ajay and Binod
wanted to pay @ 5% pa.
3. Ajay and Binod demanded to share profits in the ratio of their capital contribution,
Chandra is not in agreement with this proposal.
4. Binod, being working partner, demands a lump sum payment of `40,000 as remuneration
for which other others partners are not in agreement.
You are required to suggest and help them resolve these issues.
Cbse sample paper2020-21 q18

(4)
28
Hema and Garima were partners in a firm sharing profits in the ration of 3:2. On March 31,
2015, their Balance Sheet was as follows:
Balance Sheet of Hema and Garima
 as at March 31, 2015

On the above date the firm was dissolved. The various assets were realized and liabilities
were settled as under:
(i) Garima agreed to pay her husband’s loan.
(ii) Leasehold Premises realized 1,50,000 and Debtors 2,000 less.
(iii) Half the creditors agreed to accept furniture of the firm as full settlement of their claim
and remaining half agreed to accept 5% less.
(iv) 50% Stock was taken over by Hema on cash payment of 90,00 and remaining stock was
sold for 94,000.
(v) Realisation expenses of 10,000 were paid by Garima on behalf of firm.
Pass necessary journal entries for the dissolution of the firm.
29
(a) AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2
per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after
Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per
share as fully paid up. Assuming that the company maintains ‘Calls in Advance Account’ and
‘Calls in Arrears Account’, prepare “Share Forfeited Account” in the books of AX Limited.
(b) BG Limited issued 2,00,000 equity shares of Rs. 20 each at a premium of Rs. 5 per share.
The shares were allotted in the proportion of 5 : 4 of shares applied and allotted to all the
applicants. Deepak, who had applied for 900 shares, failed to pay Allotment money of Rs. 7
per share (including premium) and on his failure to pay ‘First & Final Call’ of Rs. 2 per
share, his shares were forfeited. 400 of the forfeited shares were reissued at Rs. 15 per share
as fully paid up. Showing your working clearly, pass necessary Journal entries for the
Forfeited and reissue of Deepak’s shares in the books of BG Limited. The company
maintains ‘Calls in Arrears’ Account’.
CBSE Sample paper
(6)
30
A, B & C were partners in a firm sharing profits & losses in the ratio of 3 : 2 : 1. On March
31, 2017, their Balance Sheet was as follows:

Liabilities ₹ Assets ₹
Capitals: Fixed Assets 1,80,000
A- 50,000 Current Assets 35,000
B- 40,000
C- 30,000
------------- 1,20,000
Reserve Fund 18,000
Creditors 27,000
Employees Provident Fund 50,000
2,15,000 2,15,000

From April 1, 2017, they decided to share future profits equally. For this purpose the
followings were agreed upon:
(i) Goodwill of the firm was valued at Rs. 3,00,000.
(ii) Fixed Assets will be depreciated by 10%.
(iii) Capitals of the partners will be in proportion to their new profit-sharing ratio. For this
purpose, Current Accounts will be opened.
Pass necessary Journal entries for the above transactions in the books of the firm.
CBSE Sample paper 2017-18

31
D, Y and F are partners in a firm, sharing profits and losses in 11:7:2 respectively. The balance sheet of the firm as
on 31st March 2018 was as follows:
Balance Sheet As at 31.3.2018
Liabilities Amount Assets Amount
(₹) (₹)
Sundry Creditors 70,000 Factory Building 7,35,000
Public Deposits 1,19,000 Plant and Machinery 1,80,000
Reserve fund 90,000 Furniture 2,60,000
Outstanding Expenses 10,000 Stock 1,45,000
Capital accounts Debtors 1,50000
D 5,10000 Less: Provision (30000) 1,20,000
Y 3,00000 Cash at bank 1,59,000
F 5,00000 13,10,000
15,99,000 15,99,000
On 1.4.2018, A is admitted as a partner for one-fifth share in the profits with a capital of ₹4,50,000 and necessary
amount for his share of goodwill on the following terms:
1. Furniture of ₹ 2,40,000 were to be taken over D, Y and F equally.
2. A creditor of ₹ 7,000 not recorded in books to be taken into account.
3. Goodwill of the firm is to be valued at 2.5 years purchase of average profits of last two years. The profit of
the last three years were:
2015-16 ₹6,00,000; 2016-17 ₹2,00,000; 2017-18 ₹6,00,000
4. At time of A’s admission Y also brought in 50,000 as fresh capital
5. Plant and Machinery is re-valued to ₹2,00,000 and expenses outstanding were brought down to ₹ 9,000.
Prepare Revaluation Account, Partners Capital Account and the balance sheet of the reconstituted firm.

OR

The Balance Sheet of A, B and C as at 31st March 2018 was as under:

Balance Sheet As at 31.3.18
Liabilities Amount Assets Amount
(₹) (₹)
Capital Accounts: Buildings 1,20,000
A 40,000 Motor car 18,000
B 30,000 Stock 20,000
C 20,000 Investments 20,000
General Reserve 10,000 Debtors 40,000
Investment Cash at Bank 12,000
Fluctuation Reserve 7,000
Sundry creditors 1,23,000
2,30,000 2,30,000
The partners share profits in the ratio of 5:3:2. On 1-4-2018, Cs retires from the firm
on the following terms and conditions:
1. 20% of the General Reserve is to remain as a reserve for bad and doubtful debts
2. Motor car is to be reduced by 5%
3. Stock is to be revalued at ₹ 17,500 and investment to be re-valued at ₹ 18,000
4. Goodwill is to be valued at 3 years’ purchase of the average profits of last 4 years.
5. Profits of the last four years were:
2014-15 ₹13,000; 2015-16 ₹11,000;
2016-17 ₹16,000 and 2017-18 ₹24,000
6. C was paid in full. Al and B borrowed the necessary amount from the Bank on the security of Building to
pay off C.
Pass necessary journal entries
32
23

OR
24

31
 Revaluation Account
Particulars Amount Particulars Amount (₹)
(₹ )
To Creditors 7,000 By Machinery 20,000
To Partner’s Capital A/c By Outstanding 1,000
D 7,700 Expenses
Y 4,900
F 1,400 14,000
21,000 21,000

Partner’s Capital Account

Particulars D Y F A Particulars D Y F A

To Furniture 80,000 80,000 80,000 By Balance 5,10,000 3,00,0005,00,000

To Balance 5,97,2003,76,4004,50,400 4,50,000By Bank A/c 50,000 4,50,000
By Reserve Fund 49,500 31,500 9,000
By Pre for G/W 1,10,000 70,000 20,000
By Reval 7,700 4,900 1,400
6,77,2004,56,4005,30,400 4,50,000 6,77,200 4,56,4005,30,4004,50,000

Balance sheet as on 1-4-2018

Liabilities Amount Assets Amount
(₹) (₹)
Sundry creditors 77,000 Factory building 7,35000
Public deposits 1,19000 Plant and Machinery 2,00000
Outstanding Expenses 9,000 Furniture 20,000
Capital accounts Stock 1,45000
D 5,97,200 Debtors 1,50000
Y 3,76,400 Less: Provision (30000) 1,20000
F 4,50,400 Cash at bank 8,59000
A 4,50,000 18,74,000
20,79000 20,79000
Working Notes:
1. Goodwill = 2.5 X {(₹ 60,000 + ₹ 20,00)/2} = ₹ 10,00,000

Bank A/C
Particulars Amount Particulars Amount (₹)
(₹)
To Aditya’s Capital A/c 4,50,000 By balance c/d 8,59,000
To Premium for
GoodwillA/c 2,00,000
To Yasmin’s CapitalA/c 50,000
8,59,000 8,59,000

Or
Date Particulars L.F. Amount Amount
( ₹) (₹)
3,400
Revaluation A/c Dr 900
To Motor Car A/c 2,500
To Stock a/c
(Being assets revalued at the time of
retirement) 1,700
1,020
A’s Capital A/c Dr
680
B’s Capital A/c Dr
3,400
C’s Capital A/c Dr
To revaluation A/c
(Being loss on revaluation transferred to all
10,000
partner’s capital A/c) 2,000
General Reserve A/c 4,000
2,400
Dr To Provision for bad debts 1,600
A/c To A’s Capital A/c
To B’s Capital A/c
To C’s Capital A/c
(Being 20% of general reserve provided as 7,000
provision for bad and doubtful debts and 2,000
remaining distributed among old partners) 2,500
Investment Fluctuation Reserve A/c Dr 1,500
To Investments A/c 1,000
To A’s Capital A/c
To B’s Capital A/c
To C’s Capital A/c
(Being Investment Fluctuation Reserve amount
distributed among the partners after adjusting 6,000
the fluctuation in 3,600
9,600
Investment’s Value)
A’s Capital A/c Dr
B;s Capital A/c Dr
To C’s Capital A/c
19,520
( Being adjustment of goodwill between
19,520
partners made due to retirement of a
partner)
Bank A/c Dr
To Bank Loan A/c
31,520
( Being amount borrowed from the Bank on 31,520
the security of Building to pay off
retiring partner)
C’s Capital A/c Dr
To Bank A/c
( Being retiring partner paid off the
necessary amount)
32
Equity Share Capital A/c JOURNAL
Dr 6,000 8
Date Securities
ParticularsPremium Reserve A/c Dr L.F. Amount 800Amount 1
To Calls in Arrears A/c To ( ₹) (₹) 2,200
Bank A/cShare Forfeited A/c Dr 18,00,000 4,600
( BeingToforfeiture
Equity of
Share
600 Application
shares executed)
A/c 18,00,000 ½
(Being
Bank A/c application money received
Dr on 3,00,000 3,200 1
shares)
Equity Share Forfeited A/c Dr 800
To Equity Share Capital
Equity Share Application A/c A/c Dr 18,00,000 4,000
( BeingTo400 sharesShare
Equity reissued @ RsA/c
Capital 8, as fully called 8,00,000 1
up) To Securities Premium Reserve A/c To 4,00,000
2,400 6,00,000
EquityEquity Share Allotment
Share Forfeited A/c A/c Dr
(Being To2,00,000
Capitalshares allotted,
Reserve A/c excess amount 2,400 1
transferred
(Being to allotment)
gain on reissue of forfeited shares
14,00,000
transferred
Equity Shareto Capital
Allotment
Reserve)
A/c Dr
10,00,000 1
To Equity Share Capital A/c 4,00,000
To Securities Premium Reserve A/c
(Being allotment due on 2,00,000 shares) 7,98,400
Bank A/c Dr 1,600 1
Calls in Arrears A/c Dr 8,00,000
To Equity Share Allotment A/c
(Being allotment money received on 199,600
shares) 2,00,000 ½
Equity Share First and Final Call A/c Dr. 2,00,000
To Equity Share Capital A/c
(Being share 1st call due on 2,00,000 shares) 1,99,400 1
Bank A/c Dr 600
Calls in Arrears A/c Dr 2,00,000
To Equity Share First and Final Call A/c
(Being first call received on 199,400 shares)

Date Particulars L.F. Amount Amount

( ₹) (₹) ½
Bank A/c Dr 2,40,000
To Equity Share Application A/c 2,40,000
(Being application money received on
1,20,000 shares)
Equity Share Application A/c Dr 2,40,000 1
To Equity Share Capital A/c 1,60,000
To Equity Share Allotment A/c To 50,000
Bank A/c 30,000
(being 80,000 shares allotted and excess amount
transferred to allotment and then
refunded ) ½
Equity Share Allotment A/c Dr 2,40,000
To Equity Share Capital A/c 2,40,000
(Being share allotment due on 80,000
shares) 1
1,84,800
Bank A/c Dr
5,200
Calls in Arrears A/c Dr
1,90,000
 To Share Allotment A/c 1
(Being allotment money received) 10,000
Equity Share Capital A/c Dr 4,800
To Equity Share Forfeited A/c 5,200
To Calls in Arrears A/c
( Being forfeiture of 2000 shares executed)
Equity Share First Call A/c Dr To 1,56,000 1
Equity Share Capital A/c 1,56,000
(Being share first call due on 78,000 shares) Bank
A/c Dr 1,55,000
Call in arrear A/c Dr 1,000 1
To Equity Share First Call A/c 1,56,000
(Being first call received on 77,500 shares) Bank
A/c Dr 9,000
7,000 1
To Equity Share Capital A/c
To Security Premium Reserve A/c 2,000
( Being 200 shares reissued @ Rs 7 paid up,
for Rs 9 )
2,400
Equity Share Forfeited A/c Dr.