On Application
Rs. 3
On Allotment
Rs. 2
On First Call
Rs. 3
On Final Call
Rs. 2
All the
shares were fully subscribed by the public. All the money due on instalments
were received.
Pass journal
entries to record the above transactions in the books of the company.
Solution:
|
Date
|
Particulars
|
L.F.
No.
|
Debit
Rs.
|
Credit
Rs.
|
|
1
|
Bank A/c ………… Dr.
|
|
45000
|
|
|
|
To Equity Share
Application A/c
|
|
|
45000
|
|
|
[Being application money
received on 15000 shares of Rs. 3 per share)
|
|
|
|
|
2
|
Equity Share
Application A/c ………… Dr.
|
|
45000
|
|
|
|
To Equity Share
Capital A/c
|
|
|
45000
|
|
|
[Being share
application money transferred to Equity share capital]
|
|
|
|
|
3
|
Equity Share Allotment
A/c ………… Dr.
|
|
30000
|
|
|
|
To Equity Share
Capital A/c
|
|
|
30000
|
|
|
[Being allotment money
of Rs. 2 per share due on 15000 equity shares)
|
|
|
|
|
4
|
Bank A/c ………… Dr.
|
|
30000
|
|
|
|
To Equity Share
Allotment A/c
|
|
|
30000
|
|
|
[Being allotment money
due received from applicants]
|
|
|
|
|
5
|
Equity Share First
Call A/c ………… Dr.
|
|
45000
|
|
|
|
To Equity Share Capital
A/c
|
|
|
45000
|
|
|
[Being first call
money Rs. 3 pre share due on 15000 equity shares]
|
|
|
|
|
6
|
Bank A/c ………… Dr.
|
|
45000
|
|
|
|
To Equity Share First
Call A/c
|
|
|
45000
|
|
|
[being first call
money due received from shareholders]
|
|
|
|
|
7
|
Equity Share Final
Call A/c ………… Dr.
|
|
30,000
|
|
|
|
To Equity Share
Capital A/c
|
|
|
30000
|
|
|
[Being final call
money Rs. 2 per share due on 15000 equity shares)
|
|
|
|
|
8
|
Bank A/c ………… Dr.
|
|
30000
|
|
|
|
To Equity Share First
Call A/c
|
|
|
30000
|
|
|
[Being final call money
received from equity shareholders)
|
|
|
|
