1. A Company issued 10,000 equity shares of the face value of 10 each at a premium of 10% payableas to 3 on application; 4 on allotment (including premium of 1 per share), * 2 on first call and32 on final call. All the shares were subscribed and duly allotted and both the calls were made. Aucash was duly received except that a shareholder of 200 shares failed to pay the final call and anothershareholder holding 300 shares had paid the entire future calls in advance on his holding of 300shares with allotment money,Journalise the above transactions.
Answers
Explanation:
Bank A/c Dr. 30000
(10000×3) To Share Application A/c 30000
Share Application A/c Dr. 30000
To Share Capital A/c 30000
Share Allotment A/c Dr. 40000
(10000×3) To Share Capital A/c 30000
(10000×1) To Security PremiumReserveA/c10000
BankA/c Dr. 41200
To Share Allotment A/c 40000
(300×4) To Calls in Advance A/c 1200
Share First Call A/c Dr. 20000
(10000×2) To Share Capital A/c 20000
Bank A/c Dr. 20000
(9700×2) To Share First Call A/c 19400
(300×2) To Calls in Advance A/c 600
Share Final Call A/c Dr. 20000
(10000×2) To Share Capital A/c 20000
Bank A/c Dr. 20000
(9500×2) To Share Final Call A/c 19000
(200× 2) To Calls in Arrears A/c 400
(300×2) To Calls in Advance A/c 600