11. On 01-01-2017 X Ltd. received in advance the 1st call of Rs 2per share for 500 share in (3)
allotment. Pass the journal entries for advance and transfer the advance to 1st call by
opening calls in advance A/C.
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when calls in advance received
Bank account. Dr 1000
To calls in advance account 1000
rs. 2 on 500 share = ,1000
when calls in advance adjusted
calls in advance account Dr 1000
To share first call account. 1000
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