Question

3. Mohit paid allotment money @* 3 per share on 1,000 equity shares with first and finaal
money after 4 months. Record entry of interest in the books of company according to Table 'F'. ​

Answer 1

Answer:

company charges interest on call in arrears @10%

interest = 3000× 10/100×4/12 = 100

Mohit. Dr 100

To interest on call in arrears 100

Bank A/ c. Dr. 100

To Mohit. 100

Interest on call in arrears Dr. 100

To statement of profit &loss a/c. 100