Question

7.9. Deepak Manufacturing Co. Ltd. issued a prospectus inviting applications for 1,00,000 equity shares of 10
Co. Ltd.
(5)
:
*2 on application
4 on allotment
2 on first call
2 on final call
Application were received for 1,20,000 equity shares. The directors decided to reject excess applications and
refunded application money on that. Company received all money.
Pass journal entries in the books of a company.
(P)​

Answer 1

Answer:

Bank A/C Dr 2,40,000

To share Application A/C 2,40,000

Share Application A/C Dr 2,40,000

To Share Capital A/C 2,00,000

To Bank A/C 40,000

Share Allotment A/C Dr 4,00,000

To Share Capital A/C 4,00,000

Bank A/C Dr 4,00,000

To Share Allotment A/C 4,00,000

Share First Call A/C Dr 200000

To Share Capital A/C 200000

Bank A/C Dr 200000

To Share First Call A/C 200000

Share Final Call A/C Dr 200000

To Share Capital A/C 200000

Bank A/C Dr 200000

To Share Final Call A/C 200000

Explanation:

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