A company issued 12000 Shares of Rs.10 each. The amount of shares was payable as Rs.2 on application, Rs.4 on allotment and Rs.4 on first and final call. All moneys have been duky received. Make necessary journal entries in the books company.
Answers
Answer:
first call AC Dr
to share capital ac
Required Journal Entries :
• Bank ac Dr. (12000×2) 24,000
To Share Application ac. 24,000
( Application Money Received )
• Share Application ac Dr. 24,000
To Share Capital ac. 24,000
( Transferred to Share Capital )
• Share Allotment ac Dr.
(12,000×4).48,000
To Share Capital ac. 48,000
( Allotment money transferred )
• Bank ac Dr. 48,000
To Share Allotment ac 48,000
( Allotment money received )
• Share 1st and final call ac Dr
(12,000×4) 48,000
To Share Capital ac. 48,000
( Share Call money due )
• Bank ac Dr 48,000
To Share call ac 48,000
( Call Money Received )
Total = 12,000 × 10 = 1,20,000