A company issued 40000 shares of Rs.10 each, payble Rs.3 on application, Rs.4 on allotment and Rs.3 on call. Arun paid the call amount of his holding Rs.400 shares on allotment.
Pass journal entries regarding allotment and calls and prepare Call in Advance A/c.
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bank AC..... Dr 1,20,000
to share application AC 1,20,000
share application AC... Dr 1,20,000
to share capital AC 1,20,000
share allotment AC.... Dr. 1,60,000
to share capital AC 1,60,000
bank AC..... dr 1,61,200
to share allotment AC 1,60,000
to calls in advance AC 1200
share 1st and final call AC.. Dr 1,20,000
to share capital AC 1,20,000
bank AC...... Dr 1,18,800
calls in advance AC... Dr 1200
to share 1st and final call AC 1,20,000
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