Question

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.

Answer 1

Answer:

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