Question

Aashish Ltd. Issue 10000 equity shares of Rs.100 each payable at Rs. 25 on application, Rs. 25 on allotment, Rs. 25 on first call and the balance Rs. 25 on final call. All the shares were fully subscribed and paid except of a shareholder having 100 shares who could not pay for the final call. Give journal entries to record these transactions.​

Answer 1

Journal Entry in the books

of Aashish Ltd.

Explanation:

This question apply major three rule of journal:

1. Debit what comes in, credit what goes out.

1. Debit what comes in, credit what goes out.2. Debit the receiver, credit the giver.

1. Debit what comes in, credit what goes out.2. Debit the receiver, credit the giver.3. Debit all the expenses , credit all the gains.

Journal entry in the books of Aashish Ltd. is the following-