Question

AB Ltd invited applications for 1,00,000 shares of 10 each payable as follows:
On Application 2 rupees
On Allotment 3 rupees

On First call
3
On Final Call
Public applied for 1,30,000 shares. The excess applications were rejected and allotment
was made to the rest. All moneys were duly received except the final call on 2,000
shares. Pass Journal Entries.
​

Answer 1

Answer:

Bank A/C Dr 2,60,000

To Share Application A/C 2,60,000

Share Application A/C Dr 2,60,000

To share Capital A/C 2,00,000

To Bank A/C 60,000

Share Allotment A/C Dr 300000

To Share Capital A/C 300000

Bank A/C Dr 300000

To Share Allotment A/C 300000

Share First Call A/C Dr 300000

To Share capital A/C 300000

Bank A/C Dr 300000

To Shate First Call A/C 300000

Share Final Call A/C Dr 200000

To Share Capital A/C 200000

Bank A/C Dr 1,96,000

To Share Final Call A/C 1,96,000

Explanation:

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