Question

ABC CO. Ltd. issue 2000 shares and received 500 shares @100 which application RS. 30 allotment Rs. 30 and calls. Pass the necessary journal entries

Answer 1

Bank A/c _________ Dr (500* 30) 15,000
To, Share application a/c 15,000

share application a/c 15,000
To, Share capital a/c. 15,000


share allotment a/c 15,000
To, Share capital a/c. 15,000

Bank A/c _________ Dr (500* 30) 15,000
To, Share allotment a/c 15,000

share call a/c 20,000
To, Share capital a/c. 20,000

Bank A/c _________ Dr (500* 40) 20,000
To, Share call a/c 20,000