Question

Co issued 1000 shares of 10 each.
App 4
Allotment 5
1 call 1
400 shares didn't pay allotment n call.
Give journal entries​

Answer 1

Answer:

1)Bank account - 40000

to share application account 40000

equity share application account 40000

to share capital account 40000

2). equity share allotment account 50000

to share capital account 50000

bank account 48000

call in arrears 2000

to share allotment account 50000

3) equity share ist call account 10000

to share capital account 10000

bank account 9600

call in arrears 400

to share ist call account 10000