Question

hii guys please answer this question:
Sony Media Ltd. issued 50000 shares of ₹10 each payable ₹3 on application, ₹4 on allotment and balance on 1st & final call. Applications were recieved for 100000 shares and allotment was made as follows :
(i) Applicants for 60000 were allotted 30000 shares,
(ii) Applicants for 40000 shares allotted 20000 shares.
Anupam to whom 1000 shares were allotted from category (i), failed to pay the allotment money.
Pass Journal enteries up to allotment. ​

Answer 1

Explanation:

Particulars L.F. Debit Amount (₹) Credit Amount (₹)

Bank A/c (1,00,000 × 3) Dr. 3,00,000

To Share Application A/c 3,00,000

(Received application money on 1,00,000 shares)

Share Application A/c Dr. 3,00,000

To Share Capital A/c (50,000 × 3) 1,50,000

To Share Allotment A/c 1,50,000

(Transfer of application money to Share Capital)

Share Allotment A/c (50,000 × 4) Dr. 2,00,000

To Share Capital A/c 2,00,000

Allotment due on 50,000 shares)

Bank A/c (W.N. 1) Dr. 49,000

To Share Allotment A/c 49,000

(Allotment money received after adjustment of excess on application and arrears)