ILLUSTRATION 9
Rashmi Limited issued at par 1,00,000 Equity shares of 10 each payable 2.50 on application;3 on allotment:
2 on first call and balance on the final call. All the shares were fully subscribed. Mr. Nair who held 10,000 shares
paid full remaining amount on first call itself. The final call which was made after 3 months from first call wasfully
paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on
calls in arrears. Company also paid interest on calls in advance to Mr. Nair.l. Give journal entries to record these
transactions.
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Answer:
2. SHARE CAPITAL Total capital of the company is ... (iii) Subscribed Share Capital : It is that part of the issued ... divided into 10,000 equity shares of Rs10 each.
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Answer:this is a case of interest of calls in advance along with interest on calls in arrears
Explanation:
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