Question

Jupiter Company Limited issued 35,000 equity shares of Rs. 10 each at a premium of Rs.2 payable as follows: On Application Rs. 3 On Allotment Rs. 5 (including premium) Balance on First and Final Call The issue was fully subscribed. All the money was duly received. Record journal entries in the books of the Company.

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Answer 1

Answer:

(Issue of Shares at Premium, Fully Subscribed, Amount Payable in Instalments).

Fine Craft Ltd. issued 50,000 Equity Shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows:

Rs. 3 on application, Rs. 6 on allotment, and Rs. 3 on first and final call.

All the shares were applied for and duly allotted. Pass necessary Journal entries.