Question

Ken Ltd. issued 40,000 shares of ₹10 each payable ₹2 on application, ₹3 on allotment, ₹3 on First call and ₹2 on final call. All the Shares are subscribed and alloted and all the sum due is duly received. Expenses on issue of share amounted to ₹10,000. Pass Journal Entries And prepare ledger.​

Answer 1

Answer :-

1. Ba.nk A/C -------------Dr (40,000×2)

To Sh.are Appli.cation A/C

2. Sh.are App.lication A/C -------------Dr (40,000×2)

To Sha.re Cap.ital A/C

3. Sh.are Allotment A/C -----------Dr (40,000×3)

To Sha.re Cap.ital A/C

4. Bank A/C -------------Dr (40,000×3)

To Sha.re Allo.tment A/C

5. Sh.are First Call A/C -----------Dr (40,000×3)

To S.hare Capital A/C

6. Bank A/C -------------Dr (40,000×3)

To Sha.re First Call A/C

7. Sh.are Final Call A/C -----------Dr (40,000×2)

To Sh.are Capital A/C

8. Bank A/C -----------Dr (40,000×2)

To Sha.re Final Call A/C

9. Issu.e of Sha.re expenses A/C-------------Dr

To Bank A/C

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