Luxury Cars Ltd. issued 100000 shares of
10 each
at a premium of 5 per share, payable as:
On application
^ 4 (including
D
2 premium) per share
On allotment " & (including " 3 premium) per share
On call
3 per share
Applications were received for 100000 shares and
allotment was made to all. Make journal entries.
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Answer:
Bank Account Dr 4,00,000
To Share Application account 4,00,000
Share Application account Dr 4,00,000
To Share Capital account 2,00,000
To Securities Premium Reserve account 2,00,000
Share Allotment account Dr 5,00,000
To Share Capital account 2,00,000
To Securities Premium Reserve account 3,00,000
Bank Account Dr 5,00,000
To Share Allotment account 5,00,000
Share First and Final call account Dr 3,00,000
To Share Capital account 3,00,000
Bank Account Dr 3, 00,000
To Share First and Final call account 3,00,000
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