please answer the question.
Answers
Answer:
1] Promoters are the person who brings the company in to existence. For this work done, they are remunerated in the form of shares. The goodwill account is debited in case shares are issued to promoters as they are not the shareholders of the company.
Therefore the Entry is --
Goodwill A/c dr 10,00,000
To Share Capital A/c 10,00,000
( Being shares were issued to the promoters )
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2] Land & Building A/c Dr 15,00,000
To Vendor's A/c 15,00,000
( Being Asset purchased on Credit )
Vendor's A/c Dr 15,00,000
To share capital A/c 15,00,000
( Being shares issued to vendor against land and building)
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3] i] Bank A/c Dr [ 7,50,000×4 ] 30,00,000
To Share Application A/c 30,00,000
( Being Application money recieved for 7.5 lakh shares ]
ii] Share Application A/c Dr 30,00,000
To Share Capital A/c 30,00,000
( Being Application money t/f to seperate A/c )
iii] Share Allotment A/c Dr [ 7,50,000×3 ] 22,50,000
To Share Capital A/c 22,50,000
( Being Allotment money due )
iv] Bank A/c Dr 22,50,000
To Share Allotment A/c 22,50,000
( Being Allotment Money Recieved )
v] First Call A/c Dr [ 7,50,000×3 ] 22,50,000
To Share Capital A/c 22,50,000
( Being First Call Raised )
vi] Bank A/c Dr 22,50,000
To First Call A/c 22,50,000
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