Question

Q6. X Ltd. issued 18,000, 10% Preference shares of 100 each at a premium of 10%. Payments were to
be made as - 25 on application, 50 on Allotment, * 20 on first call and 15 on second call. The
application for 15,000 shares were received and all were accepted. All the money was duly received
except the first call on 500 shares. However, the same was received when the final call was made.
Give the necessary journal entries relating to first call and second call in the following cases :
(0) When call in arrear account is maintained.
(ii) When call in arrear account is not maintained.
(4)​

Answer 1

Answer:

2 is correct answer of your question