Rupak Ltd. issued 10,000 shares of Rs 100 each payable Rs 20 per share on application, Rs 30 per share on allotment and balance in two calls of Rs 25 per share. The application and allotment money were duly received. On first call all member pays their dues except one member holding 200 shares, while another member holding 500 shares paid for the balance due in full. Final call was not made. Give journal entries and prepare cash book.
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Issuing of shares
Explanation:
journal entries in book of Rupak Ltd.
Share application account Dr. 2,00,000
- to share capital account 2,00,000
- ( 10,000 × 20)
(being applications received)
Share allotment account Dr. 3,00,000
- to share capital account. 3,00,000
- (10000×30)
(allotment money due on 10000 shares @ 30 rupees)
share first call account Dr. 2,50,000
- to share capital account 2,50,000
- (10000×25)
(Being first call due on 10000 shares @ 25 rupees)
call in arrears account Dr. 5,000
- to share first call account 5,000
(being call in arrears on 200 shares @ 25)
Notes :
Money due on first call at 10000 shades @ 25 = 2,50,000
less = call in areas on 200 shares at the rate of 25 = 5000
money received on first call =
call received in advance on 500 share @ of 25 rupees = 12,500
total money received and final call is =
Attachments:
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