Question

Sharma & Co. issued 10000 shares of Rs. 20 each. Applications were
received for 10000 shares. Amount is payable as follows-Rs. 5 on
application, Rs. 10 on allotment and Rs. 5 on call. All the money
were duly received. Pass necessary Journal Entries.​

Answer 1

Explanation:

bank a/c dr. (5×10000) 50000

To share application a/c 50000

share application a/c 50000

To share capital a/c 50000

Share allotment a/c (10×10000)100000

To share capital a/c 100000

bank a/c 100000

To share allotment a/c 100000

share first and final call a/c 50000

To share capital a/c 50000

bank a/c 50000

to share first and final call a/c 50000

since all money has received on last call therefore it's written as first and final call