Question

The Decoy Trading Company Limited was registered with a nominal capital of
1,00,000 in shares of 10 each, 9,000 of which were issued payable as : *2.50 on
application, 2.50 on allotment, *3 on first call and the balance on final call. All the
shares were applied for and allotted and all cash was received on the due dates except
that one shareholder holding 100 shares failed to pay the allotment money and another
shareholder holding 200 shares paid the first and final call together with allotment
money.
You are required to journalise the above transactions in the books of the company
particularly through calls in arrear account and calls in advance account as and when
necessary
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Answer 1

Answer:

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Explanation:

The Decoy Trading Company Limited was registered with a nominal capital of

1,00,000 in shares of 10 each, 9,000 of which were issued payable as : *2.50 on

application, 2.50 on allotment, *3 on first call and the balance on final call. All the

shares were applied for and allotted and all cash was received on the due dates except

that one shareholder holding 100 shares failed to pay the allotment money and another

shareholder holding 200 shares paid the first and final call together with allotment

money.

You are required to journalise the above transactions in the books of the company

particularly through calls in arrear account and calls in advance account as and when

necessary