x limited issued 60000 shares of rupees 10 each at rupees 3 premium application rupess 4 (3+1),allotment rupees 5 (4+1), and final call 4 (3+1),all these shares were fully subscribed and paid.
pass the journal entries
Answers
Explanation:
1. Bank A/c --- dr. rs. 2,40,000
To equity share application A/c 2,40,000
(Being application money received on 60,000 equity shares @ rs. 4 each)
2. equity share application A/c 2,40,000
To equity share capital A/c 1,80,0000
To securities premium res. A/c 60,000
(being application money transfered to share capital and securities premium res A/c)
3. equity share Allotment A/c 3,00,000
To equity share capital A/c 2,40,000
To securities premium res. A/c 60,000
(being allotment money due on 60,000 equity shares@ rs. 5 including rs.1 as prepremu
4. Bank A/c --- dr. rs. 3,00,000
To equity share allotment A/c 3,00,000
(Being allotment money received on 60,000 equity shares)
5. Equity share 1st and final call A/c dr. 2,40,000
To equity share capital A/c 1,80,0000
To securities premium res. A/c 60,000
(being 1st and final call money due on 60,000 equity shares @ rs.4 each including rs.1 as premium)
6.Bank A/c --- dr. rs. 2,40,000
To equity share 1st and final call A/c 2,40,000
(being 1st and final call money received on 60,000 equity shares)