Question

Chandra Ltd. issued 40,000 equity shares of ₹10 each at par payable as to:
₹2.50 on application; ₹2.00 on allotment; ₹2.50 on first call and ₹3.00 on final call (Three months after First Call).
All the shares were allotted and amount received except Mohan holding 800 shares paid the final call money alongwith first call and Naresh holding 300 shares did not pay the first call money in time.
Final call was made. All the shareholders paid in full. First call arrear on 300 shares alongwith interest on calls in arrears were also received at the time of final call. The company paid interest on calls in advance and charged interest on calls in arrears according to the provisions of Table F of schedule I of Companies Act, 2013.
Make entries in the company's journal for transactions relating to first call and final call.

Answer 1

Journal entries  In the books of Chandra Ltd.
Date	Particulars	L.F.	Debit (₹)	Credit (₹)
1.	Equity Share First Call a/c     ...Dr.		1,00,000
	To Equity Share Capital A/c			1,00,000
	(First call made due)
2.	Bank A/c     ...Dr.		1,01,650
	Calls in Arrears     ...Dr.		750
	To Equity Share First Call A/c			1,00,000
	To Calls in Advance A/c			2400
	(First call money received)
3.	Equity Share Second and Final Call A/c     ...Dr.		1,20,000
	To Equity Share Capital A/c			1,20,000
	(Second and final call made due)
4.	Interest on Calls in Advance A/c     ...Dr.		72
	To Sundry Members A/c			72
	(Interest on calls in Advance made due)
5.	Sundry Members A/c     ...Dr.		72
	To Bank A/c			72
	(Interest on calls in advance paid)
6.	Sundry Members A/c     ...Dr.		19
	To Interest on Calls in Arrears A/c			19
	(Interest on calls in arrears charged)
7.	Bank A/c     ...Dr.		19
	To Sundry Members A/c			19
	(Interest on calls in arrears received)
8.	Bank A/c     ...Dr.		1,18,350
	Calls in Advance A/c     ...Dr.		2400
	To Equity Share Second and Final Call A/c			1,20,000
	To Calls in Arrears A/c			750
	(Second call money received)
9.	Interest on Calls in Arrears A/c     ...Dr.		19
	To Statement of Profit & Loss A/c			19
	(Interest on calls in arrears transferred to Statement of Profit & Loss)
10.	Statement of Profit & Loss A/c     ...Dr.		72
	To Interest on Calls in Advance A/c			72
	(Being interest on calls in advance transferred to Statement of Profit and Loss)