Question

Anjali Flour Ltd. with a registered capital of ₹ 4,00,000 in equity shares of ₹ 10 each, issued 30,0 of such shares; payable ₹ 2 per share on the application, ₹ 5 per share on the allotment, and ₹ 3 shares on the first call. The issue was duly subscribed.
All the money payable was duly received but on the allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the I transactions.

Answer 1

Date	Particulars	L.F.	Debit Rs.	Credit Rs.
(1)	Bank A/c (30,000 × Rs. 2)   Dr.   To Equity share application A/c [Application money received]		60,000	60,000
(2)	Equity share application A/c  Dr.   To Equity share capital A/c [Application money transferred]		60,000	60,000
(3)	Equity Share Allotment A/c (30,000 × Rs. 5)  Dr.   To Equity share capital A/c  [allotment money due]		1,50,000	1,50,000
(4)	Bank A/c Dr.   To Equity share allotment A/c    To Calls in advance A/c (500 × Rs. 3)  [Allotment money recd including call money on 500 shares]		1,51,500	1,51,500
(5)	Equity share I and final call A/c (30,000 x Rs. 3)   Dr.    To Equity share capital A/c  [I call money due]		90,000	90,000
(6)	Bank A/c  Dr. Calls in Advance A/c   To Equity share I and final call A/c [Call money received]		88,500 1,500	90,000