Question

Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:

On Application ₹ 20

On Allotment ₹ 30

On First call ₹ 20

On Second and Final call ₹ 30

Applications were received for 22,000 equity shares and allotment of shares were made to them.

All money was received by the company.

Pass Journal Entries in the books of Mohini Co. Ltd.

Answer 1

Journal Entries in the books of Mohini Company Limited
Date	Particulars	L.F	Debit Amount (₹)	Credit Amount (₹)
1	Bank A/c   ...Dr.		4,40,000
	To Equity Share Application A/c			4,40,000
	(Being equity share application money on 22,000 shares @ ₹ 20 per share received)
2	Equity Share Application A/c   ...Dr.		4,40,000
	To Equity Share Capital A/c			4,40,000
	(Being equity share application money on 22,000 equity shares @ ₹ 20 per share transferred to Equity Share Capital Account)
3	Equity Share Allotment A/c   ...Dr.		6,60,000
	To Equity Share Capital A/c			6,60,000
	(Being allotment money on 22,000 equity shares @ ₹ 30 per share due)
4	Bank A/c   ...Dr.		6,60,000
	To Equity Share Allotment A/c			6,60,000
	(Being equity share allotment money on 22,000 shares @ ₹ 30 per share received)
5	Equity Share First Call A/c   ...Dr.		4,40,000
	To Equity Share Capital A/c			4,40,000
	(Being equity share first call money on 22,000 shares @ ₹ 20 due)
6	Bank A/c    ...Dr.		4,40,000
	To Equity Share First Call A/c			4,40,000
	(Being equity share first call money on 22,000 shares @ ₹ 20 per share received)
7	Equity Share Second and Final Call A/c   ...Dr.		6,60,000
	To Equity Share Capital A/c			6,60,000
	(Being equity share second and final call money on 22,000 shares @ ₹ 30 due)
8	Bank A/c   ...Dr.		6,60,000
	To Equity Share Second and Final Call A/c			6,60,000
	(Being equity share second and final call money on 22,000 shares @ ₹ 30 per share received)
			4400000	4400000