Question

On 15-1-2016 the first call of Rs.4 per share became due on 10,000 equity shares issued by New India Ltd. Aman a holder of 500 shares did not pay the first call money. Shanti a shareholder holding 600 shares paid the second and final call of Rs.3 per share along with the first call.

Pass the necessary journal entry for the amount received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company.

 

Answer 1

                                                                                    Journal

Date	Particulars	L.F.	Dr. (Rs)	Cr. (Rs)
2016 Jan 15	Equity Share First Call A/c                                                                Dr              To Equity Share Capital A/c  (Being first call money due on 10,000 equity shares @ Rs.4 each)   Bank A/c                                                                                        Dr Calls - in - Arrears A/c                                                                     Dr                To Equity Shares First Call A/c                To Calls - in - Advance A/c (Being amount received on first call except on 500 shares @ Rs.4 each and second and final call received in advance on 600 shares @ Rs.3 each)		40000       39800 2000	40000         40000 1800