Question

(Full Subscription)
The HMT Ltd. issued 15,000 Equity shares of Rs 10 each, payable as under-

On Application	Rs 3	On Allotment	Rs 2
On First Call	Rs 3	On Final Call	Rs 2

All the shares were fully subscribed by the public. All the money due on installments were received.
Pass journal entries to record the above transactions in the books of the company.

Answer 1

                                           Books of HMT Ltd.
                                               Journal Entry

Date	Particulars	L.F.	Debit Amount (Rs.)	Credit Amount (Rs.)
	Bank A/c                                    Dr.    To Equity Share Application A/c (Share application received on 15,000 shares of Rs 3 each)		45,000	45,000
	Equity Share Application A/c     Dr.   To Equity Share Capital A/c (Share application transferred to share capital)		45,000	45,000
	Equity Share Allotment A/c       Dr.   To Equity Share Capital A/c (Share allotment due on 15,000 shares of Rs 2 each)		30,000	30,000
	Bank A/c                                 Dr.   To Equity Share Allotment A/c (Share allotment received)		30,000	30,000
	Equity Share First Call A/c      Dr       To Equity Share Capital A/c (Share first call due on 15,000 shares of Rs 3 each)		45,000	45,000
	Bank A/c                                Dr.    To Equity Share First Call A/c (Share first call received)		45,000	45,000
	Equity Share Final Call A/c         Dr.    To Equity Share Capital A/c (Share final call due on 15,000 shares of Rs 2 each)		30,000	30,000
	Bank A/c                                 Dr.   To Equity Share Final Call A/c (Share final call received)		30,000	30,000