Question

Sampath company issued 25,000 shares at ₹ 10 per share payable ₹ 3 on the application, ₹ 4 on allotment; ₹ 3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.

Answer 1

Date	Particulars	L.F.	Debit	Credit
1.	Bank A/c (24,000 x Rs. 3)   Dr.    To Share Application A/c  [Application money received]		72,000	72,000
2.	Share Application A/c  Dr.   To Share capital A/c [Application money transferred]		72,000	72,000
3.	Share Allotment A/c (24,000 x Rs. 4)  Dr.         To share capital A/c [Allotment money duel		96,000	96,000
4.	Bank A/c  Dr.    To Share Allotment A/c  [share allotment money received]		96,000	96,000
5.	Share 1 & final call A/c (24,000 x Rs.3)   Dr.    To Share Capital A/c [call money due]		72,000	72,000
6.	Bank A/c  Dr.   To share I & final call A/c [call money received]		72,000	72,000