Question

Yogeshwari Co.Ltd. Ambajogai made an issue of 20000 equity shares of ₹ 20 each , payable as follows :

Application ₹ 5 per share ;

Allotment ₹ 10 per share ;

First call ₹ 3 per share , 

Second and final call ₹ 2 per share.

The company received applications for 25000 shaes of which application for 5000 shares were rejected and money refunded.

All the shareholders paid upto second and final call , except Dhiraj , the allotee of 200 shares who faied to pay the final call.

Pass journal entries in the books of Yogeshwari Co. Ltd, Ambajogai.

Answer 1

Journal of Yogeshwari Co. Ltd.

Date	Particulars	L.F.	Debit (Rs.)	Credit (Rs.)
1.	Bank A/c ... Dr.		125000
	To Equity Share Application A/c			125000
	[Being share application money received on 25000 shares @ Rs. 5]
2.	Equity Share Application A/c ... Dr		125000
	To Equity Share Capital A/c			100000
	To Bank A/c			25000
	[Being share application money transferred to share capital A/c and Balance refunded]
3.	Equity Share Allotment A/c .... Dr.		200000
	To Equity Share Capital A/c			200000
	[Being shares allotment amount due on 20000 shares @ Rs. 10]
4.	Bank A/c ... Dr.		200000
	To Equity Share Allotment A/c			200000
	[Being share allotment money received on all Shares]
5.	Equity Share Final Call A/c ... Dr.		60000
	To Equity share Capital A/c			60000
	[Being share first call amount due on 20000 shares @ Rs. 3]
6.	Bank A/c ... Dr.		60000
	To Equity Share First Call A/c			60000
	[Being Share first call amount received on all shares]
7.	Equity Share Second Call A/c ... Dr.		40000
	To Equity Share Capital A/c			40000
	[Being share second call amount due on 20000 shares @ Rs. 2]
8.	Bank A/c ... Dr.		39600
	To Equity Share Second Call A/c			39600
	[Being Share second call amount received on 19800 shares]
9.	Calls - in - arrears A/c .... Dr.		400
	To Equity Share Second Call A/c			400
	[Being calls - in arrears for 200 shares recorded]