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On 1-1-2016 the First Call of Rs.3 per Share Became Due on 1,00,000 Equity Shares Issued by Kamini Ltd. Karan a Holder of 500 Shares Did Not Pay the First Call Money. - Accountancy

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On 1-1-2016 the first call of Rs.3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the second and final call of Rs.5 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

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Solution

                                                                    In the books of Kamini Ltd

                                                                                  Journal

Date Particulars L.F.

Dr.

Rs

Cr.

Rs

2016
Jan.01

 

 

 

 

 

 

 

Equity Share First Call A/c                                                Dr

                   To Equity Share Capital A/c

(Being first Call money due on 1,00,000 equity shares @ Rs 3 each)

Bank A/c                                                                         Dr

Calls – in – Arrears A/c                                                     Dr

                  To Equity Share First Call A/c

                  To Calls – in – Advance A/c

(Being amount received on first call except 500 shares @ Rs 3 each and second and final call received in advance @ Rs 5 each on 1,000 shares)

 

3,00,000

 

 

3,03,500

1,500

 

 

 

 

 

3,00,000

 

 

 

3,00,000

5,00,000

 

 

 

Concept: Calls in Advance and Arrears
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