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On 28.2.2016 the First Call of Rs.2 per Share Became Due on 50,000 Equity Shares Allotted by Kumar Ltd. Komal a Holder of 1000 Shares Did Not Pay the First Call Money. Kovil a Holder of 750 Shares Paid the Second and Final Call of Rs.4 per Share Along with the First Call. - Accountancy

On 28.2.2016 the first call of Rs.2 per share became due on 50,000 equity shares allotted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of Rs.4 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 Kumar Ltd

                                                                                           Journal

Date Particulars L.F. Dr.(Rs.) Cr.(Rs.)

2016

Feb.28

 

 

 

 

 

 

 

 

 

 

Equity Share First Call A/c                                                                               Dr

            To Equity Share Capital A/c

(Being first call money due on 50,000 equity shares @ Rs.2 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 1000 shares @ Rs.2 each and second and final call received in advance @ Rs.4 each on 750 shares)

 

1,00,000

 

 

 

1,01,000

2,000

 

 

 

 

1,00,000

 

 

 

 

1,00,000

3,000

 

Concept: Calls in Advance and Arrears
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