Maharashtra State BoardHSC Arts 12th Board Exam

Yogeshwari Co.Ltd. Ambajogai Made an Issue of 20000 Equity Shares of ₹ 20 Each , Payable as Follows : - Book Keeping and Accountancy

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Journal Entry

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.

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Solution

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]
     
Concept: Share and Share Capital
  Is there an error in this question or solution?

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