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A ltd. Was registered with a …

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A ltd. Was registered with a capital of 500000 in share of ₹ 10 each and issue 20000 such shares at a premium of ₹ 2 per share. Payable as ₹2 per share on application, ₹5 per share on allotment (including premium) and ₹ 2 per share on first call made three months later. All the money payable on application and allotment was dully received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholders holding 1000 shares failed to pay the first call money. Pass journal entries to record the above transaction .

Posted by Preet Chauhan 8 years, 6 months ago

CBSE > Class 12 > Accountancy

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Saiyam Jain 8 years, 6 months ago

Share first call 40000 To share capital 40000 Bank 40900 To share first call. 40000 To call in advance. 900 Share capital(1000*7). 7000 To calls in arrears 2000 To share forfieted. 5000

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