Q.4. Rupak Ltd. Issued 10,000 Shares Of Rs 100 Each Payable Rs 20 Per Share On Application, Rs 30 per share On Allotment and Balance In Two Calls

Q.4. Rupak Ltd. issued 10,000 shares of Rs 100 each payable Rs 20 per share on application, Rs 30 per share on allotment and balance in two calls of Rs 25 per share. The application and allotment money were duly received. On first call all member pays their dues except one member holding 200 shares, while another member holding 500 shares paid for the balance due in full. Final call was not made.

Give journal entries and prepare cash book.

Books of Rupak Ltd.

Journal

Date	Particulars		L.F.	Amount (Rs.)	Amount (Rs.)
	Share Application A/c	Dr.		2,00,000
	To Share Capital A/c				2,00,000
	(Being Application money for 10,000 shares transferred to share Capital A/c )
	Share Allotment A/c	Dr.		3,00,000
	To Share Capital A/c				3,00,000
	(Being Allotment money due on 10,000 Shares @ 30 per share)
	Share First Call A/c	Dr.		2,50,000
	To Share Capital A/c				2,50,000
	(money due on Share First call for 10,000 shares @ 25 per share)
	Calls in Arrears A/c	Dr.		5,00,000
	To Share First call A/c				5,00,000
	(Call in arrears on 200 shares @ Rs 25 share)

Date	Particulars	J.F.	Amount (Rs.)	Date	Particulars	J.F.	Amount (RS.)
	Share Application		2,00,000
	Share Allotment A/c		3,00,000
	Share First Call		2,45,000
	Calls in Advance		12,500		balance c/d		7,57,500
			7,57,500				7,57,500

Money Due on First Call for 10,000 shares @ Rs.25 each	10,000×25	2,50,000
Less: Calls in Arrears for 200 shares @ Rs.25 each	200×25	(5,000)
Money received on Share First Call		2,45,000
Add: Calls received in advanced on 500 shares @ Rs.25 each	500×25	12,500
		2,57,500

Chapter-1 Accounting for Share Capital-II

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