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 |