Q.5. Mohit Glass Ltd. Issued 20,000 Shares Of Rs 100 Each At Rs 110 Per Share, Payable Rs 30 On Application, Rs 40 On Allotment-solution Accountancy

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Q.5 .Mohit Glass Ltd. issued 20,000 shares of Rs 100 each at Rs 110 per share, payable Rs 30 on application, Rs 40 on allotment (including Premium), Rs 20 on first call and Rs 20 on final call. The applications were received for 24,000 shares and allotted 20,000 shares and reject 4,000 shares and amount returned thereon. The money was duly received.

Give journal entries.




Books of Mohit Glass Ltd.

Journal

DateParticularsL.F
Amount
(Dr.)
Amount
(Cr.)
Bank A/cDr.7,20,000
   To Equity share Application A/c7,20,000
( Amount received for 24,000 shares @ Rs.30 per )
Equity share Application A/cDr.7,20,000
   To Equity share Capital A/c6,00,000
   To Bank A/c1,20,000
( Equity share Application A/c money transferred to To Equity share Capital A/c and reject 4,000 shares and amount returned thereon )
Equity share Allotment A/cDr.8,00,000
   To Equity share Capital A/c6,00,000
   To share Premium A/c2,00,000
( Allotment money due on 20,000 shares @ Rs 30 each and premium for @ Rs 10 )
Bank A/cDr.8,00,000
   To Equity share Allotment A/c8,00,000
( Allotment money received for 20,000 shares @ Rs 40 per share )
Share First Call A/cDr.4,00,000
   To Share capital A/c4,00,000
( Being share first call money due on 20,000 shares @ Rs 20 each )
Bank A/cDr.4,00,000
   To Share First Call A/c4,00,000
( Share First Call money received for 20,000 shares @ Rs 20 each )
Share second and final Call A/cDr.4,00,000
    To Share capital A/c4,00,000
( Being share second call money due on 20,000 shares @ Rs 20 each )
Bank A/cDr.4,00,000
  To Share second and final Call A/c4,00,000
( Share second and final Call money received for 20,000 shares @ Rs 20 each )

Chapter-1 Accounting for Share Capital-II



Location: India

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