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Question -

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.



Answer -

Books of Mohit Glass Ltd.

Journal 

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Bank A/c

Dr.

 

7,20,000

 

 

 

To Share Application A/c

 

 

7,20,000

 

(Application money received on application for 24,000 shares @ Rs 30 per share)

 

 

 

 

 

 

 

 

 

 

Share Application A/c

Dr.

 

7,20,000

 

 

 

To Share Capital A/c (Bank Column)

 

 

 

6,00,000

 

 

To Bank A/c

 

 

 

1,20,000

 

(Share Application of 20,000 shares @ Rs 30 transferred to Share

Capital Account and the balance returned)

 

 

 

 

 

 

 

 

 

Share Allotment A/c

Dr.

 

8,00,000

 

 

 

To Share Capital A/c

 

 

6,00,000

 

 

To Share Premium A/c

 

 

 

2,00,000

 

(Allotment money due on 20,000 shares @ 40 per share including

Rs 10 for premium)

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

8,00,000

 

 

 

To Share Allotment A/c

 

 

8,00,000

 

(Allotment money received on 20,000 shares @ Rs 40 per share)

 

 

 

 

 

 

 

 

 

 

Share First Call A/c

Dr.

 

4,00,000

 

 

 

To Share Capital A/c

 

 

 

4,00,000

 

(Share First Call money due on 20,000 shares @ Rs 20 per share)

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

4,00,000

 

 

 

To Share First Call A/c

 

 

4,00,000

 

(Share First Call money received on 20,000 shares @ Rs 20 per

share)

 

 

 

 

 

 

 

 

 

 

Share Final Call A/c

Dr.

 

4,00,000

 

 

 

To Share Capital A/c

 

 

 

4,00,000

 

(Share Final Call money due on 20,000 shares @ Rs 20 per share)

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

4,00,000

 

 

 

To Share Final Call A/c

 

 

 

4,00,000

 

(Share Final Call money received on 20,000 shares @ Rs 20 per share)

 

 

 

 

 

 

 

 

 

 

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