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Question -

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.



Answer -

Books of Rupak Ltd.

Journal 

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Share Application A/c

Dr.

 

2,00,000

 

 

 

To  Share Capital A/c

 

 

 

2,00,000

 

(Application money for 10,000 shares transferred to Share Capital

Account)

 

 

 

 

 

 

 

 

 

 

Share Allotment A/c

Dr.

 

3,00,000

 

 

 

To Share Capital A/c

 

 

 

3,00,000

 

(Allotment money due on 10,000 shares @ Rs 30 per share)

 

 

 

 

 

 

 

 

 

 

 

Share First Call A/c

Dr.

 

2,50,000

 

 

 

To Share Capital A/c

 

 

 

2,50,000

 

(Share First Call due on 10,000 shares @ Rs 25 per share)

 

 

 

 

 

 

 

 

 

 

Calls in Arrears A/c

Dr.

 

5,000

 

 

 

To Share First Call A/c

 

 

 

5,000

 

(Call in arrears on 200 shares @ Rs 25 per share)

 

 

 

 

 

 

 

 

 

 

 

Cash Book (Bank Column)

Dr.

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

Rs

 

Share Application

 

2,00,000

 

 

 

 

 

Share Allotment

 

3,00,000

 

 

 

 

 

Share first call

 

2,45,000

 

By Balance c/d

 

7,57,500

 

Calls in Advance

 

12,500

 

 

 

 

 

 

 

 

7,57,500

 

 

 

7,57,500

 

 

 

 

 

 

 

 

 

 

Working Note:

Money due on First Call for 10,000 shares @ 25 each

2,50,000

 

Less: Calls in Arrear for 200 shares @ Rs 25 per Share

(5,000)

 

Money Received on First Call

2,45,000

 

Add: Calls received in advance on 500 shares @ Rs25 per share

12,500

 

 

 

2,57,500

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