Practical Problem 04
SOLUTION:
Journal Entries in the books of Deepak Manufacturing Co. Ltd. | ||||
Date | Particulars | L.F | Debit Amount (₹) | Credit Amount (₹) |
1 | Bank A/c …………………………………………………………………Dr. | 2,40,000 | ||
To Equity Share Application A/c | 2,40,000 | |||
( Being equity share application money on 1,20,000 shares @ ₹ 2 per share received) | ||||
2 | Equity Share Application A/c………………………………… Dr. | 2,00,000 | ||
To Equity Share Capital A/c | 2,00,000 | |||
( Being application money on 1,00,000 shares transferred to equity share capital account) | ||||
3 | Equity share Application A/c ……………………………… Dr. | 40,000 | ||
To Bank A/c | 40,000 | |||
( Being application money on excess 20,000 shares @ ₹2 per share refunded) | ||||
4 | Equity Share Allotment A/c…………………………………… Dr | 4,00,000 | ||
To Equity Share Capital A/c | 4,00,000 | |||
( Being equity share allotment money on 1,00,000 shares @ ₹4 per share due) | ||||
5 | Bank A/c ……………………………………………………………….Dr. | 4,00,000 | ||
To Equity Share Allotment A/c | 4,00,000 | |||
( Being allotment money on 1,00,000 shares @ ₹4 per share received) | ||||
6 | Equity Share First Call A/c………………………………………. Dr. | 2,00,000 | ||
To Equity Share Capital A/c | 2,00,000 | |||
( Being equity share first call money on 1,00,000 shares @ ₹2 per share due) | ||||
7 | Bank A/c……………………………………………………………….. Dr. | 2,00,000 | ||
To Equity Share First Call A/c | 2,00,000 | |||
( Being equity first call money on 1,00,000 shares @ ₹2 per share received) | ||||
8 | Equity Share Final Call A/c ……………………………………..Dr. | 2,00,000 | ||
To Equity Share Capital A/c | 2,00,000 | |||
( Being equity share final call money on 1,00,000 shares @ ₹2 per share due) | ||||
9 | Bank A/c ……………………………………………………………….Dr. | 2,00,000 | ||
To Equity Share Final Call A/c | 2,00,000 | |||
( Being equity share final call money on 1,00,000 shares @ ₹ 2 per share received) | ||||
2080000 | 2080000 | |||