Page 344 - VIRANSH COACHING CLASSES

Journal Entries In the Books of Rakesh Ltd.
Date Particulars L.F. Debit ` Credit `
1. Bank A/c ............................................................Dr. 60,000
To Equity Share Application A/c 60,000
(Being equity share application money on 3000
equity shares @ ` 20 per share received)
2. Equity Share Application A/c ............................Dr. 40,000
To Equity Share Capital A/c 40,000
(Being application money on 2,000 shares @ ` 20 per
share transferred to capital A/c)
3. Equity Share Application A/c ............................Dr. 20,000
To Equity Share Allotment A/c 8,000
To Bank A/c 12,000
(Being excess application money on 400 shares
adjusted against allotment and on 600 shares
refunded)
4. Equity Share Allotment A/c ...............................Dr. 1,00,000
To Equity Share Capital A/c 60,000\
To Share Premium A/c 40,000
(Being Allotment money on 2,000 equity shares @ `
50 per share including premium due)
5. Bank A/c .............................................................Dr. 92,000
To Equity Share Allotment A/c. 92,000
(Being equity share allotment money received )

6. Equity Share First Call A/c ................................Dr. 40,000
To Equity Share Capital A/c 40,000
(Being share first call money on 2,000 shares @ ` 20
per share due)
7. Bank A/c .............................................................Dr. 38,400
To Equity Share First Call A/c 38,400
(Being equity share first call money on 1920 shares
@ ` 20 per share received)
8. Equity Share Final Call A/c ...............................Dr. 60,000
To Equity Share Capital A/c 60,000
(Being equity share final call money on 2,000 shares
@ ` 30 per share due)
9. Bank A/c .............................................................Dr. 57,600
To Equity Share Final Call A/c 57,600
(Being share first call money on 1920 shares @ ` 30
per share received)

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