Ghosh Ltd. made the second and final call on its 50,000 Equity Shares @ ₹ 2 per share on 1st January, 2016. The entire amount was received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money due and received by opening Calls-in-Arrears Account.

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Solution

Books of Ghosh Limited

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

Jan. 01

Share Second and Final Call A/c

Dr.

1,00,000

To Equity Share Capital A/c

1,00,000

(Share second and final call due on 50,000 shares at Rs 2 per share)

Jan. 15

Bank A/c

Dr.

99,800

Calls-in-Arrears A/c

Dr.

200

To Share Second and Final Call A/c

1,00,000

(Share second and final call received from 49,900 shares and 100 shares failed to pay the it)

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Books of Ghosh Limited Journal
Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2016
Jan. 01	Share Second and Final Call A/c	Dr.		1,00,000
	To Equity Share Capital A/c				1,00,000
	(Share second and final call due on 50,000 shares at Rs 2 per share)

Jan. 15	Bank A/c	Dr.		99,800
	Calls-in-Arrears A/c	Dr.		200
	To Share Second and Final Call A/c				1,00,000
	(Share second and final call received from 49,900 shares and 100 shares failed to pay the it)