On 28 Feb- 2016 the first call of Rs 2 per share became due on 50-000 shares- Kumar a holder of 1000 shares did not pay the first nbsp-call money- Kovil a holder of 750 shares paid the entire amount of second and final call of Rs nbsp-4 per share along with the first call- Pass journal entries for the amount received by opening calls in arrears account and calls in advance account in the books of the company-

Dear Student nbsp; Journal in the books of nbsp;Company Date Particulars L.F. Debit Amount (Rs) Credit Amount ...

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Standard XII

Accountancy

Application of Shares

On 28 Feb. 20...

Question

On 28 Feb. 2016 the first call of Rs 2 per share became due on 50,000 shares. Kumar a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the entire amount of second and final call of Rs 4 per share along with the first call. Pass journal entries for the amount received by opening calls in arrears account and calls in advance account in the books of the company.

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Solution

Dear Student

Journal in the books of Company

Date Particulars L.F. Debit
Amount
(Rs) Credit
Amount
(Rs)

Share First Call A/c (50,000 x 2) Dr. 1,00,000

To Share Capital A/c 1,00,000

(Call money due on 50,000 shares)

Bank A/c ((49,000 x 2) + (750 x 4)) Dr. 1,01,000

Calls in arrears A/c ( 1,000 x 2) 2,000

To Share First and Final A/c 1,00,000

To Calls in Advance A/c (750 x 4) 3,0000

(Received call money on 59,000 shares and call money on 1,000 shares pending and a shareholder , Kovii paid the amount of Second and final call in advance)

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Journal in the books of Company
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Share First Call A/c (50,000 x 2)	Dr.		1,00,000
	To Share Capital A/c				1,00,000
	(Call money due on 50,000 shares)

	Bank A/c ((49,000 x 2) + (750 x 4))	Dr.		1,01,000
	Calls in arrears A/c ( 1,000 x 2)			2,000
	To Share First and Final A/c				1,00,000
	To Calls in Advance A/c (750 x 4)				3,0000
	(Received call money on 59,000 shares and call money on 1,000 shares pending and a shareholder , Kovii paid the amount of Second and final call in advance)