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Journal Entries for Issue of Shares

Which account...

Question

Which account is credited on receipt of the share call money ?

A

Share Allotment Account

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B

Share Calls Account

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C

Share Capital Account

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D

Bank Account

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Solution

The correct option is B
Share Calls Account

Share calls account is credited on receipt of the share call money.

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Which account is debited on receipt of the share calls money ?

Q. When shares are forfeited, the share capital account is debited with _______ and the Share Forfeited Account is credited with ________.

Q. At the time of forfeiture of shares which were originally issued at a discount, the accounting entry will be
I. A Debit Share capital account with the called-up value of shares forfeited.
II. A Credit Share forfeiture account with the amount received on forfeited shares.
III. A Credit Discount on issue of shares with the amount of discount allowed on forfeited shares,
IV. A Credit Calls-in-arrears with the amount due but not paid on forfeited shares.

Q. Share capital account can be credited only when ________.

In case of default in the payment of allotment money by the shareholder, the share allotment account is credited with which amount?

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Journal Entries for Issue of Shares

Standard XII Accountancy

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