Question

Akasha Company Limited issued 25,000 equity shares of ~ 10 each payable as follows:

On Application	₹ 2
On Allotment	₹ 2
On First call	₹ 3
On Final call	₹ 3

Applications were received for 24,000 equity shares and allotment of shares were made to them. All money was received by the company.
Pass Journal Entries in the books of Akasha Company Limited.

Answer 1

Journal Entries in the books of Akasha Company Limited
Date / No.	Particulars	L.F	Debit Amount (₹)	Credit Amount (₹)
1	Bank A/c   ...Dr.		48,000	-
	To Equity Share Application A/c		-	48,000
	(Being equity share application money on 24,000 shares @ ₹ 2 per share received)
2	Equity Share Application A/c   ...Dr.		48,000	-
	To Equity Share Capital A/c		-	48,000
	(Being equity share application money on 24,000 equity shares @ ₹ 2 per share transferred to Equity Share Capital Account)
3	Equity Share Allotment A/c   ...Dr.		72,000	-
	To Equity Share Capital A/c		-	72,000
	(Being allotment money on 24,000 equity shares @ ₹ 3 per share due)
4	Bank A/c   ...Dr.		72,000	-
	To Equity Share Allotment A/c		-	72,000
	(Being equity share allotment money on 24,000 shares @ ₹ 3 per share received)
5	Equity Share First Call A/c   ...Dr.		48,000	-
	To Equity Share Capital A/c		-	48,000
	(Being equity share first call money on 24,000 shares @ ₹ 2 due)
6	Bank A/c   ...Dr.		48,000	-
	To Equity Share First Call A/c		-	48,000
	(Being equity share first call money on 24,000 shares @ ₹ 2 per share received)
7	Equity Share Final Call A/c   ...Dr.		72,000	-
	To Equity Share Capital A/c		-	72,000
	(Being equity share final call money on 24,000 shares @ ₹ 3 due)
8	Bank A/c   ...Dr.		72,000	-
	To Equity Share Final Call A/c		-	72,000
	(Being equity share final call money on 24,000 shares @ ₹ 3 per share received)