Question

Ananya Limited invited applications for 50,000 equity shares of ₹ 10 each payable as ₹ 2.50 on Application ₹ 5 on Allotment ₹ 2.50 on Final call.
Applications were received for 60,000 equity shares and pro-rata allotment were made to all. All the money was duly received except Final call on 5,000 equity shares.
Pass journal entries in the books of Ananya Limited and show it in the Balance sheet.

Answer 1

Journal Entries in the books of Ananya Limited
Date/ No.	Particulars	L.F.	Debit Amount (₹)	Credit Amount (₹)
1.	Bank A/c   ...Dr.		1,50,000	-
	To Equity Share Application A/c		-	1,50,000
	(Being application money on 60,000 Equity shares @ ₹ 2.5 per share received)
2.	Equity Share Application A/c   ...Dr.		1,50,000	-
	To Equity Share Capital A/c		-	1,25,000
	To Share Allotment A/c		-	25,000
	(Being application money on 50,000 shares @ ₹ 2.50 per share transferred to share capital A/c and excess application money on 10,000 shares @ ₹ 2.50 per share adjusted)
3.	Equity Share Allotment A/c   ...Dr.		2,50,000	-
	To Equity Share Capital A/c		-	2,50,000
	(Being allotment money on 50,000 equity shares @ ₹ 5 per share due)
4.	Bank A/c   ...Dr.		2,25,000	-
	To Equity Share Allotment A/c		-	2,25,000
	(Being share allotment money on 50,000 equity shares @ ₹ 5 per share received after adjusting excess application money received)
5.	Equity share Final Call A/c   ...Dr.		1,25,000	-
	To Equity Share Capital A/c		-	1,25,000
	(Being Equity share Final Call Money on 50,000 shares @ ₹ 2.50 per share due)
6.	Bank A/c   ...Dr.		1,12,500	-
	Calls in Arrears A/c   ...Dr.		12,500	-
	To Equity Share Final Call A/c		-	1,25,000
	(Being share Final call on 45,000 shares @ ₹ 2.50 per share received)

 

Balance Sheet of Ananya Limited
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Share Capital	5,00,000	4,87,500	Bank		4,87,500
Less : Calls in Arrears	12,500
		4,87,500			4,87,500