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Question
Moneyplus company issued 2,50,000 Equity Shares of ₹ 10 each to public. All amounts have been received in lump sum.Pass necessary Journal entries in the books of the company.
Solution
Authorised Capital 2,50,000 equity shares of Rs 10 each
Issued and Subscribed Capital 2,50,000 shares
In the books of Moneyplus
Journal
|
Date |
Particulars |
L.F. |
Debit |
Credit |
|
|
|
Bank A/c Dr. |
|
25,00,000 |
|
|
|
|
To Equity Share Application A/c |
|
|
25,00,000 |
|
|
|
(Share application money received for 2,50,000 equity shares of Rs 10 each) |
|
|
|
|
|
|
Equity Share Application A/c Dr. |
|
25,00,000 |
|
|
|
|
To Equity Share Capital A/c |
|
|
25,00,000 |
|
|
|
(Share application of 2,50,000 equity shares of Rs 10 each transferred to Equity Share Capital Account) |
|
|
|
|
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On application |
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|
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|
On first and final call |
Rs 30 |
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|
On allotment |
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|
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|
On final call |
Rs 20 |
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