Page 21 - DCOM201_ACCOUNTING_FOR_COMPANIES_I

Accounting for Companies-I

Notes Case II

Date Particulars L.F. Debit Credit
1. Bank Account Dr. 3,48,000
To Share Application Account 3,48,000
(Being receipt of application money on 1,16,000
shares @ 3 per share)
2. Share Application Account Dr. 3,48,000
To Share Capital Account 3,00,000
To Bank Account 48,000
(Being transfer of application money to share
capital on 1,00,000 shares & refund on 16,000
shares)
3. Share Allotment Account Dr. 4,00,000
To Share Capital Account 2,00,000
To Share Premium Account 2,00,000
(Being allotment money due on 1,00,000 shares
@ 4 per share with premium @ 2 per share)
4. Bank Account Dr. 4,00,000
To Share Allotment Account 4,00,000
(Being receipt of allotment money
with premium) Alternate treatment of 3 & 4
entries may be as:
5. Share Allotment Account Dr. 2,00,000
To Share Capital Account 2,00,000
(Being allotment money due on 1,00,000 share
@ 2 per share)
6. Bank Account Dr. 4,00,000
To Share Allotment Account 2,00,000
To Share Premium Account 2,00,000
(Being receipt of allotment money with
premium on 1,00,000 share)
7. Share First and Final Call Account Dr. 5,00,000
To Share Capital Account 5,00,000
(Being first and final call money due on 1,00,000
shares @ 5 per share)
8. Bank Account Dr. 5,00,000
To Share First and Final Call Account 5,00,000
(Being receipt of first and find call money)

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