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Pluto ltd. Issued 20000 equity shares of rupees 10 Each,payable as follows:Application rs4,allotment rs1,1st call rs3,2nd n final call rs2.Application were received for 30000 shares and pro rata allotment was made to all applicants. Excess money received on application was utilised towards allotment and subsequent calls. |
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Answer» Answer: Explanation: Journal entries Date Particulars L.F. Debit Am. Credit Am. 1. Bank A/C Dr. 1,20,000 To Equity SHARE Application A/C 1,20,000 (Being Share Application RECEIVED) 2. Share Application A/c Dr. 80,000 To Share Capital A/c 80,000 ( Being application money transfer to share capital ) 3. Equity Share Application A/c Dr. 40,000 To Allotment A/c 10,000 To share 1ST Call A/c 10,000 To share 2nd Call A/c 20,000 ( Being Balance of application transfer to allotment, 1st call, 2nd call ) 3. Share Allotment A/c Dr. 20,000 To Share Capital A/c 20,000 (Being allotment money transfer to share capital ) 4. Bank A/c Dr. 10,000 To share Allotment A/c 10,000 ( Being Allotment money received) 5. Share 1st call A/c Dr. 60,000 To Share Capital A/c 60,000 ( Being 1st call Transfer to share capital ) 6. Bank A/c Dr. 50,000 To share 1st Call A/c 50,000 ( Being 1st call received ) 7. Share 2nd Call A/c Dr. 40,000 To Share Capital A/c 40,000 ( Being 2nd call transfer to share capital ) 8. Bank A/c Dr. 20,000 To Share 2nd Call A/c 20,000 ( Being 2nd call received ) |
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