Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call.

All the shares were fully subscribed and paid except a shareholder Mr. D. Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse paid the call - in - arrears amount together with interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’.

Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.

Answer:
Journal Entries in the Books of Kisan Co. Ltd, Miraj.

Date
Particulars
L.F.
Debit
Rs.
Credit
Rs.
(1)
Bank A/c ..... Dr.

150000


To Equity Share Application A/c


150000

[Being Share application miney received]








(2)
Equity Share Application A/c .... Dr.

150000


To Equity Share Capital A/c


150000

[Being Share application money transferred to share capital A/c ]








(3)
Equity Share Allotment A/c .... Dr.

200000


To Equity Share Capital A/c


200000

[Being share allotment money due is recorded]








(4)
Bank A/c .... Dr.

200000


To Equity Share Allotment A/c


200000

[Being share allotment money received]








(5)
Equity Share Final Call A/c ... Dr.

150000


To Equity Share Capital A/c


150000

[Being Share finall call Due is recorded]








(6)
Bank A/c .... Dr.

147000


To Equity Share Final Call A/c


147000

[Being share final call amount received]








(7)
Equity Share Call - in - Arrears A/c .... Dr.

3000


To Equity Share Finall Call A/c


3000

[Being calls - in - arrears on 1000 shares recorded]








(8)
Mr, D. Kapse A/c .... Dr.

50


To Interest on Calls - in - Arrears A/c


50

[Being interest charged on calls - in - arrears @ 5% p.a. )








(9)
Bank A/c .... Dr.

3050


To Mr. D. Kapse A/c


50

To Equity Share Calls - in - Arrears A/c


3000

[Being amount due on calls- in - arrears received with interest]



1 comment:

Keon Carvalho said...

how does interest amount upto 50
cause 5% of 3000 is 150


PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

You can also pay the necessary amount (Rs. 50 for Each Notes) to our UPI ID:

After paying Rs. 50 you will get your notes and paper solution either by email or through WhatsApp in PDF digital form.


If you are not certain how this will work then please contact on this number: 8169449238 (Only WhatsApp) No personal Calls allowed. All the best for upcoming Board Exam.


2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019


BUY FROM PLAY STORE

DOWNLOAD OUR APP



HOW TO PURCHASE OUR NOTES?




S.P. Important Questions For Board Exam 2020


O.C.M. Important Questions for Board Exam. 2020


Economics Important Questions for Board Exam 2020


Chemistry Important Question Bank for board exam 2020


Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


MUST REMEMBER THINGS on the day of Exam


Are you prepared? for English Grammar in Board Exam.


Paper Presentation In Board Exam


How to Score Good Marks in SSC Board Exams


Tips To Score More Than 90% Marks In 12th Board Exam


How to write English exams?


How to prepare for board exam when less time is left


How to memorise what you learn for board exam