Page 193 - ISCDEBK-12

Joint Stock Company—Issue of Shares 7.29

(iii) Amount paid by Alok on allotment:
Shares allotted = 3,000
3,000
∴ Shares applied = ¥1,50,000 = 4,500
1,00,000 `
Amount paid on application (4,500 × ` 4) 18,000
Less: Adjusted against shares application (3,000 × ` 4) 12,000
Balance to be adjusted against allotment 6,000

Amount due from Alok on allotment (3,000 × ` 5) 15,000
Less: Balance to be adjusted against allotment 6,000
9,000
Add: Amount due on first and final call (3,000 × ` 3) 9,000
Amount received 18,000
2. Amount received on allotment:
`
Amount due (1,00,000 × ` 5) 5,00,000
Less: Adjusted against shares application 2,00,000
3,00,000
Less: Calls-in-Arrears 9,000
2,91,000
Add: Received in Advance from Alok 9,000
3,00,000
3. Amount received at the time of first and final call:
` `
Amount due 3,00,000
Less: Calls-in-Arrears 9,000
Calls-in-Advance 9,000 18,000
2,82,000
4. Calls-in-Arrears on first and final call:
`
Due from Anil on 1,000 shares 3,000
Due from Amit on 2,000 shares 6,000
9,000
5. Amount received from Anil:
`
Amount due on allotment 3,000
Amount due on first and final call 3,000
Interest 300
6,300

6. Dr. CALLS-IN-ARREARS ACCOUNT Cr.
Date Particulars ` Date Particulars `

To Shares Allotment A/c 9,000 By Bank A/c (Anil) 6,000
(Anil and Amit) By Share Capital A/c (Amit) 12,000
To Shares First and Final Call A/c 9,000
(Anil and Amit)
18,000 18,000