Page 265 - ISCDEBK-12

10.16 Double Entry Book Keeping (Section A)—ISC XII

(b) Amount not received from Anil:
Shares allotted to Anil = 1,000
1 000,
Shares applied by Anil = × 5,00,000 = 2,500 `
200 000, ,
Application money received (2,500 × `5) 12,500

Less: Adjusted towards Shares Application (1,000 × ` 5) 5,000
Amount to be adjusted towards Shares Allotment 7,500
Less: Due on Allotment (1,000 × ` 8) 8,000
Amount not received on Allotment* 500

*Amount is not received towards Securities Premium Reserve since Calls-in-Advance is first appropriated
towards Share Capital and thereafter towards Securities Premium.

2. Amount received towards Equity Shares First and Final Call: `
Amount Due 4,00,000
Less: Amount not received on: `
Anil’s 1,000 Shares @ ` 2 2,000
Gopal’s 2,000 Shares @ ` 2 4,000 6,000
3,94,000

Dr. CALLS-IN-ARREARS ACCOUNT (EQUITY SHARES) Cr.
Particulars ` Particulars `
To Equity Shares Allotment A/c 500 By Securities Premium Reserve A/c 500
To Equity Shares First and Final Call A/c 6,000 By Equity Share Capital A/c 2,000
By Balance c/d 4,000
6,500 6,500

Dr. CALLS-IN-ADVANCE ACCOUNT (PREFERENCE SHARES) Cr.
Particulars ` Particulars `

To Pref. Shares First and Final Call A/c 10,000 By Bank A/c (Received along with 10,000
Pref. Shares Allotment)

Dr. CALLS-IN-ARREARS ACCOUNT (PREFERENCE SHARES) Cr.
Particulars ` Particulars `
To Pref. Shares First and Final Call A/c 20,000 By Balance c/d 20,000