In the Books of Arpit Ltd.
Journal Entries
Date Particulars L.F. Amount
(Dr.)
Amount
(Cr.)
2023
1 June
Bank a/ c (300000 eq. sh. X 2) Dr.
To Equity Share Application a/ c
6,00,000
6,00,000
(Being share application money received on
3,00,000 eq. shares of~ 10 each @ 2 per share)
Equity Share Application a/ c Dr.
To Equity Share Capital a/ c
(Being share application money transferred
to equity share capital a/ c)
6,00,0000
6,00,000
l July Equity Share Allotment a/c Dr.
(300000 eq.sh X7)
To Equity Share Capital a/c
(300000 eq.sh X 2)
To Securities Premium a/c
(300000 eq. sh X 5)
(Being share allotment money made due on
3,00,000 equity share of10 each @ 7 per share)
21,00,000
6,00,00
15,00,000
Bank a/c Dr.
To Equity Share Allotment a/c
To Calls in advance a/c (20000 eq. sh X 6)
(Being allotment money received along with Ist
& IInd call money on 20,000 eq. share)
22,20,000
20,00,000
1,20,000
1 Nov. Equity Share Ist Call a/c (300000 eq.sh X3) Dr.
To Equity Share Capital a/c
(Being Ist call made money due on 3,00,000 eq,
shares of 10 each @ ₹ 3 per share)
9,00,000
9,00,000
Bank a/c Dr.
Calls in advance a/c (20000 eq.sh X3) Dr.
To Equity Share Ist Call a/c
(Being Ist Call money received and calls in
advances adjusted)
8,40,000
60,000
9,00,000
2024
1 Jan
Eq. Share IInd Call a/c (300000 eq.sh X3) Dr.
To Equity Share Capital a/c
(Being shares IInd call money made due on
3,00,000 eq. shares of 10 each @ 3 per share)
9,00,000
9,00,000
Bank a/c (275000 eq.sh X3 ) Dr.
Calls in advance a/c (20000 eq.sh X3) Dr.
Calls in arrears a/c (5000 eq.sh X 3) Dr.
To Equity Share IInd Call a/c
(Being Share IInd Call money received on
2,75,000 eq. share and adjustment made for
calls in advance and calls in arrears)
8,25,000
60,000
15,000
9,00,000
1 Jan Interest on call in advance a/ c (1) Dr.
To Bank a/c
6,000
6,000
(Being interest on calls in advance paid to Mr.
Naresh for his advances)
1 Mar Bank a/c Dr.
To Calls in arrears a/ c
To Interest on calls in arrears a/c (2)
(Being calls in arrears and interest on calls in
arrears received on 5,000 equity share)
15,250
15,000
250
Working Notes:
1. Calculation of interest on calls in advance
Interest on Ist Call (3 X 20000 eq.sh) X 4/12 x 12/100 = 2,400
Interest on IInd Call (3 X 20000 eq.sh) x 6/12 x 12/100 = 3,600
= 6,000
2. Calculation of interest on calls in arrears
(3 X 5000 eq.sh) X 2/12 x 10/100 = 250
Note:- The above solution has been provided on the assumption that the company have
complied with the necessary legal formalities under Sec. 61 of the Companies Act, 2013, to
increase the authorised capital up to 3,00,000 equity shares so as to accommodate the
fresh issue of shares.
UNIT – 3 (Issue of Debentures)