Usha Co. Ltd. Issued 12000 Equity Shares of Rs. 100 each payable as under:


Rs. 30 on application
Rs. 20 on allotment
Rs. 35 on first call
Rs. 15 on second call
            Public applied for 10,000 Shares and all the applicants were accepted by the company. Allotment of the shares were made. All the money on allotment, first call and second call were received.
            Show the journal of the company.

Solution:
In the Journal of Usha Co. Ltd.

Date
Particulars
L.F.
No.
Debit
Rs.
Credit
Rs.
1
Bank A/c ………. Dr.

300000


To Equity Share Application A/c


300000

[Being application money received on 10,000 equity shares at Rs. 30 per share)



2
Equity Share Application A/c  ………. Dr.

300000


To Equity Share Capital A/c


300000

[Being Share application money transferred to Equity Share Capital]



3
Equity Share Allotment A/c  ………. Dr.

200000


To Equity Share Capital A/c


200000

[Being allotment money Rs. 20 per share due on 10,000 equity shares)



4
Bank A/c  ………. Dr.

200000


To Equity Share Allotment A/c


200000

[Being allotment money received from 10,000 equity shareholders]



5
Equity Share First Call A/c  ………. Dr.

350000


To Equity Share Capital A/c


350000

[being first call money of Rs. 35 per share due on 10,000 equity shares. ]



6
Bank A/c  ………. Dr.

350000


To Equity Share First Call A/c  


350000

[Being first call money received from shareholders]`



7
Equity Share Second Call A/c  ………. Dr.

150000


To Equity Share Capital A/c


150000

[Being Second call Rs. 15 due on 10000 Equity Shares]



8
Bank A/c  ………. Dr.

150000


To Equity Shares Second Call A/c


150000

[Being second call money received from share holders]