Yogeshwari Co. Ltd. Ambajogai made an issue of 20,000 equity shares of Rs. 20 each, payable as follows

Yogeshwari Co. Ltd. Ambajogai made an issue of 20,000 equity shares of Rs. 20 each, payable as follows:

Think about the journal entries for application, allotment, and calls before viewing the solution below.

Solution: Journal of Yogeshwari Co. Ltd.

Date	Particulars	L.F.	Debit (Rs.)	Credit (Rs.)
1.	Bank A/c ... Dr. [Being share application money received on 25000 shares @ Rs. 5]		125000
	To Equity Share Application A/c			125000
2.	Equity Share Application A/c ... Dr [Being share application money transferred to share capital A/c and Balance refunded]		125000
	To Equity Share Capital A/c			100000
	To Bank A/c			25000
3.	Equity Share Allotment A/c .... Dr. [Being shares allotment amount due on 20000 shares @ Rs. 10]		200000
	To Equity Share Capital A/c			200000
4.	Bank A/c ... Dr. [Being share allotment money received on all Shares]		200000
	To Equity Share Allotment A/c			200000
5.	Equity Share Final Call A/c ... Dr. [Being share first call amount due on 20000 shares @ Rs. 3]		60000
	To Equity share Capital A/c			60000
6.	Bank A/c ... Dr. [Being Share first call amount received on all shares]		60000
	To Equity Share First Call A/c			60000
7.	Equity Share Second Call A/c ... Dr. [Being share second call amount due on 20000 shares @ Rs. 2]		40000
	To Equity Share Capital A/c			40000
8.	Bank A/c ... Dr. [Being Share second call amount received on 19800 shares]		39600
	To Equity Share Second Call A/c			39600
9.	Calls - in - arrears A/c .... Dr. [Being calls - in arrears for 200 shares recorded]		400
	To Equity Share Second Call A/c			400

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