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X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.?
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X ltd. issued applications for 10,00,000 shares of rs.10 each payable ...
Journal Entry for Non-Payment of Call Money by Shareholder
Heading: Background Information
X Ltd. issued applications for 10,00,000 shares of Rs.10 each payable as follows:
Application and allotment- Rs.3
1st call- Rs.4
2nd and final call- Rs.3
Applications for 15,00,000 shares were received, and pro-rata allotment was made to all the applicants. The excess application money was adjusted on the sum due on the first call.
Heading: Non-Payment of Call Money
When the first call was made, one shareholder who had applied for 15000 shares did not pay the call money.
Heading: Journal Entry
The journal entry for the non-payment of call money by the shareholder is as follows:
Bank Account Dr. (15000 shares x Rs.4) Rs.60,000
Share Capital (1st Call) Account Cr. Rs.60,000
Working Note:
The shareholder had applied for 15000 shares, and the first call amount was Rs.4 per share. Hence, the total call money due was Rs.60,000 (15000 shares x Rs.4 per share). As the shareholder did not pay the call money, the bank account is debited, and the share capital (1st call) account is credited for the same amount.
In conclusion, the non-payment of call money by a shareholder can lead to a decrease in the company's cash flow, and the amount due must be recorded in the company's financial statements.
Heading: Background Information
X Ltd. issued applications for 10,00,000 shares of Rs.10 each payable as follows:
Application and allotment- Rs.3
1st call- Rs.4
2nd and final call- Rs.3
Applications for 15,00,000 shares were received, and pro-rata allotment was made to all the applicants. The excess application money was adjusted on the sum due on the first call.
Heading: Non-Payment of Call Money
When the first call was made, one shareholder who had applied for 15000 shares did not pay the call money.
Heading: Journal Entry
The journal entry for the non-payment of call money by the shareholder is as follows:
Bank Account Dr. (15000 shares x Rs.4) Rs.60,000
Share Capital (1st Call) Account Cr. Rs.60,000
Working Note:
The shareholder had applied for 15000 shares, and the first call amount was Rs.4 per share. Hence, the total call money due was Rs.60,000 (15000 shares x Rs.4 per share). As the shareholder did not pay the call money, the bank account is debited, and the share capital (1st call) account is credited for the same amount.
In conclusion, the non-payment of call money by a shareholder can lead to a decrease in the company's cash flow, and the amount due must be recorded in the company's financial statements.
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X ltd. issued applications for 10,00,000 shares of rs.10 each payable ...
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X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.?
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X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.?.
X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.?.
Solutions for X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? in English & in Hindi are available as part of our courses for B Com.
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Here you can find the meaning of X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? defined & explained in the simplest way possible. Besides giving the explanation of
X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.?, a detailed solution for X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? has been provided alongside types of X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? theory, EduRev gives you an
ample number of questions to practice X ltd. issued applications for 10,00,000 shares of rs.10 each payable as follows: Application and allotment-rs.3 1st call-rs.4 2nd and final call- rs.3 Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the sum due on first call. When the first call was made one shareholder who had applied for 15000shares did not pay the calls money. Pass necessary journal entry woth working note.? tests, examples and also practice B Com tests.
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