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Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payable₹2.50 on applications; ₹3 on allotment; ₹2 on first call and balance on the final call . All the shares were fully subscribed Mr. nair who held 10,000 shares paid full remaining amount on first call itself. the final call which was made after 3 months from first call was fully paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on calls in arrears. company also paid interest on call in advance to Mr. nair give journal entries to record these transaction?
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Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payabl...
- Journal Entries for Rashmi Limited:
- 1. On Issuance of Equity Shares:
- Equity Share Capital A/c Dr = 10,00,000
Application A/c Dr = 2,50,000
Share Allotment A/c Dr = 3,00,000
To Equity Share Allotment A/c = 10,00,000
To Equity Share Application A/c = 2,50,000
To Equity Share Capital A/c = 5,50,000
- 2. On First Call:
- First Call A/c Dr = 2,00,000
To Equity Share First Call A/c = 2,00,000
- 3. On Receipt of Amount from Mr. Nair on First Call:
- Bank A/c Dr = 20,000
To Equity Share First Call A/c = 20,000
- 4. On Final Call:
- Final Call A/c Dr = 1,50,000
To Equity Share Final Call A/c = 1,50,000
- 5. On Receipt of Amount from Mr. Nair on Final Call:
- Bank A/c Dr = 1,50,000
To Equity Share Final Call A/c = 1,50,000
- 6. On Receipt of Amount from Shareholder after 2 Months:
- Equity Share Final Call A/c Dr = 2,000
Interest on Calls in Arrears A/c Dr = 50
To Shareholder A/c = 2,050
- 7. On Payment of Interest on Call in Advance to Mr. Nair:
- Interest on Call in Advance A/c Dr = 50
To Mr. Nair A/c = 50
These journal entries represent the transactions related to the issuance of equity shares, receipt of call money, payment by shareholders, and payment of interest on calls. The entries are crucial for maintaining accurate financial records and ensuring transparency in the company's financial dealings.
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Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payable₹2.50 on applications; ₹3 on allotment; ₹2 on first call and balance on the final call . All the shares were fully subscribed Mr. nair who held 10,000 shares paid full remaining amount on first call itself. the final call which was made after 3 months from first call was fully paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on calls in arrears. company also paid interest on call in advance to Mr. nair give journal entries to record these transaction?
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Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payable₹2.50 on applications; ₹3 on allotment; ₹2 on first call and balance on the final call . All the shares were fully subscribed Mr. nair who held 10,000 shares paid full remaining amount on first call itself. the final call which was made after 3 months from first call was fully paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on calls in arrears. company also paid interest on call in advance to Mr. nair give journal entries to record these transaction? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payable₹2.50 on applications; ₹3 on allotment; ₹2 on first call and balance on the final call . All the shares were fully subscribed Mr. nair who held 10,000 shares paid full remaining amount on first call itself. the final call which was made after 3 months from first call was fully paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on calls in arrears. company also paid interest on call in advance to Mr. nair give journal entries to record these transaction? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rashmi limited issued at par 1,00,000 equity shares of ₹10 each payable₹2.50 on applications; ₹3 on allotment; ₹2 on first call and balance on the final call . All the shares were fully subscribed Mr. nair who held 10,000 shares paid full remaining amount on first call itself. the final call which was made after 3 months from first call was fully paid except a shareholder having 1000 shares who paid his due amount after 2 months along with interest on calls in arrears. company also paid interest on call in advance to Mr. nair give journal entries to record these transaction?.
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