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Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions?
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Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2...
Journal Entries for Rashmi Ltd
To record the issuance of 10,000 equity shares at par, the following journal entries will be made:
1. Application Money Received
- **Date**: [Issue Date]
- **Entry**:
- Bank Account Dr. ₹25,000
- To Equity Share Application Account ₹25,000
- (Application money received for 10,000 shares at ₹2.50 each)
2. Allotment Money Due
- **Date**: [Allotment Date]
- **Entry**:
- Equity Share Allotment Account Dr. ₹30,000
- To Equity Share Capital Account ₹1,00,000
- To Equity Share Allotment Account ₹30,000
- (Allotment money due on 10,000 shares at ₹3 each)
3. Allotment Money Received
- **Date**: [Allotment Date]
- **Entry**:
- Bank Account Dr. ₹30,000
- To Equity Share Allotment Account ₹30,000
- (Allotment money received)
4. Final Call Money Due
- **Date**: [Final Call Date]
- **Entry**:
- Equity Share Final Call Account Dr. ₹42,500
- To Equity Share Capital Account ₹1,00,000
- To Equity Share Final Call Account ₹42,500
- (Final call money due on 10,000 shares at ₹4.50 each)
5. Final Call Money Received (Except One Shareholder)
- **Date**: [Final Call Date]
- **Entry**:
- Bank Account Dr. ₹42,450
- To Equity Share Final Call Account ₹42,450
- (Final call money received except for one shareholder with 100 shares)
6. For the Default of Final Call
- **Date**: [Final Call Date]
- **Entry**:
- Equity Share Final Call Account Dr. ₹450
- To Calls in Arrears Account ₹450
- (Recording calls in arrears for the shareholder who defaulted)
These entries effectively track the capital raising process and the resulting obligations for Rashmi Ltd, reflecting both received and pending payments from shareholders.
To record the issuance of 10,000 equity shares at par, the following journal entries will be made:
1. Application Money Received
- **Date**: [Issue Date]
- **Entry**:
- Bank Account Dr. ₹25,000
- To Equity Share Application Account ₹25,000
- (Application money received for 10,000 shares at ₹2.50 each)
2. Allotment Money Due
- **Date**: [Allotment Date]
- **Entry**:
- Equity Share Allotment Account Dr. ₹30,000
- To Equity Share Capital Account ₹1,00,000
- To Equity Share Allotment Account ₹30,000
- (Allotment money due on 10,000 shares at ₹3 each)
3. Allotment Money Received
- **Date**: [Allotment Date]
- **Entry**:
- Bank Account Dr. ₹30,000
- To Equity Share Allotment Account ₹30,000
- (Allotment money received)
4. Final Call Money Due
- **Date**: [Final Call Date]
- **Entry**:
- Equity Share Final Call Account Dr. ₹42,500
- To Equity Share Capital Account ₹1,00,000
- To Equity Share Final Call Account ₹42,500
- (Final call money due on 10,000 shares at ₹4.50 each)
5. Final Call Money Received (Except One Shareholder)
- **Date**: [Final Call Date]
- **Entry**:
- Bank Account Dr. ₹42,450
- To Equity Share Final Call Account ₹42,450
- (Final call money received except for one shareholder with 100 shares)
6. For the Default of Final Call
- **Date**: [Final Call Date]
- **Entry**:
- Equity Share Final Call Account Dr. ₹450
- To Calls in Arrears Account ₹450
- (Recording calls in arrears for the shareholder who defaulted)
These entries effectively track the capital raising process and the resulting obligations for Rashmi Ltd, reflecting both received and pending payments from shareholders.
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Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions?
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Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions?.
Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions?.
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Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions?, a detailed solution for Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? has been provided alongside types of Rashmi Ltd issued at par 10000 equity share of rs. 10 each playable ₹2.50 on application, ₹3 on allotment and balance on the final call. all thr shares were fully subscribed and paid expect a share holder having 100 shares could not pay the final call. give journal entries to record these transactions? theory, EduRev gives you an
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