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Genesis Limited issued to public 45000 shares of hundred rupees each on 1st April 2017 payable as. 10 on application 20 on allotment 30 on first call and 40 on final call subsequent application allotment and the calls were made at the pre decide interval of 3 months each application for received for all the shares and these were allotted a shareholder to whom it 850 shares are allotted paid all the money due at the time of allotment itself pass the necessary general entry clearly?
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Genesis Limited issued to public 45000 shares of hundred rupees each o...
General Entry for Issuing Shares



  • On 1st April 2017, Genesis Limited issued 45,000 shares of Rs.100 each.

  • The shares were payable as follows:


    • Rs.10 on application

    • Rs.20 on allotment

    • Rs.30 on first call

    • Rs.40 on final call


  • Subsequent application allotment and calls were made at the pre-decided interval of 3 months each.

  • Applications were received for all the shares, and they were allotted to shareholders.

  • A shareholder was allotted 850 shares and paid all the money due at the time of allotment itself.



General Entry for Issuing Shares


The general entry for issuing shares is as follows:



  • Bank Account Dr. (To record the amount received on application)

  • Share Application Account Cr. (To record the application money received)

  • Share Allotment Account Dr. (To record the amount received on allotment)

  • Share Application Account Cr. (To adjust the application money against the allotment money)

  • Share First Call Account Dr. (To record the amount received on the first call)

  • Share Allotment Account Cr. (To adjust the allotment money against the first call money)

  • Share Final Call Account Dr. (To record the amount received on the final call)

  • Share First Call Account Cr. (To adjust the first call money against the final call money)

  • Share Capital Account Dr. (To record the amount of share capital issued)

  • Share Final Call Account Cr. (To adjust the final call money against the share capital issued)

  • Bank Account Dr. (To record the amount received from the shareholder who paid all the money at the time of allotment)

  • Share Allotment Account Cr. (To adjust the allotment money against the money received from the shareholder)



In the case of Genesis Limited, the general entry for issuing shares would be:



  • Bank Account Dr. 4,50,000

  • Share Application Account Cr. 4,50,000

  • Share Allotment Account Dr. 9,00,000

  • Share Application Account Cr. 4,50,000

  • Share First Call Account Dr. 12,15,000

  • Share Allotment Account Cr. 9,00,000

  • Share Final Call Account Dr. 16,20,000

  • Share First Call Account Cr. 12,15,000

  • Share Capital Account Dr. 38,25,000

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Genesis Limited issued to public 45000 shares of hundred rupees each o...
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Genesis Limited issued to public 45000 shares of hundred rupees each on 1st April 2017 payable as. 10 on application 20 on allotment 30 on first call and 40 on final call subsequent application allotment and the calls were made at the pre decide interval of 3 months each application for received for all the shares and these were allotted a shareholder to whom it 850 shares are allotted paid all the money due at the time of allotment itself pass the necessary general entry clearly?
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Genesis Limited issued to public 45000 shares of hundred rupees each on 1st April 2017 payable as. 10 on application 20 on allotment 30 on first call and 40 on final call subsequent application allotment and the calls were made at the pre decide interval of 3 months each application for received for all the shares and these were allotted a shareholder to whom it 850 shares are allotted paid all the money due at the time of allotment itself pass the necessary general entry clearly? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Genesis Limited issued to public 45000 shares of hundred rupees each on 1st April 2017 payable as. 10 on application 20 on allotment 30 on first call and 40 on final call subsequent application allotment and the calls were made at the pre decide interval of 3 months each application for received for all the shares and these were allotted a shareholder to whom it 850 shares are allotted paid all the money due at the time of allotment itself pass the necessary general entry clearly? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Genesis Limited issued to public 45000 shares of hundred rupees each on 1st April 2017 payable as. 10 on application 20 on allotment 30 on first call and 40 on final call subsequent application allotment and the calls were made at the pre decide interval of 3 months each application for received for all the shares and these were allotted a shareholder to whom it 850 shares are allotted paid all the money due at the time of allotment itself pass the necessary general entry clearly?.
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