Question no 28 Chapter 1- Class 12 Part 2 Unimax 

Question no 28 Chapter 1- Class 12 Part 2 Unimax 

Pawan Ltd. was registered with a capital of ₹ 8,00,000 in shares of ₹ 10each and issued 50,000 such at a premium of ₹ 2 per share, payable as ₹ 3per share on application, ₹ 4 per share on allotment (including premium) and ₹ 3 per share on first call and balance on second and final call.
All the money payable on application and allotment was duly received but when the first call was made, on shareholder paid the entries balance on his holding of 1,000 shares and another shareholder holding 500 shares failed to pay the first call money. Give journal entries to record the above transactions.

The solution of Question no 28 Chapter 1- Class 12 Part 2 Unimax : -

Journal
Books of Pawan Limited

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		1,50,000
	To Shares Application A/c				1,50,000
	(Being application money received on 50,000 shares @ ₹ 3 per share)
	Shares Application A/c	Dr.		1,50,000
	To Equity share capital A/c				1,50,000
	(Being application money transferred to capital account)
	Share Allotment A/c	Dr.		2,00,000
	To shares capital A/c				1,00,000
	To Securities premium A/c				1,00,000
	(Being allotment money due with premium)
	Bank A/c	Dr.		2,00,000
	To Share Allotment A/c				2,00,000
	(Being allotment money received)
	Shares first calls A/c	Dr.		1,50,000
	To Share capital A/c				1,50,000
	(Being 1st call money due on 50,000 shares @ ₹ 3 per share)
	Bank A/c	Dr.		1,50,000
	Calls in arrears A/c	Dr.		1,500
	To Share first call A/c				1,50,000
	To Call in advance A/c				2,000
	(Being receipt of 1st call money)
	Shares 2nd and final call A/c	Dr.		1,00,000
	To Share capital A/c				1,00,000
	(Being 2nd and final call money due on 50,0000 shares @ ₹ 2 per share)
	Bank A/c	Dr.		98,000
	To Share 2nd and final call A/c				98,000
	(Being shares 2nd and final call money received)