Question

A Joint Stock Company was registered with a Nominal Capital of Rs.10,00,000 divided into 10,000 shares Rs.100 each payable Rs.10 per share on application, Rs.20 per share on allotment and balance on first and final call. All the shares were taken up and fully paid for by the public. Pass Journal entries to record the issue of shares.

Answer 1

Authorised  capital 10,000 shares of each 

Issued and subscribed capital 10,000 shares payable as

Rs.10 on application

Rs. 20 on allotment 

Rs. 70 on first call and final call

Rs.100