Sucheta Company Limited issued ₹20,00,000 new capital divided into ₹100 equity shares at a Premium of ₹20 per share payable as ₹10 on Application ₹40 on Allotment and ₹10 premium ₹50 on Final call and ₹10 premium.





5. Sucheta Company Limited issued ₹20,00,000 new capital divided into ₹100 equity shares at a Premium of ₹20 per share payable as ₹10 on Application ₹40 on Allotment and ₹10 premium ₹50 on Final call and ₹10 premium. 
The issue was oversubscribed to the extent of 26000 equity shares. The application on 2000 shares were sent letter of regret and their application money was refunded. 
Remaining applications were allotted share on pro-rata basis. All the money due on Allotment and Final Call was duly received. 
 
Make necessary Journal Entries in the books of Sucheta Company Ltd. 

 

 

Solution: 

Journal Entry 

In the Books of Sucheta Company Ltd. 

Date 

Particulars 

J.F 

Debit ₹ 

Credit ₹ 

1. 

Bank A/c Dr. 

To Equity Share Application A/c 

[Being Equity Share Application money received] 

 

2,60,000 

 

2,60,000 

2. 

Equity Share Application A/c Dr. 

To bank A/c 

[Being Equity Share Application on 2000 share are refunded] 

 

2,40,000 

 

2,40,000 

3. 

Equity Share Application A/c Dr. 

To Equity Share Capital A/c 

To Equity Share Allotment A/c 

[Being Equity Share Application transferred to share Capital and excess application money are adjusted] 

 

 

2,40,000 

 

2,00,000 

40,000 

 
 

 

 

 

 

  

4. 

Equity Share Allotment A/c Dr. 

To Equity Share Capital A/c 

To Share Premium A/c 

[Being allotment money including premium due] 

 

10,00,000 

 

8,00,000 

2,00,000 

5. 

Bank A/c Dr. 

To Equity Share Allotment A/c 

[Being allotment money received after adjusting] 

 

9,60,000 

 

2,00,000 

6. 

Equity Share Final Call A/c Dr. 

To Equity Share Capital A/c 

To Share Premium A/c 

[Being Equity Share Final Call money due including premium] 

 

12,00,000 

 

10,00,000 

2,00,000 

7. 

Bank A/c Dr. 

To Equity Share Final Call A/c 

[Being Equity Share Final Call money received] 

 

12,00,000 

 

12,00,000 


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