Amit Limited issued 50,000 Equity shares of 100 each at a premium of 20%, payable 20on application; 50on allotment (including premium); 20on first…

Entry No. Particulars L.F. Debit Amount (₹) Credit Amount (₹) 1 Bank A/c Dr. To Equity Share Application A/c (Money received on applications for 50,000 shares @20 per share) 10,00,000 10,00,000 2 Equity Share Application A/c Dr. To Equity Share Capital A/c (Transfer of application money on 50,000 shares to share capital) 10,00,000 10,00,000 3 Equity Share Allotment A/c Dr. To Equity Share Capital A/c To Securities Premium A/c (Amount due on the allotment of 50,000 shares @30 per share and Securities Premium @20 per share) 25,00,000 15,00,000 10,00,000 4 Bank A/c Dr. To Equity Share Allotment A/c (Allotment money received) 25,00,000 25,00,000 5 Equity Share First Call A/c Dr. To Equity Share Capital A/c (Being first call made due on 50,000 shares at 20 per share) 10,00,000 10,00,000 6 Bank A/c Dr. To Equity Share First Call A/c To Calls in Advance A/c (Being first call money received along with calls in advance on 5,000 shares at 30 per share) 11,50,000 10,00,000 1,50,000 7 Equity Share Final Call A/c Dr. To Equity Share Capital A/c (Being final call made due on 50,000 shares at 30 each) 15,00,000 15,00,000 8 Bank A/c Dr. Calls in Advance A/c Dr. Calls in Arrears A/c Dr. To Equity Share Final Call A/c (Being final call received for 44,250 shares, calls in advance for 5,000 shares and calls in arrears on 750 shares adjusted) 13,27,500 1,50,000 22,500 15,00,000 9 Interest on Calls in Advance A/c Dr. To Shareholders A/c (Being interest made due on calls in advance of 1,50,000 at the rate of 12% p.a.) 6,000 6,000 10 Shareholders A/c Dr. To Bank A/c (Being payment of interest made to shareholder after 3 months) 6,000 6,000 11 Shareholders A/c Dr. To Interest on Calls in Arrears A/c (Being interest on calls in arrears made due at the rate of 10%) 375 375 12 Bank A/c Dr. To Calls in Arrears A/c To Shareholders A/c (Being money received from shareholder having 500 shares for calls in arrears and interest thereupon) 15,375 15,000 375 13 Shareholders A/c Dr. To Interest on Calls in Arrears A/c (Being interest on calls in arrears made due at the rate of 10%) 250 250 14 Bank A/c Dr. To Calls in Arrears A/c To Shareholders A/c (Being money received from shareholder having 250 share for calls in arrears and interest thereupon) 7,750 7,500 250 Calculation of Interest on Calls in Advance & Calls in Arrears: Interest on Calls in Advance = 1,50,000 x 12% x 4 / 12 = 6,000 Interest on Calls in Arrears - 15,000 x 10% x 3 / 12 = 375 Interest on Calls in Arrears - 7,500 x 10% x 4 / 12 = 250 Table F of The Companies Act, 2013 prescribes 10% and 12% p.a. as the maximum rates respectively for calls in arrears and calls in advance. Accordingly, these rates have been considered while passing the above entries.