On 28-2-2016 the first call of Rs. 2 per share became due on 50,000 equity shares allotted by Kumar Ltd. Komal, a holder of 1,000 shares, did not pay the first cal money. Kovil, a holder of 750 shares, paid the second and final call of Rs. 4 pershare alongwith the first call. Pass necessary Journal entry for the amount received by opening call-in-arrear and calls-in-advance accounts in the books of the company.

Answer

Dr. Bank A/c-Rs. 1,01,000 and Calls-in-Arrears A/c-Rs. 2,000; Cr. Equity Shares First Call A/c-Rs. 1,00,000 and Call-in-Advance A/c-Rs. 3,000.