What are the accounting or bookkeeping double entries for the transactions in the various stages of shares issued payable by instalments

March 4th, 2011 / No comments yet
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See earlier article on the various stages of shares issued payable by installments  

Below are the double entry system for the various stages of shares issued payable by installments:-

Various stages or types of transactions Debit Credit
Application money received Bank account Application & Allotment account
Application money refunded Application & Allotment account Bank account
Allotment money received Bank account Application & Allotment account
Transfer from Application & Allotment account to Share Capital Ac count Application & Allotment account Ordinary Share Capital Account
First call made by directors First call account Ordinary Share Capital account
First call money received Bank account First Call account
Second call made by directors Second call account Ordinary Share Capital account
Second call money received Bank account Second Call Account
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