SHARE CAPITAL.ppt

MEANING OF COMPANY
Company is a voluntary association of persons formed for
the purpose of doing business having a distinct name and
limited liability. It is a juristic person having a separate legal
entity distinct from the members who constitute it, capable
of rights and duties of its own and endowed with the
potential of perpetual succession. The Companies Act,
1956, states that 'company' includes company formed and
registered under the Act or an existing company i.e. a
company formed or registered under any of the previous
company laws.

FEATURES OF A COMPANY
1. Registration:
A company comes into existence only after registration under
the Companies Act. But a Statutory Corporation is formed and
commence business as notified or stated in the Act and as
passed in Legislature. In case of partnership, registration is not
compulsory.
2. Voluntary Association:
A company is an association of many persons on a voluntary
basis. Therefore a company is formed by the choice and
consent of the members.
3. Legal Personality:
A company is regarded by law as a single person. It has a legal
personality. This rule applies even in the case of “One-man
Company.”

4. Contractual Capacity:
A shareholder of a company, in its individual capacity, cannot bind
the company in any way. The shareholder of a company can enter
into contract with the company and can be an employee of the
company.
5. Management
A company is managed by the Board of Directors, whole time
Directors, Managing Directors or Manager. These persons are
selected in the manner provided by the Act and the Articles of
Association of the company. A shareholder, as such, cannot
participate in the management.
6. Permanent Existence
The company has perpetual succession. The death or insolvency
of a shareholder does not affect its existence. A company comes
into end only when it is liquidated according to provision of the
Companies Act.

KINDS OF COMPANIES
From the point of view of formation, the companies are of three
kinds:
(1) Chartered Companies
Those companies which are incorporated under a special charter
by the king or sovereign such as East Indian Company. Such
companies are rarely formed now-a-days as trading companies.
(2) Statutory Companies
These companies are formed by special acts of Legislatures or
Parliament. e.g.; the Reserve Bank of India, the Industrial Finance
Corporation, Damodar Valley Corporation.
(3) Registered Companies
Such Companies which are incorporate under the
Companies Act, 1956 or were registered under the
previous Companies Act.

Form the point of view of liability there are three kinds of
Companies
(1) Limited Companies
In case of such companies, the liability of each member is limited
to the extent of a face value of shares held by him. Suppose A
takes a share of Rs 10., he remains liable to the extent of that
amount. As soon as that amount in paid, he is no more liable.
(2) Guarantee Companies
The liability of the member of such companies is limited to the
amount he has undertaken to contribute to the assets of the
company in the event of its wound up. This guaranteed amount is
limited to fixed sum which is specified in the memorandum.
(3) Unlimited Companies
They are nothing but large partnership registered under the
Companies Act and the members just like partners have unlimited
liability and both share contribution as well as their property are at
stake when the company is to be wound up. Such companies are
rare these days.

From the point of view of Public investment companies may be of
two kinds:
(1) Private Companies :
A private company means a company which by its articles (a)
restricts the right to transfer its shares, if any (b) limits the number
of its members to fifty excluding past or present employees of the
company who are also members of the company. (c) Prohibits
any invitation to the public to subscribe for any shares in our
debentures of the company.
(2) Public Companies :
Public companies are those companies which are not private
companies. All the three ABOVE restrictions are not imposed on
such companies.

SHARE CAPITAL-ISSUE AND FORFEITURE OF SHARES
1.AUTHORISED CAPITAL is also referred to, at times, as registered
capital. This is the total of the share capital which a limited company is allowed
(authorized) to issue to its shareholders. It presents the upper boundary for the
actually issued share capital (hence also 'nominal capital').
2.Issued Share Capital is the total of the share capital issued to
shareholders. This may be less than the authorized capital.
3.Subscribed Capital is the portion of the issued capital, which has
been subscribed by all the investors including the public. This may be less than
the issued share capital as there may be capital for which no applications have
been received yet ('unsubscribed capital').
4.Called up Share Capital is the total amount of issued capital for
which the shareholders are required to pay. This may be less than the
subscribed capital as the company may ask shareholders to pay by
installments.
5.Paid up Share Capital is the amount of share capital paid by the
shareholders. This may be less than the called up capital .

DIFFERENCE BETWEEN SHARE AND STOCK
1.Stocks are fully paid up whereas shares may be fully paid up
or partly paid up.
2.Shares may be issued when a company is incorporated but
stock cannot be issued under such circumstances. Only fully
paid shares are converted into stock.
3.Stock is convenient method of transferring because it can be
issued or transferred in fractional parts whereas shares cannot
be divided below the face value of share.
4.Stocks are not numbered whereas shares are serially
numbered.
5.Shares are of equal nominal amount value but stocks may be
divided into unequal amounts.
6.Shares are always registered and not transferrable by mere
delivery but stock may be registered or unregistered and
unregistered stock can be transferred by mere delivery.

EXPANSION OF SHARE CAPITAL
1.RIGHTS OR BONUS SHARES : The company may issues
fresh shares to the existing shareholders in proportion to the
shares held by them.
2.INITIAL PUBLIC OFFER(IPO): The company may make an
offer , inviting the general public to subscribe to its shares.
3.PREFERENTIAL ALLOTMENT: A company may make a bulk
allotment to an individual, companies, venture capitalists or any
other person through a fresh issue of shares. It is known as
preferential allotment. Under this method, the entire allotment is
made to pre-identified people, who may or may not be existing
shareholders at predetermined price. The lock-in-period under
this is three years from the date of allotment in case of promoter
Contribution. But in case of pre-issue of share capital of an
unlisted company, the lock-in-period is one year from the date of
commencement of commercial production.

JOURNAL ENTRIES FOR ISSUE OF SHARES
(1) On receipt of application money
Bank Account Dr
To Share Application A/c
(Being the application money on....shares..@ Rs.per share)
(2) On allotment of shares
(a)First of all application money on allotted shares is transferred to shares
capital account
Share Application Account Dr
To Share Capital A/C
(Being the application money transferred to Share Capital Account)
(b) Those applicants who could not be allotted any share, their application mone
will be returned.
Share Application Account Dr
To Bank Account
(Being the application money of shares returned)

(3) On the allotment of share, the allotment money becomes due to the
company
Share Allotment Account Dr.
To Share Capital Account
Being the Share allotment money due on ....share @ Rs...per share
(4) On receipt o allotment money, the entry is
Bank Account Dr.
To share allotment account.
Being the share allotment money is received
(5) On making the first call due from shareholders the entry is :
Share first call Account Dr.
To share capital Account.
Being the first call money is due.
(6) On receipt of the first call money, the entry is
Bank Account Dr.
To share first call Account.
Being share first call money is received.

Illustration 1
Fashion Fabrics Ltd. issued 100000 shares of Rs. 10 each on 1st April, 2006.
The amount payable on these shares was as under:
Rs 2 per share on application.
Rs 3 per share on allotment.
Rs 5 per share on call.
Make journal entries in the books of company.
Solution:
1. Bank A/c Dr 200000
To Share Application A/c 200000
(Application money received@ Rs 2 per share)
2. Share Application A/c Dr 200000
To Share Capital A/c 200000
(Share application money for 100000 shares transferred to
share capital A/c)
3. Share Allotment A/c Dr 300000
To Share Capital A/c… 300000
(Allotment money made due on 100000 shares @ Rs 3/- per share)

4. Bank A/c Dr 300000
To Share Allotment A/c. 300000
(Allotment money received on 100000 shares @Rs 3 per share.)
5. Share First & Final call A/c. Dr 500000
(Call money on 1,00,000 shares @ Rs 5 per share made due)
6. Bank A/c Dr 500000
To Share First & Final call A/c. 500000
(Call money received on 1,00,000 shares @ Rs 5 per share)
Note : Although shares may be equity shares or preference shares but if
the term shares is used it means equity

Issue of shares at premium
If a company issues its shares at a price more than its face value, the shares
are said to have been issued at Premium. The difference between the issue
price and face value or nominal value is called ‘Premium’. If a share of
Rs 10 is issued at Rs 12, it is said to have been issued at a premium of
Rs 2 per share. The money received as premium is transferred to Securities
Premium A/c. The Companies Act has laid down certain restrictions on the
utilization of the amount of premium.
According to Section 78 of this Act, the amount of premium can be
utilized for :
(i) Issuing fully-paid bonus shares;
(ii) Writing off preliminary expenses, discount on issue of shares,
underwriting commission or expenses on issue;
(iii) Paying premium on redemption of Preference shares or Debentures.
(iv) For purchase of its own shares.

Accounting Treatment of premium on Issue of Shares
Following is the accounting treatment of Premium on issue of shares :
(a) Securities premium collected with share Application money :
If the Securities premium is collected on application and the company has taken
decision about the allotment of shares, the following journal entry is made :
Share Application A/c. Dr
To Securities Premium A/c
(The amount of Securities premium received on application of the allotted
shares is transferred to Securities Premium A/c)
(b) Premium collected with Allotment money or Calls.
If the company decides to demand the premium with share Allotment or and
share call money, the journal entry made is:
Share Allotment A/c Dr
Or/and
Share Call A/c Dr
To Securities Premium A/c
(Adjustment of share premium due on……shares @Rs…….per share.)

Illustration Luxury Cars Ltd. issued 100000 shares of Rs 10 each at a
premium of
Rs 5 per share, payable as:
On application Rs. 4 (including Rs 2 premium) per share
On allotment Rs 8 (including Rs 3 premium) per share
On call Rs. 3 per share
Applications were received for 100000 shares and allotment was made to
all. Make journal entries.
Solution:
1. Bank A/c Dr. 400000
To Share Application A/c 400000
(Amount received for 1,00,000 shares)
2. Share Application A/c Dr 400000
To Securities Premium A/c 200000
(Share application money transferred to share capital A/c and securities
Premium A/c)

3. Bank A/c Dr 800000
To Share Allotment A/c 800000
(Share allotment money is received on 1,00,000 shares @ Rs 8 per share)
4. Share Allotment A/c Dr 800000
To Securities Premium A/c 300000
(Share allotment money made Due)
5. Share First and Final Call A/c Dr 300000
(Share call money made due on 1,00,000 shares @ Rs 3 per share.)
6. Bank A/c Dr 300000
To Share First and Final Call A/c 300000
(Share call money received on 1,00,000 shares @ Rs 3 per share.)

ISSUE OF SHARES AT DISCOUNT
When the issue price of share is less than the face value, shares are said
to have been issued at discount. For example if a company issues its shares
of Rs 100 each at Rs. 90 each, the shares are said to be issued at discount.
The amount of discount is Rs 10 per share (i.e. Rs 100 – Rs 90). Discount
on shares is a loss to the company.
Section 79 of Companies Act 1956 has laid down certain conditions subject
to which a company can issue its shares at a discount. These conditions are
as follows :
(i) At least one year must have elapsed from the date of commencement
of business;
(ii) Such shares are of the same class as had already been issued;
(iii) The company has sanctioned such issue by passing a resolution in
its General meeting and the approval of the court is obtained.
(iv) Discount should not be more than 10% of the face value of the
share and if the company wants to give discount more than 10%,
it will have to obtain the sanction of the Central Government.

Accounting Treatment of Shares Issued at Discount
The amount of discount is generally adjusted towards share allotment money
and the following journal entry is made:
Share Allotment A/c Dr
Discount on issue of shares A/c Dr
To Share Capital A/c
Allotment money due on….shares @Rs ……per share after allowing discount
@Rs ……….per share.
Illustration
Sri Krishna Agro Chemical Ltd. was registered with a capital of Rs 5000000
divided into 50000 shares of Rs 100 each. It issued 10000 shares at discount
of Rs 10 per share, payable as :
Rs 40 per share on application
Rs 30 per share on allotment
Rs 20 per share on call.
Company received applications for 15000 shares. Applicants for 12000
shares were allotted 10000 shares and applications for the remaining shares
were sent letters of regret and their application money was returned. Call
was made. Allotment and call money was duly received. Make journal
entries in the books of the company.

1 Bank A/c Dr. 6,00,000
To Share Application A/c 6,00,000
(Application money received for 15000 shares @ Rs 40 per Share)
2. Share Application A/c Dr 4,00,000
To Share Capital A/c 4,00,000
(Application money of 10000 shares transferred to share Capital A/c
on their allotment)
3. Share Application A/c Dr 2,00,000
To Share Allotment A/c 80,000
To Bank A/c 1,20,000
(Application money of 3000 shares returned and of 2000 shares adjusted
towards sum due on allotment)
4. Shares Allotment A/c Dr 3,00,000
Share discount A/c Dr 1,00,000
To Share Capital A/c. 4,00,000
(Allotment money due)

5. Bank A/c Dr 2,20,000
To Share Allotment A/c 2,20,000
(Allotment money received)
6. Share First & Final Call A/c Dr 2,00,000
To Share Capital A/c 2,00,000
(Amount due on call)
7. Bank A/c Dr 2,00,000
To Share First & Final Call A/c 2,00,000
(Call money received)

FULL, UNDER AND OVER SUBSCRIPTION
A company decides to issue number of shares to raise capital. It invites public
to buy these shares. Now there may be three situations :
1.Full Subscription
Company may receive applications equal to the number of shares company
has offered to people. It is called full subscription. In case of full subscription
the journal entries will be made as follows :
(a) On receipt of application money
Bank A/c Dr
To Share Application A/c
(Application money received for ......... shares)
(b) On allotment of shares
Share Application A/c Dr
(Application money of shares transferred to capital A/c on their allotment)

II. The company does not receive application equal to the number of shares
offered for subscription, there may be two situations :
(i) under subscription
(ii) over subscription
(i) Under subscription
The issue is said to have been under subscribed when the company receives
applications for less number of shares than offered to the public for
subscription. In this case company is not to face any problem regarding
allotment since every applicant will be allotted all the shares applied for.
But the company can proceed with allotment provided the subscription for
shares is at least equal to the minimum required number of shares termed
as minimum subscription.
(ii) Over Subscription
When company receives applications for more number of shares than the
number of shares offered to the public for subscription it is a case of over
subscription. A company cannot allot more shares than what it has offered.
In case of over subscription, company has the following options

If the application money received on partially accepted applications is more
than the amount required for adjustment towards allotment money, the
excess money is refunded. However, if the Articles of the company so
authorize, the directors may retain the excess money as calls in advance to
be adjusted against the call/calls falling due later on.
the entry is made :
To Call-in-advance A/c
(The adjustment of excess share application money retained as call-in advance
in respect of ... shares).

Option I
1.Rejection of Excess Applications and Money Returned
The company may reject the applications for shares in excess of the shares
offered for issue and a letter of rejection is sent to such applicants. In this
case the application money received from these applicants is refunded to
them in full.
The journal entry made is as follows:
To Bank A/c
(Application money on … shares refunded to the applicants)
(ii) Excess application money adjusted towards sums due on allotment.
Journal entry made is :
Shares Application A/c Dr
To Share Allotment A/c
(Excess application money adjusted towards sums due on allotment)

Option II
Partial acceptance of Applications.
In some cases the company accepts the applications for subscription
partially. It means that the company does not allot the full number of shares
applied for. For example if an applicant has applied for 5000 shares and
is allotted only 2000 shares, then the applications is said to have been
partially accepted. The company may evolve some formula of accepting
applications partially or making proportionate allotment/ the Pro rata
allotment which means that the applicants are allotted shares
proportionately. In such a case the company adjusts the excess share
money received on application towards share allotment money due on
partially accepted applications.
The journal entry recording the adjustment of application money towards
share allotment money, is as under :
To Share Allotment A/c
(Share application money transferred to Share Allotment Account in respect
of ... shares)

CALLS IN ADVANCE AND CALLS IN ARREARS
If a shareholder pays any amount to company before it is demanded, it is
called Call-in-Advance. This amount is put in a separate account known
as Calls-in-Advance A/c. This amount is not shown as capital of the
company, till such time the company makes a demand from all the
shareholders.
Call-in-Advance A/c is shown on the liabilities side of the Balance Sheet.
For example if a company issued shares of Rs 10 on which
it has already called Rs 5. Against the uncalled portion of Rs 5 per share
the company makes a call Rs 3 per share, the entry for call money due will
be made only for Rs 3 per share. Now suppose a shareholder pays Rs 5 per
share including the uncalled amount of Rs 2 per share along with the
call money, it means he has paid Rs 2 per share in advance, which will be
credited to calls in Advance A/c.
The company is required to pay interest on this amount @ 6% till the date of
its appropriation.

Accounting treatment
Following journal entry is made for calls-in-advance.
Bank A/c Dr
To Calls-in-Advance A/c
(Calls in advance received on…….shares @ Rs …….per share)
Appropriation of calls-in-Advance A/c say in the final call
Journal entry will be :
Calls-in-Advance A/c Dr
To Share Final call A/c
(Calls in advance amount adjusted)
For interest given on Calls-in-Advance
Journal entry will be
Interest on calls-in-Advance A/c Dr
To Bank A/c
(Interest paid on the amount of Call-in-Advance)

Calls in arrears
When the company sends notice to the shareholders to pay allotment and
call money, it has to be paid by them within the specified time period.
If it is not paid by any one or more of the shareholders, the unpaid amount
becomes arrears due from them. Such arrears are transferred to an account
termed as Calls-in-Arrears A/c. The company is authorized to charge interest
on calls-in-Arrears @ 5% p.a. for the intervening period
Accounting Treatment
The following journal entry is made to record Calls-in-Arrears:
Calls-in-Arrears A/c Dr
To Share Allotment/Call A/c
(Share allotment/ Call money not received on …. shares)
When the unpaid balance is received later on the following journal entry
is made:
Bank A/c Dr
To Calls in Arrears A/c
(Amount due on allotment/ call remaining unpaid now received on……
shares.)

FORFEITURE OF SHARES
If a shareholder fails to pay the due amount of allotment or any call on shares
issued by the company, the Board of directors may decide to cancel his/her
membership of the company. With the cancellation, the defaulting shareholder
also loses the amount paid by him/her on such shares. Thus, when a
shareholder is deprived of his/her membership due to non payment
of calls, it is known as forfeiture of shares.
1. Forfeiture of shares issued at Par
When shares issued at par are forfeited the accounting treatment will be
as follows:
(i) Debit Share Capital Account with amount called up (whether received
or not) per share up to the time of forfeiture.
(ii) Credit Share Forfeited A/c. with the amount received up to the time
of forfeiture.
(iii) Credit ‘Unpaid Calls A/c’ with the amount due on forfeited shares. The

journal entry is :
Share capital A/c Dr (Amount called up)
To share forfeited A/c (Amount paid)
To unpaid calls A/c (Amount called but not paid)
Note : (i) Amount called up = No. of shares × called up per share
(ii) Amount paid = No. of shares × Amount paid per share
(iii) Amount called but not paid = No. of shares × Amount called
but not paid per share
Illustration : X, a shareholder, holding 100 shares of Rs 10 each has paid
application money of Rs 2 per share and allotment money of Rs 3 per share,
but has failed to pay the first call of Rs 2 per share and second call of Rs 3 per
share. His shares were forfeited. Make the journal entry to record the
forfeiture of shares.
Solution :
Share Capital A/c (100 × Rs 10) Dr 1000
To Share forfeited A/c (100 × Rs 5) 500
To Share First Call A/c (100 × Rs 2) 200
To Share Second and Final Call A/c (100 × Rs 3) 300
(forfeiture of 100 shares

FORFEITURE OF SHARES ISSUED AT PREMIUM AND AT
DISCOUNT
In case shares are issued at premium and thereafter forfeited there can be
two situations :
Premium on shares has been received prior to the forfeiture.
Amount of premium on shares has not been received and it still stands
credited to the Securities Premium A/c.
1. Premium money has been received prior to the forfeiture
If the amount of premium on shares forfeited has been received by the
company prior to the forfeiture, securities Premium A/c will not affected. In this
case the journal entry of forfeiture of shares will be similar to the entry made
as if the shares had been issued at par.
The journal entry will be :
Share Capital A/c …Dr
To Share forfeited A/c
To Unpaid Calls A/c./Calls in arrears A/c
(forfeiture of share issued at premium)

2. Premium on shares has not been received and stands credited to Securities Premium A/c as due but not
paid.
When a share is forfeited on which the amount of premium has been made
due but has not been received, either wholly or partially, the Securities
Premium A/c will be cancelled. At the time of making due, Securities
Premium A/c will be credited.
The journal entry will be as follows:
Share Capital A/c Dr
Securities Premium A/c Dr
To Share Forfeited A/c
To Unpaid call A/c.
(Forfeiture of shares originally issued at premium due to non payment of
dues).

ILLUSTRATION: The Latest Technology Company Ltd. offered to public for
subscription of 50,000 shares of Rs. 20 each at a premium of Rs. 5 per share.
The amount was payable as under:
On application Rs. 5 per share
On allotment Rs. 12 per share (Including premium of Rs 5 per share)
On first call Rs. 4 per share
On Second and Final call Rs. 4 per share
Applications were received for all the shares. Allotment was made to all
the applicants in full. Ashima failed to pay allotment and call money on
200 shares held by her.
SOLUTION : (i) Share Capital A/c (200 × 20) Dr. 4000
Securities Premium A/c (200 × 5) Dr. 1000
To Share Forfeited A/c (200 × 5) 1000
To Share Allotment A/c (200 × 12) 2400
To Share First Call A/c (200 × 4) 800
To Share Second and Final call A/c (200 × 4) 800
(Forfeiture of 200 shares held by Ashima who did not pay allotment and call
money).

Forfeiture of shares issued at discount
Discount on issue of shares is a loss to the company. When shares issued
at a discount are forfeited for non payment of dues, the discount allowed
on such shares is written back. At the time of issue of shares, Discount
on issue of Shares A/c is debited and when forfeited, this account is credited
to cancel the discount allowed on such shares.
In this case the following journal entry is made :
Share Capital A/c Dr.
To Share Forfeited A/c
To Discount on Issue of Shares A/c
To Unpaid call A/c
(Forfeiture of shares originally issued at discount for non payment of dues).

ILLUSTRATION : The Evergrowing Ltd. invited applications for 20000 shares
of Rs. 50 each at a discount of 10% payable as follows:
On application Rs. 10 per share
On allotment Rs. 20 per share
On call Rs. 15 per share
Whole of the issue was subscribed and paid for except the calls money
on 200 shares which were forfeited by the company.
Make journal entry for forfeiture of shares.
Solution:
Share Capital A/c (200 × 50) Dr. 10000
To Shares forfeited A/c (200 × 30) 6000
To Discount on Issue of Shares A/c (200 × 5) 1000
To Share First and Final call A/c (200 × 15) 3000
(Forfeiture of 200 shares of Rs 50 each issued at discount of 10% on
non payment of call money)

REISSUE OF FORFEITED SHARES
Forfeited shares may be reissued by the company directors for any amount bit if
such shares are issued at a discount then the amount of discount should not
exceed the actual amount received on forfeited shares plus original discount on
reissued shares, if any.
The following journal entry will be passed :
Bank a/c Dr. ( amount received)
Discount on issue of shares a/c Dr.(with original rate of discount if issued at dis)
Share forfeited a/c(loss on issue)
To share capital a/c( with face value of shares )
To securities premium a/c(if shares are reissued at premium)
After the reissue if there is no balance in shares forfeited account then there
will be no capital profit. But where there is profit on the reissue of forfeited
shares , such a profit is treated as a capital profit and balance or amount relating
to shares reissued will be transferred to capital reserve by following entry ;
Share Forfeited a/c
To capital reserve a/c

ILLUSTRATION : India infrastructure Ltd. has issued its shares of Rs. 20
each at a discount of Rs 2 per share. Mahima holding 100 shares did not pay
final call of Rs 5 per share. Later on the company reissued100 shares of these
forfeited shares at (I) Rs. 15 per share. Make journal entries for the forfeiture
and reissue of the shares in the books of company.
SOLUTION: Share Capital A/c Dr 2000
To Shares Forfeited A/c 1300
To Discount on Issue of Shares A/c 200
To Shares Final Call A/c 500
(Forfeiture of 200 shares issued at discount for non payment of final call)
Reissue of shares: Reissued at Rs 15 per share
I. (i) Bank A/c Dr 1500
Discount on Issue of Shares A/c Dr 200
Shares Forfeited A/c Dr 300
(100 shares reissued at Rs 15 per share)
(ii) Shares Forfeited A/c Dr 1000
To Capital Reserve A/c 1000
(Balance in share Forfeited A/c of 100 shares reissued transferred to Capital
Reserve A/c)

ISSUE OF SHARES FOR CONSIDERATION OTHER THAN CASH Sometimes shares are
issued to the promoters of the company in lieu of the services provided by them
during the incorporation of the company. The issue price of these shares is
normally debited to 'Goodwill A/c’ and journal entry is made as follows :
Goodwill A/c Dr
In case of purchase of assets like building, machinery, stock of materials,
etc. the following journal entry is made :
1. Assets A/c Dr
To Vendors/Creditors A/c
(Assets purchased)
2. Vendors/Creditors A/c Dr
(Issue of shares of Rs…….each fully paid up)

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