Class 12 Accountancy Notes · GSEB
Journal Lab — Application, Allotment & Call
Journal Lab — Application, Allotment & Call — Enter your sum once and watch every journal entry build itself as shares multiplied by rupees per share. GSEB Class 12 Commerce Accountancy notes with worked illustrations and board sums.
Last updated: 29 Sep 2026
Notes
The 6-Entry Map and the Per-Share Golden Rule
IssueFlowMap — the six entries, three stages
Six core lines, nothing else. Click any entry to open it; click again to close. Add an optional account below only when that account is the one you are explaining.
Stage Application
Stage Allotment
Stage Call
Learn the map, then drive the lab
Why the map looks like an assembly line
The Six Entries — Taught Walkthrough (Illustration 1)
Illustration 1 — Shailja Company Ltd. issued 2,40,000 equity shares of ₹ 10 each: application ₹ 3, allotment ₹ 3, first call ₹ 2, final call ₹ 2. Applications for all shares; everything received in full.
| # | Particulars | Debit (₹) | Credit (₹) | Per-share build |
|---|---|---|---|---|
| 1 | Bank A/c Dr To Equity share application A/c (Being money received on application for 2,40,000 shares at ₹ 3 per share.) | 7,20,000 | 7,20,000 | 2,40,000 × ₹ 3 = 7,20,000 |
| 2 | Equity share application A/c Dr To Equity share capital A/c (Being application money transferred on allotment.) | 7,20,000 | 7,20,000 | 2,40,000 × ₹ 3 = 7,20,000 |
| 3 | Equity share allotment A/c Dr To Equity share capital A/c (Being allotment due at ₹ 3 per share on 2,40,000 shares.) | 7,20,000 | 7,20,000 | 2,40,000 × ₹ 3 = 7,20,000 |
| 4 | Bank A/c Dr To Equity share allotment A/c (Being allotment money received.) | 7,20,000 | 7,20,000 | 2,40,000 × ₹ 3 = 7,20,000 |
| 5 | Equity share first call A/c Dr To Equity share capital A/c (Being first call due at ₹ 2 per share.) | 4,80,000 | 4,80,000 | 2,40,000 × ₹ 2 = 4,80,000 |
| 6 | Bank A/c Dr To Equity share first call A/c (Being first call received.) | 4,80,000 | 4,80,000 | 2,40,000 × ₹ 2 = 4,80,000 |
| 7 | Equity share final call A/c Dr To Equity share capital A/c (Being final call due at ₹ 2 per share.) | 4,80,000 | 4,80,000 | 2,40,000 × ₹ 2 = 4,80,000 |
| 8 | Bank A/c Dr To Equity share final call A/c (Being final call received.) | 4,80,000 | 4,80,000 | 2,40,000 × ₹ 2 = 4,80,000 |
| Total | 48,00,000 | 48,00,000 | — |
Receipt first, transfer second
Money comes to Bank, then application money becomes capital — and only for allotted shares.
Due then received
Allotment and every call each get TWO entries: due (Dr stage / To capital) and receipt (Dr Bank / To stage).
Over-subscription adds one split
The transfer entry also refunds rejected shares to Bank — the Lab builds this automatically.
Premium never touches the stage account
On due/transfer entries the rate splits: face portion To Share capital, premium portion To Securities premium.
Narrations carry the marks
Interactive Journal Lab — Issue Stages
Enter the problem once. The page builds the complete issue journal stage-by-stage — every line as shares × ₹ per share, premium split shown, refunds, arrears and advances as their own lines.
Work through the steps in order — they are exactly the entries you will write in the exam.
Worked Board Sums
Type — Issue Stage Journals: Board Sums
14 problemsPlain issue (no over-subscription)
Enter it in the Lab: 750000 / face 10 / 3 / 4 / 3, applications 750000, rejected 0.
Over-subscription with refund
Use arrears method (ii) if a separate calls-in-arrears account is maintained.
Premium issues
This is the Lab default — reproduce it first, then change the numbers.
Calls-in-advance
Enter 3000 in the FIRST CALL advance box — the money arrives with allotment.
Nitin pays the application rate plus the whole face value — enter his ₹ 6.50 extra as advance.
Combined application & allotment account
Turn the combined-account toggle on. The refund is its own entry in this mode.
Arrears-focused
Key Takeaways
Key Takeaways
- Application: receipt first (Bank), transfer second (to capital + premium + refund) — and the transfer covers only allotted shares.
- Allotment and calls: always due, then received — two entries each.
- Every line = shares × ₹ per share; split each rate into face value + premium portion before you write it.
- Arrears: a Dr on Calls-in-arrears in the receipt entry, or a lingering debit in the call account under method (i). Advances credit Calls-in-advance and are released when that stage is received.
- Combined-account sums merge the application receipt, transfer and refund into one Share application and allotment A/c.
- Narrations must state shares and ₹ per share — the exam’s marks live inside those brackets.