why share applications money entry is not first due like share allotment money entry
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Share application money journal entries
Replies (2)
Dr. Bank
Cr. Application
and
Dr. Application
Cr. Capital
This application entry is a must because they issue in installments/calls. But I feel that it is not necessary to make an application entry and it can directly be like
Dr. Bank
Cr. Capital.
Other calls can be recorded.
Before allotment of shares we don't know to whom due notice is to be sent so application can not be due as it is an offer
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