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corporate accounting

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27 December 2010 hi friends, i want issue of shares, allotment , first and final call journal entries with explanation(golden rules) .. explain those journal entries (why its debited and credited) plzzzzzzzzzzzzzzzzzz.
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Thrissurkkaran Ishtan

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Thrissurkkaran Ishtan (Expert)
28 December 2010 Think like this:

A credit increases the liability and debit decreases the liability.

A debit increases the cash.

All money received by a COMPANY is always its liability, whether it is held as application, allotment, first call or second call. All you do is increase one type of liability and decrease another.

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