Journal entries relating to chapter underwriting of shares
Querist : Anonymous
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In the books of company, you will pass following journal entries.
1. When company gets money from public for selling shares under the contract of underwriting.
Bank account Dr. XXXX
Share capital Account Cr. XXXX
2. When underwriter takes the liability of unsold shares
Underwriter's account Dr. XXXX
Share Capital Account Cr. XXXX
3. When underwriting commission will due
Underwriting Commission Account Dr. XXXX
Underwriter's Account Cr. XXXX
4. When Underwriter deduct his commission and send net amount of takeover shares
Bank Account Dr. XXXX
Underwriter Account ( Total receivable amount on takeover shares by underwriter - Underwriter's commission) Cr. XXXX
Querist : Anonymous
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