When Shares Are Issued Fully Payable on Application, the Journal

When shares are issued fully payable on application, the journal entries to record the issue (assuming the minimum subscription is reached) are $\begin{array}{cccc}\text { Cash trust } & \mathrm{Dr} & \mathrm{X} & \\\text { Application } & \mathrm{Cr} & & \text { X } \\\text { Allotment } & \mathrm{Dr} & \mathrm{X} \\\text { Share capital } & \mathrm{Cr} & & \mathrm{X} \end{array}$

$\begin{array}{lll}\text { Cash trust } & \text { Dr } & \text { X } \\\text { Application } & \mathrm{Cr} & & \mathrm{X} \\\text { Cash } & \mathrm{Dr} & \mathrm{X} \\{\text { Cash trust }} & \mathrm{Cr}&& \mathrm{X} \end{array}$

$\begin{array}{lllll}{\text { Cash }} & \mathrm{Dr} & \mathrm{X} & \\ \text { Call } & \mathrm{Cr} & & \mathrm{X} \\\text { Call } & \mathrm{Dr} & \mathrm{X} & \\ \text { Share capital } & \mathrm{Cr} & & \text { X }\end{array}$


$\begin{array}{llc}\text { Cash trust } & \mathrm{Dr} & \mathrm{X} \\\text { Application } & \mathrm{Cr} &&\mathrm{X} \\\text { Application } & \mathrm{Dr} & \mathrm{X} \\\quad \text { Share capital } & \mathrm{Cr} &&\mathrm{X} \\\text { Cash } & \mathrm{Dr} & \mathrm{X}\\\text { Cash trust}& \mathrm{Cr} &&\mathrm{X} \end{array}$