What will be the journal entries when a call is due and the amount of the same is received?

1. For Call Amount Due-
Share Call A/c Dr.
     To Share Capital A/c
(Call money due on.......Shares @Rs.......per share)

2. For Receipt of Call Amount-
Bank A/c
     To Share Call A/c
(Call money received)

The correct answer is option 2-

1. For Call Amount Due-
Share Call A/c Dr.
     To Share Capital A/c
(Call money due on.......Shares @Rs.......per share)

2. For Receipt of Call Amount-
Bank A/c
     To Share Call A/c
(Call money received)

Calls play a vital role in making shares fully paid-up and for realising the full amount of shares from the shareholders. In the event of shares not being fully called up till the completion of allotment, the directors have the authority to ask for the remaining amount on shares as and when they decide about the same. It is also possible that the timing of the payment of calls by the shareholders is determined at the time of share issue itself and given in the prospectus. Two points are important regarding the calls on shares. First, the amount on any call should not exceed 25% of the face value of shares. Second, there must be an interval of at least one month between the making of two calls unless otherwise provided by the articles of association of the company. When a call is made and the amount of the same is received, the journal entries are as given below:
1. For Call Amount Due-
Share Call A/c Dr.
      To Share Capital A/c
(Call money due on ___Shares @ Rs. ____ per share)

2. For Receipt of Call Amount-
Bank A/c
      To Share Call A/c
(Call money received)