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प्रश्न
Alpha Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share.
Mr. Gupta was allotted 100 shares. Pass necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases:
| Case I | If Mr. Gupta failed to pay the allotment money and his shares were immediately forfeited. |
| Case II | If Mr. Gupta failed to pay allotment money and on his subsequent failure to pay the first call, his shares were forfeited. |
| Case III | If Mr. Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited |
उत्तर
|
Application |
₹ |
2 |
|
Allotment |
₹ |
3 |
|
First Call |
₹ |
3 |
|
Final Call |
₹ |
2 |
|
|
|
10 |
Books of Alpha Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
Case I |
Share Capital A/c (100×5) |
Dr. |
|
500 |
|
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
|
To Share Allotment A/c |
|
|
300 |
||
|
|
(100 shares of Rs 10 each, Rs 5 called-up, forfeited for the non-payment of allotment) |
|
|
|
||
|
|
|
|
|
|
||
|
Case II |
Share Capital A/c (100 × 8) |
Dr. |
|
800 |
|
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
|
To Share Allotment A/c |
|
|
300 |
||
| To Share First Call A/c | 300 | |||||
|
|
(100 shares of Rs 10 each, Rs 8 called-up forfeited for non-payment allotment and first-call) |
|
|
|
||
|
|
|
|
|
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||
|
Case III |
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
|
To Share First Call A/c |
|
|
300 |
||
| To Share Final Call A/c | 200 | |||||
|
|
(100 shares of Rs 10 each forfeited for the non-payment Rs 5 each) |
|
|
|
||
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Arti Ltd. offered for subscription 20,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded. Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time. Company didn't make first and final call.
You are to prepare the Journal, Cash Book, Ledger Accounts and show 'Share Capital' in the Balance Sheet of the company.
Alankrit Ltd. purchased machinery of ₹ 10,00,000 from Grand Iron Works Ltd. and paid as follows:
(a) Issued 50,000 Equity Shares of ₹ 10 each at a premium of ₹ 2.
(b) Gave an acceptance of ₹ 3,00,000 payable after 3 months; and
(c) Balance by issuing post-dated cheque of two months of ₹ 1,00,000.
Pass the Journal entries in the books of Alankrit Ltd. and Grand Iron Works Ltd.
XYZ Ltd . is registered with an authorised capital of ₹ 2,00,000 divided into 2,000 shares of ₹ 100 each of which , 1,000 shares were offered for public subscription at a premium of ₹ 5 per share , payable as:
| On application | --- | ₹ 10 per share, |
| On allotment | --- | ₹ 25 per share (including premium), |
| On first call | --- | ₹ 40 per share |
| On final call | --- | ₹ 30 per share |
Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright; the rest of the application were allotted 1,000 shares on pro rata basis. Excess application money was transferred to allotment.
All the money was duly received except from Sundar , holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Shyam at ₹ 60 per share ₹ 70 paid-up. Final call has not been made.
Pass necessary Journal entries and prepare Cash Book in the books of XYZ Limited.
The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable per shares was: on application ₹ 5, on allotment ₹ 4 (including premium of ₹ 2), first call ₹ 2 and final call ₹ 1.
Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares ---- in full,
(ii) to applicants for 80,000 shares --- 60,000 shares,
(iii) to applicants for 60,000 shares --- 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares[1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The balance of depreciation account is transferred to ______
Give the performa of a Bill of Exchange
Which of the following statement is false?
Newfound Ltd took over business of Old land ltd and paid for it by issue of 30,000, Equity Shares of ₹100 each at a par along with 6% Preference Shares of ₹1,00,00,000 at a premium of 5% and a cheque of ₹8,00,000. What was the total agreed purchase consideration payable to Old Land ltd.
Some shareholders pay a part or the whole of the amount of the calls not yet made. The amount so received from the shareholders is known as ______?
In case of "over subscription" the director of the company has the power to deal the situation in which of the following manner?
What the director can do in the case of pro-rata allotment for the excess amount received is more than the amount due on allotment of shares?
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
For which of the following purposes the amount of securities premium can be utilized?
When Company issues the shares for consideration other than cash to the vendor from whom it has purchased assets. These shares can be issued at ______?
Under which of the following headings/sub-headings, Calls-in-advance will be presented in the Balance Sheet of a Company as per Schedule III Part I of the Companies Act, 2013?
Shares may be issued ______.
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
How much allotment amount is already received during application?
'Non Recurring nature', 'Lump-sum' and 'once and for all' amount paid as membership fee, instead of paying regular periodic subscription is called ______.
