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प्रश्न
Answer in One Sentence only:
To which account balance on Depreciation A/c is transferred?
उत्तर
Balance of Depreciation A/c is to be transferred to ‘Profit and Loss A/c'.
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संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Short Answer Question
Write a brief note on ‘Minimum Subscription’.
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.
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
| On application | --- | ₹ 2 per share; |
| On allotment | --- | ₹ 5 per share (including premium), |
| On first call | --- | ₹ 2 per share, |
| On second and final call | --- | ₹ 3 per share. |
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ ₹ 8 per share.
Give necessary Journal entries for the above transactions.
Give the meaning of 'Calls-in-Advance'.
Write the word/term/phrase which can substitute the following statement:
The expenditure incurred for purchase, installation charges, etc. of an asset.
Specify the rate of interest to be used on calls in arrear as per the TABLE - F.
What should be deducted from subscribed share capital while preparing notes to account in the balance sheet.
Nominal share capital is ______.
When the entire face value of a share is called by the company and is also paid by the shareholder, It is known as ______.
Which account is debited When shares are issued to the promoters?
Calculate the amount of second and final call when Abhijit Ltd, issues Equity shares of ₹10 each at a premium of 40% payable on Application ₹3, On Allotment ₹5, On First Call ₹2.
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.
When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ______
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 ______?
What is the rate of interest on calls in advance if an article of association of the company is silent?
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?
When Company issues its shares at an amount more than the nominal or par value of shares. This situation is known as ______?
For which of the following purposes the amount of securities premium can be utilized?
What would be the Journal entries for shares issued at a premium called at the time of application?
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?
A company issued 1,000, 12% Debentures of ₹ 100 each at 10% premium. 12% stands for ______.
Shares may be issued ______.
Premium on issue of shares is a ______.
Premium on issue of shares is shown on which side of the Balance sheet?
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?
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be:
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
