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प्रश्न
Bansal Heavy machine Ltd purchased a machine worth Rs 3,80,000 from Handa Trader. Payment was made as Rs 50,000 cash and remaining amount by issue of equity share of the face value of Rs 100 each fully paid at an issue price of Rs 110 each. Give journal entries to record the above transaction.
उत्तर
| Book of Bansal Heavy Machine Ltd. | ||||
| Date | Particulars | L.F | Debit Amount Rs | Credit Amount Rs |
|
Machinery A/c ...Dr To Cash A/c To Handa Traders (Machine purchased from Handa Traders paid Rs 50,000 in cash immediately) |
3,80,000 |
3,30,000 50,000 |
||
|
Handa Trader ...Dr To Share Capital A/c (3,000 × 100) To Securities premium (3,000 × 10) (3,000 share issued at Rs 90 face value of Rs 100 each to Handa Traders in consideration of amount due to him for machinery purchased) |
3,30,000 30,000 |
3,00,000 |
||
Working Notes:
Number of share issued
=`"Amount payable"/"issue price"`
= `"2,70,000"/"90"`
= `3,000 " shares"`
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संबंधित प्रश्न
Anish Limited issued 30,000 equity shares of Rs 100 each payable at Rs 30 on application, Rs 50 on allotment and Rs 20 on Ist and final call. All money was duly received. Record these transactions in the journal of the company.
Mohit Glass Ltd. issued 20,000 shares of Rs 100 each at Rs 110 per share, payable Rs 30 on application, Rs 40 on allotment (including Premium), Rs 20 on first call and Rs 20 on final call. The applications were received for 24,000 shares and allotted 20,000 shares and reject 4,000 shares and amount returned thereon. The money was duly received. Give journal entries.
Eastern Company Limited, having an authorised capital of Rs 10,00,000 in shares of Rs 10 each, issued 50,000 shares at a premium of Rs 3 per share payable as follows :
|
On Application |
Rs 3 per share |
|
On Allotment (including premium) |
Rs 5 per share |
|
On first call (due three months after allotment) and the balance as and when required. |
Rs 3 per share |
Applications were received for 60,000 shares and the directors allotted the shares as follows :
(a) Applicants for 40,000 shares received shares, in full.
(b) Applicants for 15,000 shares received an allotment of 8,000 shares.
(c) Applicants for 500 shares received 200 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was duly made and the money was received with the exception of the call due on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Long Answer Question
State clearly the conditions under which a company can issue shares at a discount.
Arushi Computers Ltd. issued 10,000 equity shares of Rs. 100 each at 10% premium. The net amount payable as follows:
|
On application |
Rs. 20 |
|
On allotment |
Rs. 50 (Rs. 40 + premium Rs. 10) |
|
On first call |
Rs. 30 |
|
On final call |
Rs. 10 |
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Raunak Cotton Ltd. issued a prospectus inviting applications for 6,000 equity shares of Rs 100 each at a premium of Rs 20 per shares, payable as follows:
|
On application |
Rs 20 |
|
On allotment |
Rs 50 (including premium) |
|
On first call |
Rs 30 |
|
On final call |
Rs 20 |
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Give journal entries in the books of the company.
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|
With Application |
Rs 3 per share |
|
On allotment (including premium) |
Rs 5 per share |
|
On First call |
Rs 2 per share |
|
On Second and Final call |
Rs 2 per share |
Applications were received for 1,60,000 shares. Allotment was made on pro-rata basis. Excess money on application was adjusted against the amount due on allotment.
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Record journal entries in the books of the company to record these transactions relating to share capital. Also show the company’s balance sheet.
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| On Application: | ₹ 3 |
| On Allotment: | ₹ 4 and |
| On Call: | Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly received.
Show share capital of the company in the Balance Sheet of the Company.
Star Ltd. is registered with capital of ₹ 50,00,000 divided into 50,000 equity shares of ₹ 100 each, The Company issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due amount was duly received, except the first and final call of ₹ 20 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of the company.
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Shiva Ltd . issued 1,00,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share . The whole amount was payable on application. The issue was fully subscribed . Pass necessary Journal entries.
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Authorized share capital is also known as ______.
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The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:
