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प्रश्न
Bharat Ltd made the first call of ₹ 2 per share on its 1,00,000 Equity Shares on 1st March , 2006. Ashok, a shareholder, holding 800 shares paid the second and final call amount along with the first call money. The second and final call amount was ₹ 3 per share. Pass necessary journal entries for recording the above using the Calls-in Advance Account.
उत्तर
Books of Bharat Ltd.
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
2006 |
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
2,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
2,00,000 |
|
|
|
(Shares first call due on 1,00,000 shares at Rs 2 per share) |
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|
|
|
|
|
|
|
|
|
|
|
Mar 01 |
Bank A/c |
Dr. |
|
2,02,400 |
|
|
|
To Equity Share First Call A/c |
|
|
2,00,000 |
|
|
|
To Call-In-Advance A/c |
|
|
2,400 |
|
|
|
(Share first call received with call-in-advance of 800 shares at Rs 3 per share) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
Preference shares carry dividend at .......................... rate.
- Fixed
- Fluctuating
- Lower
The type of shareholders who can participate in the management of the company.
Equity Shares and Preference Shares.
Jain Ltd. purchased Building for Rs 10,00,000 from Gupta Ltd. 10% of the payable amount was paid by a cheque drawn in favour of Gupta Ltd. The balance was paid by issue of Equity Shares of Rs 10 each at a discount of 10%.
Pass necessary Journal Entries in the books of Jain Ltd.
The shares which are issued to existing equty shareholders as a gift
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Define 'preference shares'. Explain various types of preference shares.
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the following statements:
The value of share which is determined by demand and supply forces in the share market.
Name the shareholders who are real masters of the company.
Long Answer Question
What do you mean by the term ‘share’? Discuss the type of shares, which can be issued under the Companies Act, 2013 as amended to date.
Long Answer Question
What is a ‘Preference Share’? Describe the different types of preference shares.
The Adersh Control Device Ltd was registered with the authorised capital of Rs 3,00,000 divided into 30,000 shares of Rs 10 each, which were offered to the public. Amount payable as Rs 3 per share on application, Rs 4 per share on allotment and Rs 3 per share on first and final call. These share were fully subscribed and all money was dully received. Prepare journal and Cash Book.
Software solution India Ltd inviting application for 20,000 equity share of Rs 100 each, payable Rs 40 on application, Rs 30 on allotment and Rs 30 on call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to Applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 share allotted half of the number of share applied and excess application money adjusted into allotment. All money received due on allotment and call. Prepare journal and cash book.
Lennova Ltd. has authorised share capital of ₹ 1,00,00,000 divided into 1,00,000 Equity Shares of ₹ 100 each . It has existing issued and paid up capital of ₹ 25,00,000. It further issued to public 25,000 Equity Shares at a premium of 20% for subscription payable as under:
| On Application: | ₹ 30 |
| On Allotment: | ₹ 60 and |
| On Call: | Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . The company did not make the call during the year.
Show share capital of the company in the Balance Sheet of the Company.
Rajan Ltd . purchased assets from Geeta & Co . for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company.
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25% . Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly.
Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully paid shares of ₹ 10 each and balance through cheque.
The assets and liabilities consisted of the following:
| Plant and Machinery | ₹ 4,00,000 | Stock | ₹ 4,00,000 |
| Building | ₹ 4,00,000 | Cash | ₹ 3,00,000 |
| Sundry Debtors | ₹ 3,00,000 | Sundry Creditors | ₹ 2,00,000 |
You are required to pass necessary Journal entries in the company's books.
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Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Raja Ltd. invited applications for issuing 50,000 Equity Shares of ₹ 10 each . The amount was payable as follows:
| On application --- ₹ 3 per share On allotment --- ₹ 5 per share, On first and final call --- Balance. |
Applications for 70,000 shares were received . Allotment was made to all applicants on pro rata basis. Excess money received on application was adjusted towards sums due on allotment . Ramesh, who had applied for 700 shares , did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited. Afterwards , the first and the final call was made . Adhar, who had been allotted 500 shares, did not pay the first and final call . His shares were also forfeited . Out of the forfeited shares 900 shares were reissued at ₹ 8 per share as fully paid-up . The reissued shares included all the shares of Ramesh.
Pass necessary journal entries for the above transactions in the books of the company.
State, with reasons, whether the following statement is True or False
Handling demat shares is very time consuming.
SHARE STOCK
Explain the features of preference shares.
Explain any three disadvantages of issuing equity shares, from the Company's point of view.
Distinguish between equity shares and preference shares.
What is meant by participating preference shares?
Which of the following statement is incorrect about Preference Shares?
Which type of shares is not convertible?
Equity share holders are ______.
As per the Companies Act, 2013, companies cannot issue ______.
Which is not true about Preference Shares?
From the following Balance Sheets of Vinayak Ltd. as of 31st March 2021, Prepare a Common-size Balance Sheet.
| Vinayak Ltd. Balance Sheet as of 31st March, 2021 | |||
| Particulars | Note no. | 31.3.2021 (₹) | 31.3.2020 (₹) |
| I EQUITY AND LIABILITIES | |||
| 1. Shareholder’s Funds: | |||
| a. Share Capital | 30,50,000 | 20,00,000 | |
| b. Reserve and Surplus | 2,80,000 | 6,00,000 | |
| 2. Current Liabilities: | |||
| a. Trade Payable | 6,70,000 | 4,00,000 | |
| Total | 40,00,000 | 30,00,000 | |
| II ASSETS | |||
| 1. Non-Current Assets: | |||
| a. Fixed Assets: | |||
| i. Tangible Assets | 16,00,000 | 12,00,000 | |
| ii. Intangible Assets | 2,00,000 | 3,00,000 | |
| 2. Current Assets | |||
| a. Inventories | 8,00,000 | 3,00,000 | |
| b. Trade Receivables | 12,00,000 | 10,00,000 | |
| c. Cash and Cash Equivalents | 2,00,000 | 2,00,000 | |
| Total | 40,00,000 | 30,00,000 | |
What are preference shares?
