Advertisements
Advertisements
प्रश्न
Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment, and balance on first and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares . Pass the journal entries in the books of Citizen Watches Ltd.
उत्तर
| Journal Entries | |||||
|
Date |
Particulars |
L.F. |
Debit |
Credit |
|
|
|
Bank A/c (60,000 × 3) |
Dr. |
|
1,80,000 |
|
|
|
To Share Application A/c |
|
|
|
1,80,000 |
|
|
(Received application money on 60,000 shares) |
|
|
|
|
|
|
|
|
|||
|
|
Share Application A/c |
Dr. |
|
1,80,000 |
|
|
|
To Share Capital A/c (50,000 × 3) |
|
|
|
1,50,000 |
|
|
To Bank A/c (10,000 × 3) |
|
|
|
30,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (50,000 × 4) |
Dr. |
|
2,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
|
(Allotment due on 50,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
To Share Allotment A/c |
|
|
|
2,00,000 |
|
|
(Allotment received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
Dr. |
|
1,50,000 |
|
|
|
To Share Capital A/c |
|
|
|
1,50,000 |
|
|
(Call money due on 50,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (49,500 ×3) |
Dr. |
|
1,48,500 |
|
|
|
To Share First and Final Call A/c |
|
|
|
1,48,500 |
|
|
(Received call money on 49,500 shares) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Long Answer Question
Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘Calls-in-Advance’
Z Ltd . purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each ata premium of ₹ 10 per share . Pass necessary Journal entries in the books of Z Ltd.
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.
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.
Write the word/term/phrase which can substitute the following statement:
The expenditure incurred for purchase, installation charges, etc. of an asset.
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
What should be deducted from subscribed share capital while preparing notes to account in the balance sheet.
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.
While issuing the share capital for public subscription the minimum amount of application money should be at least upto how much % the face value of the share?
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 ______?
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
Y Ltd. invited applications for 10,000 shares of ₹10 each. Applications were received for 9,000 shares. Identify the kind of subscription.
A company issued 1,000, 12% Debentures of ₹ 100 each at 10% premium. 12% stands for ______.
