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प्रश्न
Dogra Ltd. had an authorised capital of ₹ 1,00,00,000 divided into Equity Shares of ₹ 100 each. The company offered 84,000 shares to the public at premium.
The amount was payable as follow:
| On Application | --- | ₹ 30 per share, |
| On Allotment | --- | ₹ 40 per share(including premium), |
| On First and Final call | --- | ₹ 50 per share. |
Applications were received for 80,000 shares.
All sums were duly received except the following:
Lakhan, a holder of 200 shares did not pay allotment and call money.
Paras, a holder of 400 shares did not pay call money.
The company, forfeited the shares of Lakhan and Paras. Subsequently the forfeited shares were reissued for ₹ 80 per share as fully paid-up . Show the entries for the above transactions in the Cash Book and journal of the company
उत्तर
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Equity Share Application A/c (80,000×30) |
Dr. |
|
24,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
24,00,000 |
|
|
(Application money transferred to share capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c (80,000×40) |
Dr. |
|
32,00,000 |
|
|
|
To Equity Share Capital A/c (80,000×20) |
|
|
|
16,00,000 |
|
|
To Securities Premium Reserve A/c (80,000×20) |
|
|
|
16,00,000 |
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c (80,000×50) |
Dr. |
|
40,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
40,00,000 |
|
|
(First call money due) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c (600×100) |
Dr. |
|
60,000 |
|
|
|
Securities Premium Reserve A/c (200×20) |
Dr. |
|
4,000 |
|
|
|
To Equity Share Allotment A/c (200×40) |
|
|
|
8,000 |
|
|
To Equity Share First and Final Call (600×50) |
|
|
|
30,000 |
|
|
To Equity Share Forfeiture A/c (200×30 + 400×50) |
|
|
|
26,000 |
|
|
(600 shares forfeited for non-payment of allotment and call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Forfeiture A/c (600×20) |
Dr. |
|
12,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
12,000 |
|
|
(600 shares reissued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Forfeiture A/c Dr. |
|
14,000 |
|
|
|
|
To Capital Reserve A/c |
|
|
14,000 |
|
|
|
(Profit on reissue transferred to capital reserve) |
|
|
||
Cash Book
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (Rs) |
Date |
Particulars |
L.F. |
Amount (Rs) |
|
Equity Share Application A/c (80,000×30) |
|
24,00,000 |
Balance c/d |
|
96,10,000 |
||
|
|
Equity Share Allotment A/c (79,800×40) |
|
31,92,000 |
|
|
|
|
|
|
Equity Share First Call A/c (79,400×50) |
|
39,70,000 |
|
|
|
|
|
|
Equity Share Capital A/c (600×80) |
|
48,000 |
|
|
|
|
|
|
|
|
96,10,000 |
|
|
|
96,10,000 |
APPEARS IN
संबंधित प्रश्न
State the preliminary steps in the issue of shares
Life machine tools Limited, issued 50,000 equity shares of Rs 10 each at Rs 12 per share, payable at to Rs 5 on application (including premium), Rs 4 on allotment and the balance on the first and final call.
Applications for 70,000 shares had been received. Of the cash received, Rs 40,000 was returned and Rs 60,000 was applied to the amount due on allotment, the balance of which was paid. All shareholders paid the call due, with the exception of one share holder of 500 shares. These shares were forfeited and reissued as fully paid at Rs 8 per share. Journalise the transactions.
A company invited applications for 75,000 equity shares of ₹ 100 each. The application money received @ ₹ 30 per share was ₹ 27,00,000. Name the kind of subscription. List the three alternatives for allotting these shares.
Eastern Company Limited, having an authorised capital of ₹ 10,00,000 divided into shares of ₹ 10 each, issued 50,000 shares at a premium of ₹ 3 per share payable as follows:
| On Application | ₹ 3 per share; |
| On Allotment (including premium) | ₹ 5 per share; |
| On first call (due three months after allotment) and the balance as when required. | ₹ 3 per share; |
Applications were received for 60,000 shares and the directors allotted the shares as follows:
(i) Applicants for 40,000 shares received in full.
(ii) Applicants for 15,000 shares received an allotment of 8,000 shares.
(iii) Applicants for 5,000 shares received 2,000 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was made and the money was received except on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Varun Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:
₹ 40 per share and ₹ 10 premium on allotment, and
₹ 50 per share and ₹ 10 premium on final payment.
Over-payments on application were to be applied towards amount due on allotment and over-payments on application exceeding amount due on allotment was to be returned. Issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received.
Pass necessary entries in the company's books to record the above transactions. Also, prepare company's Balance Sheet on completion of the above transactions.
Star Ltd was registered with a capital of ₹ 5,00,000 in shares of ₹ 10 each and issued 20,000 such shares at a premium of ₹ 2 per share, payable as ₹ 2 per share on application, ₹ 5 per share on allotment (including premium) and ₹ 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money.
Pass journal entries to record the above transactions and show how they will appear in the company's Balance Sheet.
Green Ltd. issued 8,000 Equity Shares of ₹ 10 each. ₹ 5 per share was called, payable ₹ 2 on application, ₹ 1 on allotment , ₹ 1 on first call and ₹ 1 on second call. All the money was duly received with the following exceptions:
A who holds 250 shares paid nothing after application.
B who holds 500 shares paid nothing after allotment.
C who holds 1,250 shares paid nothing after first call.
Prepare Journal and the Balance Sheet.
Better Prospect Ltd. acquired land costing ₹ 1,00,000 and in payment allotted 1,000 Equity Shares of ₹ 100 each as fully paid. Further, the company issued 4,000 Equity Shares to public . The shares were payable as: ₹ 30 on application ; ₹ 30 on allotment; ₹ 40 on first and final call.
Applications were received for all shares which were allotted . All the money was received except the call on 200 shares.
Pass journal entries and prepare Balance Sheet of the company.
Black Stone Ltd. issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 3 per share payable ₹ 5 on application, ₹ 5 (including premium) on allotment and the balance on first call. All the shares offered were applied for and allotted. All the money due on allotment was received except on 200 shares. Call was made. All the amount due thereon was received except on 300 shares. Directors forfeited 200 shares on which both allotment and call money were not received.
Pass necessary Journal entries to record the above.
Kamal Ltd. was formed on 1st April, 2010 with an authorised capital of ₹ 2,00,000 , divided into 2,000 Equity Shares of ₹ 100 each. 1,000 shares were issued as fully paid to the vendors of building for payment of the purchase consideration. The remaining 1,000 shares were offered or 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 900 shares which were duly allotted and the allotment money was received in full . At the time of the first call, a shareholder who held 100 shares failed to pay the first call money and his shares were forfeited. These shares were reissued @ ₹ 60 per share , ₹ 70 per share paid-up.
Final call has not been made.
You are required to
(i) give necessary journal entries to record the above transactions and
(ii) show how share capital would appear in the Balance Sheet of the company.
Prince Limited issued a prospectus inviting applications for 20,000 equity shares of ₹10 each at a premium of ₹ 3 per share payable as follows:
| With application | --- | ₹2, |
| On allotment (including premium) | --- | ₹5, |
| On first call | --- | ₹3, |
| On second call | --- | ₹3. |
Applications were received for 30,000 shares and allotment was made on pro rata basis. Money overpaid on application s was adjusted to the amount due on allotment.
Mr Mohit whom 400 shares were allotted , failed to pay the allotment money and the first call , and his shares were forfeited after the first call . Mr Joly, whom 600 shares were allotted , failed to pay for the two calls and hence, his shares were forfeited .
Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for ₹ 9 per share , the whole of Mr Mohit's shares being included.
Bharat Ltd . invited applications for issuing 2,00,000 Equity Shares of ₹ 10 each. The amount was payable as:
On application ₹ 3 per share , on allotment ₹ 5 per share and on first and final call ₹ 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants on the following basis:
Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis.
Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis.
Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment . Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call . His shares were also forfeited.
Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ ₹ 8 per share . The reissued shares included all the forfeited shares of Bajaj.
Give necessary journal entries to record the above transactions.
Explain the procedure for issue of shares.
Minimum directors a public company can have compulsorily ________.
Which type of capital will be written after the authorized capital in the balance sheet?
Which is part of authorized capital?
Amay Ltd invited applications for issuing 10,000, 8% debentures of ₹ 100 each. The amount was payable as follows:
₹ 30 on application and ₹ 70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received. Pass the necessary journal entries in the books of the company for the above transactions.
