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प्रश्न
GG Ltd has issued 50,000 equity shares of 10 each at a premium of 2 per share payable with application money. The incomplete journal entries related to the issue are given below. You are required to complete these blanks.
Books of GG Ltd
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 10
|
_ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (Amount received on application for 70,000 shares @ 5 per share including premium) |
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|
Jan 16
|
Equity Share Application A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Transfer of application money to share capital securities premium, money refunded for 8,000) shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis) |
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|
Jan 31
|
_ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Amount due on allotment @ Rs.4 per share) |
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|
Feb 20
|
_ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Balance amount received on allotment) |
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|
April 01
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (First and Final Call money due) |
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|
April 20
|
_ _ _ _ _ _ _ _ _ _ Dr Calls – in – arrears A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Money received on First and Final Call) |
1,500
|
||
|
Aug 27
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Forfeited the shares on which call money was not received) |
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|
Oct 3
|
_ _ _ _ _ _ _ _ _ _ Dr _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Re-issued the forfeited shares @ 8 per share fully paid - up) |
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| _ _ _ _ _ |
_ _ _ _ _ _ _ _ __ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ (_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ ) |
उत्तर
Books of GG Ltd
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 10
|
Bank A/c Dr To Equity Share Application A/c (Being amount received on application for 70,000 shares @ Rs.5 per share including premium) |
3,50,000
|
3,50,000
|
|
|
Jan 16
|
Equity Share Application A/c Dr To Equity Share Capital A/c To Securities Premium A/c To Equity Share Allotment A/c To Bank A/c (8,000 x Rs.5) (Being transfer of application money to share capital securities premium, money refunded for 8,000 shares for rejected application and balance adjusted towards amount due on allotment on Pro-rata basis) |
3,50,000
|
1,50,000 1,00,000 60,000 40,000
|
|
|
Jan 31
|
Equity Share Allotment A/c Dr To Equity Share Capital A/c (Being Amount due on allotment @ Rs.4 per share) |
2,00,000
|
2,00,000
|
|
|
Feb 20
|
Bank A/c Dr To Equity Share Allotment A/c (Being Balance amount received on allotment) |
1,40,000
|
1,40,000
|
|
|
April 01
|
Equity Share First & Final Call (50,000 x Rs.3) Dr To Equity Share Capital A/c (Being First and Final Call money due) |
1,50,000
|
1,50,000
|
|
|
April 20
|
Bank A/c Dr Calls – in – arrears A/c(500 x Rs.3) Dr To Equity Share First and Final Call A/c (Being Money received on First and Final Call) |
1,48,500 1,500
|
1,50,000
|
|
|
Aug 27
|
Equity Share Capital A/c (500 x Rs.10) Dr To Equity Share Forfeiture A/c (500 x Rs.7) To Equity Share First & Final Call A/c (Being shares forfeited on which call money was not received) |
5,000
|
3,500 1,500
|
|
|
Oct 3
|
Bank A/c (500 x Rs.8) Dr Equity Share Forfeiture A/c (500 x Rs.2) Dr To Equity Share Capital A/c (Being Re-issued of the forfeited shares @ 8 per share fully paid - up) |
4,000 1,000
|
5,000
|
|
| Oct.3 |
Equity Share Forfeiture A/c Dr To Capital Reserve A/c (Being amount transferred to capital reserve) |
2,500
|
2,500
|
APPEARS IN
संबंधित प्रश्न
What do you mean by ‘issue of shares at premium’?
If shares are issued at its face value, it is called as issue at
B' Ltd. took over the assets of Rs.14,00,000 and liabilities of Rs.4,00,000 of C Ltd. for a purchase consideration of Rs.9,19,000. Rs.17,000 were paid by a bank draft in favour of C Ltd. and the balance was paid by issue of equity shares of Rs.10 each at a premium of 10% in favour of C Ltd.
Pass necessary journal entries for the above transactions in the books of B Ltd.
JS Ltd. invited applications for issuing 80,000 equity shares of Rs.10 each at a premium of Rs.6 per share. The amount was payable as follows:
On application - Rs.4 per share (including premium Rs.1 per share)
On Allotment - Rs.6 per share (including premium Rs.3 per share)
On First and Final Call — Balance
Applications for 1,60,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Raman holding 400 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Veer who had applied for 1,200 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 500 shares were re-issued at Rs.8 per share fully paid-up. The re-issued shares included all the forfeited shares of Raman.
Pass necessary journal entries for the above transactions in the books of J.S. Ltd.
RS Ltd. has issued 25000 equity shares of Rs. 10 each at a premium of Rs. 2 per hares payable with application money. The incomplete journal entries related to the issue are given below. You are required to complete these blanks.
Books of RS Ltd.
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 10
|
_ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (Amount received on application for 35,000 shares @ Rs.5 per share) |
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|
Jan 16
|
_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Transfer of application money to share capital securities premium, money refunded for 4,000 shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis) |
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|
Jan 31
|
_ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Amount due on allotment @ Rs.4 per share) |
|||
|
Feb 20
|
_ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Balance amount received on allotment) |
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|
April 01
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (First and Final Call money due) |
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|
April 20
|
_ _ _ _ _ _ _ _ _ _ Dr Calls – in – arrears A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Money received on First and Final Call except on 500 shares) |
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|
Aug 27
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Forfeited the shares on which call money was not received) |
|||
|
Oct 3
|
_ _ _ _ _ _ _ _ _ _ Dr _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Re-issued the forfeited shares @ 8 per share fully paid - up) |
|||
| _ _ _ _ _ |
_ _ _ _ _ _ _ _ __ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ (_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ ) |
Sandesh Ltd. took over the assets of Rs.7,00,000 and liabilities of Rs.2,00,000 from Sanchar Ltd. for a purchase consideration of Rs.4,59,500. Rs.8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
K Ltd. took over the assets of Rs.15,00,000 and liabilities of Rs.5,00,000 of P Ltd. For a purchase consideration of Rs.13,68,500. Rs.25,500 were paid by issuing a promissory note in favour of P Ltd. Payable after two months and the balances was paid by issue of equity shares of Rs.100 each at a premium of 25%.
Pass necessary journal entries for the above transactions in the books of K Ltd.
BBG Ltd. had issued 1,00,000 equity shares of Rs.10 each at a premium of Rs.3 per share payable with application money. While passing the journal entries related to the issue, some blanks are left. You are required to complete these blanks.
Books of BBG Ltd
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 05
|
_ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (Amount received on application for 1,40,000) shares @ Rs.6 per share including premium) |
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|
Jan 17
|
Equity Share Application A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Transfer of application money to share capital securities premium, money refunded for 20,000 shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis) |
|||
|
Jan 17
|
_ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Amount due on allotment @ Rs.4 per share) |
|||
|
Feb 20
|
_ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Balance amount received on allotment) |
|||
|
April 01
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (First and Final Call money due) |
|||
|
April 20
|
_ _ _ _ _ _ _ _ _ _ Dr Calls – in – arrears A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Money received on First and Final Call) |
3,000
|
||
|
May 20
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Forfeited the shares on which call money was not received) |
|||
|
June 15
|
_ _ _ _ _ _ _ _ _ _ Dr _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Re-issued the forfeited shares) |
3,000
|
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| _ _ _ _ _ |
_ _ _ _ _ _ _ _ __ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ (_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ ) |
Y. Ltd forfeited 1,00 equity shares of Rs 10 each for the non-payment of the first call of Rs 2 per share. The final call of Rs2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be reissued.
X Ltd invited applications for issuing 500, 12 % debentures of `100 each at a discount of 5%. These debentures were redeemable after these years at par. Applications for 600 debentures were received. Prorata allotment was made to all the applications.
Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with application.
State any three conditions for the issue of shares at discount.
What is meant by ' Securities Premium '?
Answer in one Sentence only :
What is meant by share premium?
Answer in one Sentence only :
What is meant by discount on issue of shares?
Give one word / Term / phrase for the following statement :
Issue of share above face value.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
As per SEBI guidelines, the minimum amount payable on share application should be ____________ of nominal value of share.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If shares are issued at its face value, it is called as issue at __________________.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
The excess price received over the par value of shares, should be ___________ to securities premium a/c.
