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प्रश्न
HCF Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On application and allotment – 4 per share
On first and final call – the balance amount.
Applications for 2,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made and was duly received except on 1,500 share applied by Raja. His share were forfeited. The forfeited shares were re-issued at maximum discount permissible under law.
Pass necessary journal entries for the above transactions in the books of the company.
उत्तर
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Journal Entry |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Bank A/c |
Dr. |
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8,00,000 |
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To Equity Share Application and Allotment A/c |
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8,00,000 |
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(Share application and allotment received on 2,00,000 of Rs 4 each excluding discount of Re 1 each) |
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Equity Share Application and Allotment A/c |
Dr. |
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8,00,000 |
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Discount on issue of Shares A/c |
Dr. |
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75,000 |
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To Equity Share Capital A/c |
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3,75,000 |
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To Bank A/c |
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2,00,000 |
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To Equity Share First and Final Call A/c |
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3,00,000 |
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(Share application of 75,000 shares transferred to share capital , share application and allotment on 50,000 shares refunded and rest is adjusted on share first and final call) |
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Equity Share First and Final Call A/c |
Dr. |
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3,75,000 |
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To Equity Share Capital A/c |
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3,75,000 |
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(Share first and final call due on 75,000 shares of Rs 5 each) |
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Bank A/c |
Dr. |
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74,250 |
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Calls-in-Arrears A/c |
Dr. |
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750 |
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To Equity Share First and Final Call A/c |
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75,000 |
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(Share first and final call received) |
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Equity Share Capital A/c |
Dr. |
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7,500 |
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To Discount on issue of shares A/c |
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750 |
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To Share Forfeiture A/c |
Dr. |
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6,000 |
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To Calls-in-Arrears A/c |
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750 |
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(750 shares were Forfeited for non-payment of share first and final call of Rs 5 each) |
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Bank A/c |
Dr. |
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750 |
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Discount on issue of Shares A/c |
Dr. |
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750 |
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Shares Forfeiture A/c |
Dr. |
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6,000 |
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To Equity Share Capital A/c |
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7,500 |
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( Forfeited shares were re-issued at maximum permissible discount by law) |
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Computation Table |
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Categories |
Shares Applied
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Shares Allotted
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Money received on Application and Allotment @ Rs 4 each excluding discount of Re 1 per share |
Money transfers to Share Capital @ Rs 5 each |
Money transfers to Discount on issue @ Rs 1 each |
Excess Application and Allotment money |
Share First and Final Call due @ Rs 5 each |
Amount to be received on Share First and Final Call after adjustment |
Money refunded |
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I |
50,000 |
Nil |
2,00,000 |
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2,00,000 |
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II |
1,50,000 |
75,000 |
6,00,000 |
3,75,000 |
75,000 |
3,00,000 |
3,75,000 |
75,000 |
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2,00,000 |
75,000 |
8,00,000 |
3,75,000 |
75,000 |
3,00,000 |
3,75,000 |
75,000 |
2,00,000 |
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APPEARS IN
संबंधित प्रश्न
Ganesh Ltd. is registered with an authorised capital of Rs 10, 00, 00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up capital of the company was Rs 6,00,00, 000. For providing employment to the local youth for the development of the tribal areas of Arunachal Pradesh the company decided to Set up hydropower plants there. The company also decided to Open skill development centres in Itanagar, pasighat and Tawang. To meet its new financial requirements, the company decided to issue 1,00,000 equity shares of Rs 10 each and 1,00,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years at par. The issue of shares and debentures was fully subscribed. A shareholder holding 2,000 shares failed to pay the final call of Rs 2 per share.
Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013; also identify any two values that the company wishes to propagate
Pass necessary journal entries in the following cases
Jain Ltd. converted 2,000, 12% debentures of Rs 100 each issued at an into equity share of Rs 100 each issued at a premium of 25%.
On 1st April 2012; Janta Ltd. Was formed with an authorized capital of `50,00,000 divided into 1,00,000 equity shares of Rs 50 each. The company issued the prospectus inviting applications for 90,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
b. Also, prepare 'Notes to Accounts' for the same
Moneyplus Company issued for public subscription 75,000 shares of the value of Rs 10 each at a discount of 10% payable as follows: Rs 2 per share on an application, Rs 3 per share on an allotment and Rs 4 per share on call. The company received applications for 1,50,000 shares. The allotment was done as under:
a. Applicants of 15,000 shares were allotted 5,000 shares.
b. Applicants of 70,000 shares were allotted 40,000 shares.
c. Remaining applicants were allotted 30,000 shares.
Money in excess to allotment was returned. Hari, a shareholder who had applied for 3,500 shares out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B. Pass necessary journal entries to record the above transactions in the books of the company. Show your working notes clearly.
VXN Ltd. invited applications for issuing 50,000 equity shares of Rs 10 each at a premium of Rs 8 per share. The amount was payable as follows:
On Allotment Rs 6 per share (including Rs 3 premium).
On First Call Rs 5 per share (including Rs 1 premium).
On Second and Final Call – Balance Amount.
The issue was fully subscribed. Gopal, a shareholder holding 200 shares, did not pay the allotment money and Madhav, a holder of 400 shares, paid his entire share money along with the allotment money. Gopal's shares were immediately forfeited after allotment. Afterwards, the first call was made. Krishna, a holder of 100 shares, failed to pay the first call money and Girdhar, a holder of 300 shares, paid the second call money also along with the first call. Krishna's shares were forfeited immediately after the first call. Second and final call was made afterwards and was duly received. All the forfeited shares were reissued at Rs 9 per share fully paid up.
Pass necessary Journal Entries for the above transactions in the books of the company.
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
(a) The Debt-Equity ratio of a company is 1 : 2. State with reason which of the following transactions would (i) increase; (ii) decrease or (iii) not change the ratio:
(1) Issued equity shares of Rs 1,00,000.
(2) Obtained a short-term loan from bank Rs 1,00,000.
(b) From the following information compute 'Total Assets to Debt Ratio:
| Rs. | |
| Long Term Borrowings Long Term Provisions Current Liabilities Non-Current Assets Current Assets |
3,00,000 1,50,000 75,000 5,40,000 1,35,000 |
Shyam Ltd. invited applications for issuing 80,000 Equity Shares of Rs 10 each at a premium of Rs 40 per share. The amount was payable as follows:
On Application Rs 35 per share (including Rs 30 Premium)
On Allotment Rs 8 per share (including Rs 4 Premium)
On First and Final Call − Balance
Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Satyam the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Satyam.
Pass necessary Journal Entries for the above transactions in the books of Shyam Ltd.
Goodluck Ltd. purchased machinery costing Rs 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity shares of Rs 10 each at a premium of 25%. Pass necessary journal entries for the above transaction in the books of Goodluck Ltd.
R.K. Ltd. invited applications for issuing 70,000 Equity Shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On Application Rs 15 per share (including Rs 12 Premium)
On Allotment Rs 10 per share (including Rs 8 Premium)
On First and Final Call − Balance
Applications for 65,000 shares were received and allotment was made to all the application. A shareholder, Ram who was allotted 2,000 shares were failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Sohan, who had 3000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 4,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Ram.
Pass necessary Journal Entries for the above transactions in the books of R.K. Ltd.
Give one word / Term / phrase for the following statement :
Shares having voting right.
Bandekar Industries Co. Ltd. Issued 60,000 equity shares of Rs. 100 each, payable as follows :
On application - Rs. 20
On allotment - Rs. 30
On First Call - Rs. 25
On Second call and Final Call - Rs. 25
The company received applications for 48,000 equity shares. All the applications were accepted and shares alloted. The company made both the calls.
One shareholder Mr. Ramesh holding 1,600 shares failed to pay the final call. His shares were forfeited.
Pass Journal entries in the books of Bandekar Industries Co. Ltd.
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
HR Limited issued 10,000 equity shares @ ₹ 10 each at 10% premium. All shares were subscribed and amount was received. Identity the amount to be transferred to Securities Premium Reserve A/c.
Reserve share capital means ______.
If equity share of ₹ 10 each is issued at ₹ 12 each, it is called:
Shiv Ltd. was registered with an authorised capital of ₹ 9,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for issuing 80,000 equity shares. The company received applications for 79,000 equity shares. All calls were made and duly received except the second and final call of ₹ 3 per share on 4,000 shares held by Anu. These shares forfeited.
- Present the 'Share capital' in the Balance Sheet of the company as per Scheduled III. Part I of the Companies Act, 2013.
- Also prepare 'Notes to Accounts' for the same.
Rancho Ltd. took over assets worth ₹ 20,00,000 from PK Ltd. by paying 30% through bank draft and balance by issue of shares of ₹ 100 each at a premium of 10%. The entry to be passed by Rancho Ltd for settlement will be:
