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प्रश्न
Madhav Ltd. issued fully paid equity shares of Rs 80 each at a discount of Rs 5 per share for the purchase of a running business from Gupta Bros. for a sum of Rs 15,00,000. The assets and liabilities consisted of the following : Plant Rs 5,00,000; Trucks Rs 7,00,000; Stock Rs 3,00,000; Machinery Rs 6,00,000 and Sundry Creditors Rs 5,00,000. You are required to pass necessary journal entries for the above transactions in the books of Madhav Ltd.
उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
Plant A/c Dr. Trucks A/c Dr. Stock A/c Dr. Machinery A/c Dr. To Capital Reserve A/c (Balancing Figure) To Sundry Creditors A/c To Gupta Bros (Being Assets and Liabilities purchased from Gupta Bros) |
5,00,000 7,00,000 3,00,000 6,00,000
|
1,00,000 5,00,000 15,00,000
|
||
|
Gupta Bros A/c Dr. Discount on Issue of Shares A/c (20,000 Shares × Rs 5) Dr. To Equity share capital A/c (20,000 shares × Rs 80) (Being 20,000 equity shares of Rs 80 each issue at discount of Rs 5 to Gupta Bros) |
15,00,000 1,00,000
|
16,00,000
|
||
Working Note
Calculation of Number of Equity shares issued
Number of Equity Shares = `"Purchase Consideration"/"Issue Price(Face Value - Discount)"`
`= 1500000/(80 - 5)`
= 20,000 Equity Shares
संबंधित प्रश्न
Disha Ltd purchased machinery from Nisha Ltd. and paid to Nisha Ltd. as follows :
1) By issuing 10,000 equity shares of Rs 10 each at a premium of 10%
2) By issuing 200, 9% debentures of Rs 100 each at a discount of 10%.
3) Balance by accepting a bill of exchange of Rs 50,000 payable after one month.
Pass necessary journal entries in the books of Disha Ltd. for the purchase of machinery and making payment to Nisha Ltd.
The proprietary ratio of M Ltd. is 0.80:1 State with reasons whether the following transactions will increase, decrease or not change the proprietary ratio:
1) Obtained a loan from bank Rs 2, 00,000 payable after five years.
2) Purchased machinery for cash Rs 75,000
3) Redeemed 5% redeemable preference shares Rs 1,00,000
Issued equity shares to the vendors of machinery purchased for Rs 4,00,000.
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.
(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 |
Jain Ltd. Invited applications for issuing 35,000 Equity Shares of Rs 10 each at a discount o
10%. The amount was payable as follows:
On Application Rs 5 per share.
On Allotment Rs 3 per share
On First and Final Call − Balance
Applications for 50,000 shares were received. Applications for 8,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants and the excess money received with applications from these applicants was adjusted towards sums due on allotment. Jeevan who had applied for 600 shares failed to pay allotment and first and final call money. Naveen the holder of 400 shares failed to pay first and final call money. Shares of Jeevan and Naveen were forfeited. Of the forfeited 800 shares were re-issued at Rs 15 per share fully paid up. The re-issued shares included all the shares of Naveen.
Pass necessary Journal Entries for the above transactions in the books of Jain Ltd.
Y Ltd. purchased furniture costing Rs 1,35,000 from AB Ltd. The payment was made by issue of Equity Shares of Rs 10 each at a discount of Re 1 per share. Pass necessary Journal entries in the books of Y Ltd.
X Ltd. issued 40,000 Equity shares of Rs 10 each at a premium of Rs 2.50 per share.
The amount was payable as follows:
On Application- Rs 2 per share
On Allotment- Rs 4.50 per share (Including premium) and on call- 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His share were forfeited after the call.
Pass the necessary Journal entries in the books of X Ltd. for the above transaction.
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.
Ashish 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 Rs 2 per share.
On Allotment Rs 2 per share
On First and Final Call − Balance
Applications for 1,50,000 shares were received. Applications for 25,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 1250 shares failed to pay allotment and first and final call money. Dev did not pay the first and final call on his 100 shares. All these share were forfeited and later on 1000 of these share were re-issued at Rs 17 per shares fully paid up. The re-issued shares included all the shares of Suman.
Pass necessary Journal Entries for the above transactions in the books of Ashish Ltd.
Janta Ltd., invited application for issuing 2,00,000 equity share of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share
On Allotment Rs 3 per share
On First and final call-balance amount
The issue was undersubscribed to the extent of 20,000 shares. Shares were allotted to all the application. All calls were made and were dully received. ‘A’ to whom 1,500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1,200 share were allotted paid the full amount due at the time of allotment. The share on which allotment and call money was not received were forfeited. The forfeited shares were re-issued at Rs 8 per share fully paid up.
Pass necessary journal entries in the books of Janta Ltd., for the above transaction.
Assuming that the Debt-Equity ratio is 2. State giving reasons whether this ratio would increase, decrease or remain unchanged in the following cases (Any Four)
(a) Purchase of fixed assets on a credit of 2 months
(b) Purchase of fixed assets on a long term deferred payment basis.
(c) Issue of New shares for cash
(d) Issued of Bonus shares
(e) Sale of fixed asset at a loss of Rs 3,000
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
Reserve share capital means ______.
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.
Assertion (A): A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹ 10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹ 2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.
Reason (R): Reserve Capital can be called up only at the time of winding up of the company.
