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प्रश्न
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.
उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
Bank A/c Dr. To Share Application A/c (Being application money on 1,50,000 shares received) |
3,00,000
|
3,00,000
|
||
|
Share application A/c Dr. To Share Capital A/c To Share Allotment A/c (WN1) To Bank A/c (WN1) (Being share Application money on 75,000 shares transferred to share capital account and excess was utilized on an allotment and balance excess money refunded) |
3,00,000
|
1,50,000 1,45,000 5,000
|
||
|
Share Allotment A/c Dr. Discount on Issue of Shares A/c Dr. To Share capital A/c (Being allotment money due on allotment) |
2,25,000 75,000
|
3,00,000
|
||
|
Bank A/c (2,25,000 – 1,45,000 – 3,000 + 12,000) Dr. To Share Allotment A/c (2,25,000 – 1,45,000 – 3,000) To Calls-in-Advance A/c (Being allotment money received along with advance call money on 3,000 shares and Rs 1,45,000 excess money adjusted) |
89,000
|
77,000 12,000
|
||
|
Share Call A/c Dr. To Share Allotment A/c (Being share Call Money due) |
3,00,000
|
3,00,000
|
||
|
Bank A/c (3,00,000 – 8,000 – 12,000) Dr. Calls-in-Advance A/c Dr. To Share capital A/c (Being share call money received and Calls-in-Advance money adjusted) |
2,80,000 12,000
|
2,92,000
|
||
Working Note:
WN1:
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Category | Shares Applied |
Shares Allotted |
Money Receive on application at Rs 2 each |
Excess money Received on application |
Excess money received on application |
Excess Amount on application utilised on Allotment at Rs 3 each |
Excess Amount on application to be returned |
| a | 15,000 | 5,000 | 30,000 | 10,000 | 20,000 | 15,000 | 5,000 |
| b | 70,000 | 40,000 | 1,40,000 | 80,000 | 60,000 | 60,000 | |
| c | 65,000 | 30,000 | 1,30,000 | 60,000 | 70,000 | 70,000 | |
| Total | 1,50,000 | 75,000 | 3,00,000 | 1,50,000 | 1,50,000 | 1,45,000 |
5,000 (Refunded) |
WN2 Calculation of Unpaid Amount o Allotment by Hari
Number of shares applied by Hari = 3500 shares
∴ Number of shares allotted to Hari = `3500/70000 xx 40000 = 2000` Shares
| Amount Received on application (3,500 shares × Rs 2) | 7,000 |
| Less: Utilised on application (2,000 Shares × Rs 2) | (4,000) |
| Excess amount received on application | 3,000 |
| Amount due on the allotment (2,000 shares × Rs 3) | 6,000 |
| Less: Excess amount received on an application | (3,000) |
| Amount unpaid on Allotment by Hari | 3,000 |
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
VXN Ltd invited application for issuing 50,000 equity shares of 10 each as a premium of 8 per share. The amount was payable as follows :
On Application: Rs 4 per share (including Rs 3 premiums)
On Allotment: Rs 6 per share (including Rs 3 premiums)
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 Giridhar, 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. A 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 transaction in the books of the company.
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.
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of favourable market conditions, the issue was over-subscribed and applications for 15,00,000 shares were received
Suggest the alternatives available to the Board of Directors for the allotment of shares.
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%.
D Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each. The public applied for 8,55,000 shares. Can the company proceed for the allotment of shares? Give reason in support of your answer
Pass necessary journal entries for the following transactions in the books of Gopal Ltd:
Purchased a running business from Aman Ltd, for a sum of Rs 15,00,000. The payment of Rs 12,00,000 was made by issue of fully paid equity shares of Rs 10 each and balance by a bank draft. The assets and liabilities consisted of the following: Plant Rs 3,50,000; Stock Rs 4,50,000; Land and Building Rs 6,00,000; Sundry Creditors Rs 1,00,000
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:
On Allotment Rs 4 per share.
On First and Final Call Rs 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
CategoryNo. of Shares AppliedNo. of Shares Allotted
I 1,60,000 80,000
ii 80,000 20,000
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required.
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.
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.
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.
What is ‘Equity Share’?
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
The companies and can buy its own shares from either of the following?
Equity shareholders are ______.
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
What is the amount that will be transferred to the securities premium account?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
What is the amount to be received on the Allotment of shares?
If equity share of ₹ 10 each is issued at ₹ 12 each, it is called:
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:
