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प्रश्न
(Over Subscription and retain for allotment):
Geeta Ltd. invited applications for Rs 50,000 Equity shares of 10 each payable as under-
| Rs 3 | On Application | Rs 2 | On Allotment |
| Rs 3 | On First Call | Rs 2 | On Final Call |
Public applied for Rs 60,000 shares. All the applications were accepted by the company. Money on excess application was used for allotment purpose. Assuming that all the allotment, first call and final call duly received.
Pass journal entries in the books of the company.
Rise in the books of the company.
उत्तर
| Shares Applied | Shares Allotted |
| 60,000 | 50,000 |
Books of Geeta Ltd.
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit Amount (Rs.) |
| Bank A/c Dr To Equity Share Application A/c (Share application received on 60,000 shares of Rs. 3 each) |
180,000 | 180,000 | ||
| Equity Share Application A/c Dr. To Equity Share Capital A/c To Equity Share Allotment A/c (Share allotment transferred to Share Capital and excess application adjusted on allotment) |
180,000 | 180,000 | ||
| Equity Share Allotment A/c Dr. To Equity Share Capital A/c (Share allotment due on 50,000 shares of Rs 2 each) |
100,000 | 100,000 | ||
|
Bank A/c Dr. |
70,000 | 70,000 | ||
| Equity Share First Call A/c Dr. To Equity Share Capital A/c (Share first call due on 50,000 shares of Rs 3 each) |
150,000 | 150,000 | ||
|
Bank A/c Dr. |
150,000 | 150,000 | ||
|
Equity Share Final Call A/c Dr. |
100,000 | 100,000 | ||
|
Bank A/c Dr. |
100,000 | 100,000 |
Working Notes:
Money received on Application ( 60,000×3) = 180,000
Less: Application money transferred
to Share Capital 50,000×3 = 150,000
Excess money on application = 30,000
Allotment due on 50,000 Shares × Rs 2 = 100,0000
Less: Adjustment of excess money
on application = 30,000
Share Allotment Received = 70,000
APPEARS IN
संबंधित प्रश्न
JJK Ltd invited application or issuing 50,000 equity shares of 10 each at par. The amount was payable as follows:
On Application: Rs 2 per share
On Allotment: Rs 4 per share
On first and Final Call: Balance Amount
The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded.
The allotment was made to the remaining applicants as follows:
| Category | No. of Shares Applied | No. of shares Allotted |
| I | 80,000 | 40,000 |
| II | 25,000 | 10,000 |
Excess money paid by the applicants who were allotted shares was adjusted towards the sums due on allotment.
Deepak, a shareholder belonging the Category I, who had applied for 1,000 shares, failed to pay the
allotment money. Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Raju belonged to category II. Shares of both Deepak and Raju were forfeited immediately after allotment. Afterwards, first and final call was made and was duly received. The forfeited shares of Deepak and Raju were reissued at 11 per share fully paid up
Pass necessary journal entries for the above transactions in the books of the company
(Over subscription- Some over application refunded and rest used for allotment)
ONGC Ltd. invited applications for 25,000 shares of Rs 100 each payable as under-
| On Application | Rs 20 | On Allotment | Rs 40 |
| On First Call | Rs 25, | On Final Call | Rs 15 |
Public applied for 40,000 shares, out of which 10,000 shares were rejected and money on 5,000 shares was diverted to share allotment. All the allotment and calls money was received.
Pass journal entries in the journal of ONGC Ltd.
Stem Ltd. came up with an IPO inviting the public to subscribe to its Equity shares of ₹ 10 each. The issue was over-subscribed. The company allotted 80,000 shares to all the applicants making a pro-rata allotment in the ratio of 3 : 2. The face value of the share was payable in three instalments.
Based on the information given above and the following extract of ledger accounts and Cash Book (Bank Column), answer the questions that follow:
| Cash Book (Bank Column) (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Application A/c | 4,80,000 | By Balance c/d | ______ |
| To Share Allotment A/c | ______ | ||
| Share Capital A/c (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Forfeiture A/c | ______ | By Share Application A/c | ______ |
| To Call-in arrears A/c | ______ | By Share Allotment A/c | 4,00,000 |
| By Share Final Call A/c | ______ | ||
| Calls-in-Arrears A/c (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Allotment A/c | 6,000 | ||
- What are the number of shares applied for by the public?
- What is the amount payable per share with application?
- What is the amount payable per share with first and final call?
- Stem Ltd. did not receive the allotment money and call money due from the shareholder Rehan, who had applied for 3,000 shares. What is the amount received by Stem Ltd. with allotment?
- Stem Ltd. forfeited Rehan’s shares after the final call. It reissued 1,500 forfeited shares fully called up @ ₹ 13 per share
Give the journal entries passed by the company for:- Forfeiture of these shares
- Reissue of the forfeited shares
