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प्रश्न
(Call in arrears and Balance Sheet)
The Alfo Ltd. made an issue of 10,000 shares of Rs 20 each payable as follows-
| Application | Rs 5 | Allotment | Rs 10 |
| First Call | Rs 2 | Final Call | Rs 3 |
The company received applications for 15,000 shares of which applications for 5,000 shares were rejected and money refunded. The directors made all the calls. One share holders, holding 100 shares failed to pay first and final call. The expenses of issue amounted to Rs 5,000 . Pass journal entries and show the Balance Sheet.
Note: Expenses on issue should be shown as asset. Every year certain amount of expenses should be charged to P&L A/c.
उत्तर
| Share Applied | Share Allotted |
| 15,000 | 10,000 |
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit Amount (Rs.) |
| Bank A/c Dr. To Share Application A/c (Share application received on 15,000 shares of Rs 5 each) |
75,000 | 75,000 | ||
| Share Application A/c Dr. To Share Capital A/c To Bank A/c (Share application transferred to Share Capital A/c and Share Application on 5,000 shares has been refunded) |
75,000 | 50,000 25,000 |
||
| Share Allotment A/c Dr. To Share Capital A/c (Share allotment due on 10,000 shares of Rs. 10 each) |
100,000 | 100,000 | ||
| Bank A/c Dr. To Share Allotment A/c (Share allotment received) |
100,000 | 100,000 | ||
|
Share First Call A/c Dr. |
20,000 | 20,000 | ||
| Bank A/c Dr. Call-in-Arrears A/c Dr. To Share First Call A/c (Share first call received on 9,800 shares of Rs. 3 each) |
30,000 | 30,000 | ||
| Bank A/c Dr. Calls-in-Arrears A/c Dr. To Share Final Call A/c (Share final call received on 9,700 shares of Rs. 3 each) |
29,700 300 |
30,000 | ||
| Share Issue expenses A/c Dr. To Bank A/c (Expenses on issue of shares paid) |
5,000 | 5,000 |
Balance Sheet of Alfo Ltd.
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |
| Issued and Paid-up Capital 10,000 shares of Rs. 20 each |
200,000 |
199,500 | Cash at Bank Miscellaneous Expenditure |
194,500 |
| (-) Calls-in-Arrears | 500 | Expenses on Issue | 5,000 | |
| 199,500 | 199,500 | |||
APPEARS IN
संबंधित प्रश्न
Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.
On 15-1-2016 the first call of Rs.4 per share became due on 10,000 equity shares issued by New India Ltd. Aman a holder of 500 shares did not pay the first call money. Shanti a shareholder holding 600 shares paid the second and final call of Rs.3 per share along with the first call.
Pass the necessary journal entry for the amount received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company.
On 1-1-2016 the first call of Rs.3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the second and final call of Rs.5 per share along with the first call. Pass the necessary journal entry for the amount received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company
On 28.2.2016 the first call of Rs.2 per share became due on 50,000 equity shares allotted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of Rs.4 per share along with the first call.
Pass the necessary journal entry for the amount received by opening calls - in - arrears and calls - in - advance account in the books of the company.
X Ltd. invited applications for issuing 50,000 equity shares of Rs 10 each. The amount was payable as follows:
On Application: Rs 2 per share
On Allotment: Rs 2 per share
On Second and Final Call: Balance amount.
Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded. Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls if any. Gopal, who applied for 600 shares, paid his entire share money with the application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for Rs 20,000; Rs 4 per share paid up. The first call money and the second and final call money was called and duly received.
Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account wherever necessary.
A Ltd. invited applications for issuing 1,00,000 shares of Rs 10 each at a premium of Rs 1 per share. The amount was payable as follows:
On Application: Rs 3 per share
On Allotment: Rs 3 per share (including premium)
On First Call: Rs 3 per share
On Second and Final Call: Balance amount
Applications for 1,60,000 shares were received. The allotment was made on the following basis:
(i) To applicants for 90,000 shares: 40,000 shares
(ii) To applicants for 50,000 shares: 40,000 shares
(iii) To applicants for 20,000 shares: full shares
Excess money paid on the application is to be adjusted against the amount due on allotment and calls. Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money.
Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money.
All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at Rs 7 per share fully paid. Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required
X Ltd. invited applications for issuing 50,000 equity shares of Rs 10 each. The amount was payable as follows:
| On Application | : | Rs 2 per share |
| On Allotment | : | Rs 2 per share |
| On First Call | : | Rs 3 per share |
| On Second and Final Call | : | Balance amount |
Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded.
Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls, if any.
Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for Rs 20,000; Rs 4 per share paid up. The first call money and the second and final call money was called and duly received.
Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account wherever necessary.
X Ltd. invited applications for issuing 1000, 9% debentures of Rs 100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rate allotment was made to all the applicants.
Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications.
Answer in one Sentence only :
Define call-in-advance.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
As per Table A, the amount on call on a share must not exceed ____________ percent.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If articles are silent regarding interest on calls-in-arrears, the minimum rate of interest to be charged is _____________.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If the articles are silent regarding interest on Calls-in-advance, the minimum rate of interest to be charged is _____________ p.a.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
_____________ is deducted from the share capital to know paid up value of shares.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
Interest on Calls-in-arrears is ______________for the company.
Choose the appropriate alternative from the given options:
As per Schedule III, Part I of the Companies Act, 2013 'calls-in-arrears' will be presented under which of the following head/sub-head, in the Balance Sheet of a company?
A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1 premium) was called up and paid up. The uncalled Capital will be _______.
Ganga Ltd. invited applications for issuing 10,000 equity shares of ₹ 10 each. The amount per share was payable as follows: ₹ 2 on application, ₹ 3 on allotment, ₹ 3 on first call and ₹ 2 on second and final call.
Applications were received for 15,000 shares. The applications for 3,000 shares were rejected and application money refunded. The shares were allotted on pro-rata basis to the applicants of 12,000 shares, Excess money received with applications was adjusted towards sums due on allotment. All shareholders paid the allotment money except one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter and duly received. The second and final call was not yet made.
Pass Journal entries for the above transactions in the books of Ganga Ltd. Open Calls-in-Asrears Account wherever required.
