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प्रश्न
Premium received on issue of shares is shown to __________.
विकल्प
Liability side of Balance Sheet
Asset side of Balance Sheet
Profit & Loss Account debit side
Profit & Loss A/c credit side
उत्तर
Premium received on issue of shares is shown to Liability side of Balance Sheet.
APPEARS IN
संबंधित प्रश्न
'Sangam Woolens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from this village in its newly established factory. The company issued 40,000 equity shares of Rs 10 each and 1,000 9% debentures of Rs 100 each to the vendors for the purchase of machinery of Rs 5,00,000. Pass necessary Journal Entries. Also, identify anyone value that the company wants to communicate to the society.
Scooters India Ltd' is registered with an authorized capital of Rs 50,00,000, divided into 5,00,000 shares of Rs 10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount was payable as follows :
On application and allotment - Rs 3 per share
On 1st call - Rs 2 per share
On 2nd and final call - Rs 5 per share
The issue was fully subscribed. All calls were made and were duly received except 2nd and the final call on 1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at Rs 8 per share as fully paid up. Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act, 1956. Also, prepare Notes to accounts for the same.
Deepak, Farukh and Lilly were partners in a firm sharing profits in the ratio of 3:2:1. On 28.2.2015 Farukh retired from the firm. On Farukh's retirement, there was a balance of `12,000 in Workmen's Compensation Reserve which was no more required. On Farukh's retirement this amount will be :
(a) Debited to the Capital accounts of all the partners in their profit sharing ratio.
(b) Credited to the Capital accounts of all the partners in their profit sharing ratio.
(c) Credited to the Capital accounts of Deepak and Lilly in their profit sharing ratio.
(d) Credited to the Capital account of Farukh.
'Telecom Limited' is registered with an authorized capital of Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each. The company issued 1,00,000 shares at a premium of Rs 2 per share. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share (including premium)
On first and final call - The balance
All calls were made and were duly received except the first and final call on 1,000 shares held by Asha. Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956
Y Ltd. forteited 100 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made.
Suman and Sudha were partners in a firm sharing profits equally. Their fixed capitals were Rs 50,000 and Rs 25,000 respectively. The partnership deed provided interest on capital at the rate of 12% per annum. For the year ended 31stMarch, 2016, the profits of the firm were distributed without providing interest on capital.
Pass necessary adjustment entry to rectify the error.
Y Ltd. invited applications for issuing 2000, 9% debentures of Rs 100 each at a discount of 10%. The whole amount was payable at the time of application. Applications for 2400 debentures were received and pro-rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures.
Following is the Balance Sheet of J.M. Ltd. as at 31.3.2016:
|
J.M. Ltd. Balance Sheet as at 31.3.2016 |
|||
|
Particulars |
NoteNo. |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
|
I. Equity and Liabilities : (1) Shareholder's Funds: |
|||
|
(a) Share Capital |
2,25,000 |
1,75,000 |
|
|
(b) Reserves and Surplus |
1 |
62,500 |
25,000 |
|
(2) Non-current Liabilities: |
|||
|
Long-Term Borrowings |
2 |
1,12,500 |
87,500 |
|
(3) Current Liabilities: |
|||
|
(a) Short-term Borrowings |
3 |
37,500 |
18,750 |
|
(b) Short-term Provisions |
4 |
50,000 |
31,250 |
|
Total |
4,87,500 |
3,37,500 |
|
|
II. Assets: |
|||
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(1) Non-current Assets: |
|||
|
(a) Fixed Assets: |
|||
|
(i) Tangible |
5 |
3,66,250 |
2,28,750 |
|
(ii) Intangible |
6 |
25,000 |
37,500 |
|
(b) Non-current Investments |
37,500 |
25,000 |
|
|
(2) Current Assets: |
|||
|
(a) Current Investments |
|
10,000 |
17,500 |
|
(b) Inventories |
7 |
30,500 |
18,000 |
|
(c) Cash and Cash Equivalents |
18,250 |
10,750 |
|
|
Total |
4,87,500 |
3,37,500 |
|
Notes to Accounts :
|
Note No. |
Particulars |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
|
(1) |
Reserves and Surplus |
|
|
|
|
(Surplus i.e. Balance in the Statement of Profit and Loss) |
62,500 | 25,000 |
|
|
|
62,500 | 25,000 |
|
|
|
|
|
|
(2) |
Long-term Borrowings |
|
|
|
|
12% Debentures |
1,12,500 |
87,500 |
|
|
|
1,12,500 |
87,500 |
|
|
|
|
|
|
(3) |
Short-term Borrowings |
|
|
|
|
Bank overdraft |
37,500 | 18,750 |
|
|
|
37,500 | 18,750 |
|
|
|
|
|
|
(4) |
Short-term Provisions |
|
|
|
|
Proposed Dividend |
50,000 | 31,250 |
|
|
|
50,000 | 31,250 |
|
|
|
|
|
|
(5) |
Tangible Assets |
|
|
|
|
Machinery |
4,18,750 | 2,63,750 |
|
|
Accumulated Depreciation |
(52,500) | (35,000) |
|
|
|
3,66,250 | 2,28,750 |
|
|
|
|
|
|
(6) |
Intangible Assets |
|
|
|
|
Goodwill |
25,000 | 37,500 |
|
|
|
25,000 |
37,500 |
|
|
|
|
|
|
(7) |
Inventories |
|
|
|
|
Stock in Trade |
30,500 | 18,000 |
|
|
|
30,500 | 18,000 |
|
|
|
||
Share forfeited balance is transferred to Capital Reserve Account.
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Give one word/term/phrase for the following statement.
The shares on which dividend is not fixed.
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State whether you agree or disagree with following statement.
Calls in Advance account is shown on the Asset side of the Balance sheet.
State whether you agree or disagree with following statement:
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Answer in one sentence only.
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Answer in one sentence only.
What do you mean by Shares Issued at Premium?
Answer in one sentence only.
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The difference between Called-up Capital and Paid-up Capital is known as ___________.
___________ share holders get fixed rate of dividend.
____________ shareholders are the real owners of the company.
___________ Capital is the part of issued capital which is subscribed by the public.
10000 equity shares of ₹ 10 each issued at 10% premium. Calculate the total amount of share premium.
80000 Equity shares of ₹ 10 each issued and fully subscribed and called up at 20% premium. Calculate the amount of Equity share Capital.
Directors issued 20000 equity shares of ₹ 100 each at par. These were fully subscribed and called up. All money were received except one shareholder holding 100 equity shares failed to pay final call of ₹ 20 per share. Calculate the amount of paid-up capital of the company
Vijay Ltd. was registered with an authorised capital of ₹ 15,00,000 divided into 1,50,000 equity shares of ₹ 10 each.
Company issued 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share.
Company received applications for 80,000 equity shares and were allotted the shares.
Company received application money ₹ 3 per share, allotment money ₹ 4 per share (Including premium), and first call money ₹ 3 per share.
The Directors have not made final call of ₹ 2 per share. All money were received except one shareholder holding 500 shares did not pay first call.
Show Authorised Capital, Issued Capital, Subscribed Capital, Called-up Capital, Paid-up Capital, Calls in Arrears, and Share Premium amount in company balance sheet.
Anand Company Limited issued 1,00,000 Preference shares of ? 10 each payable as - On
On Application ₹ 4
On Allotment ₹ 3
On First call ₹ 2
On Second and Final call ₹ 1
Company received application for all these share and received all money.
Pass Journal Entries in the books of Anand Company Ltd.
State whether you agree or disagree with following statement
Joint Stock company can raise huge amount of capital.
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As per Section 52 of Companies Act 2013, Securities Premium Reserve cannot be utilised for ______.
Net Assets minus Capital Reserve is ______.
Attire Ltd. issued a prospectus inviting applications for 12,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 5 on allotment and balance on a call. Public had applied for a certain number of shares and application money was received. Which of the following application money, if received restricts the company to proceed with the allotment of shares, as per SEBI guidelines?
Alankrit Ltd. offered for public 10,000 equity shares of ₹ 10 each at a premium of ₹ 12/- per share payable as under:
- On Application - ₹ 4
- On Allotment - ₹ 4 (including premium)
- On First & Final Call- Balance Amount
Company received all the money. The issue was fully subscribed. Give Journal Entries to record above transactions and also show in balance sheet.
Reliance company Limited invited applications for 50,000 Equity Shares of ₹ 100 each at par, payable as follows:
| On Application | ₹ 30 |
| On Allotment | ₹ 40 |
| On First & Final Call | ₹ 30 |
The public applied for 35,000 shares and all these were allotted. All money due were collected with an exception of first & final call on 4000 shares, these were forfeited. All forfeited shares were re-issued by the Directors at ₹ 80 per share.
Pass Journal Entries in the Books of Reliance Company Limited.
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Mukund Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at 10% premium. The amount per share was payable as follows: ₹ 3 on application, ₹ 3 (including premium) on allotment and balance amount on first and final call. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis to all the applicants. The excess money received on application was adjusted towards sums due on allotment only. Application money in excess to sums due on allotment was refunded. A shareholder who had applied for 6,000 shares, could not pay the call money and his shares were forfeited.
Pass necessary Journal entries for the above transactions in the books of Mukund Ltd.
Vani Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of 10%. The amounts were payable as under: On Application and Allotment - ₹ 4 per share (including premium ₹ 1)
On first call -₹ 4 per share
On second and final call - ₹ 3 per share
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Journalise the above transactions in the books of Vani Limited by opening calls in arrears and calls in advance account wherever necessary.
Unnati Ltd. was registered with an authorised capital of ₹ 80,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for 60,000 equity shares. The company received applications for 58,000 equity shares. All calls were made and were duly received except the second and final call of ₹ 3 per share on 3,000 shares held by Manit. These shares were forfeited.
- Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
- Also prepare "Notes to Accounts" for the same.
Shaktimaan Ltd. invited applications for issuing 1,00,000 Shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as ₹ 4 on application (including premium); ₹ 5 on Allotment and balance on call. Applications were received shares for 1,80,000 of which Applications for 30,000 shares were rejected and remaining applicants were allotted on pro-rata basis. Manthan, holding 5,000 shares failed to pay call money and his shares were forfeited. Out of these 2,000 shares were re-issued at premium of ₹ 3 per share. Prepare Cash Book and pass necessary entries.
Subscription received in current year is ₹ 1,20,000. Current year's outstanding subscription is ₹ 20,000 and subscription received in advance is ₹ 10,000. Find out net subscription amount of current year
Aniket Company Limited issued ₹ 40,00,000 new capital divided into ₹ 100 per equity share at a premium of ₹ 20 per share payable as ₹ 10 on Application, on Allotment ₹ 40 and ₹ 10 premium and on Final call ₹ 50 and ₹ 10 premium. The issue was over-subscribed to the extent of 50,000 equity shares. The applicants on 5,000 shares were sent letter of regret and their application money was refunded. Remaining applicants were allotted shares on pro-rata basis. All the money due on Allotment and Final call was only received. Make necessary journal entries in the books of Aniket Company Limited.
Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:
On Application ₹ 20
On Allotment ₹ 30
On First call ₹ 20
On Second and Final call ₹ 30
Applications were received for 22,000 equity shares and allotment of shares were made to them.
All money was received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.
