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प्रश्न
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.
उत्तर
| Journal Entries In the Books of Reliance Co. Ltd. |
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| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
|
1. |
Bank A/c ...Dr. | 10,50,000 | - | |
| To Share Application A/c | - | 10,50,000 | ||
| (Being Application money on 35000 Equity shares ₹ 30 per share received) |
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| 2. | Equity Share Application ...Dr. | 10,50,000 | - | |
| To Equity Share Capital A/c | - | 10,50,000 | ||
| (Being equity share application money on 35000 shares transferred to Equity share Capital) |
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| 3. | Equity Share Allotment A/c ...Dr. | 14,00,000 | - | |
| To Equity Share Capital A/c | - | 14,00,000 | ||
| (Being equity share allotment money on 35000 shares ₹ 40 per Share due) |
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| 4. | Bank A/c ...Dr. | 14,00,000 | - | |
| To Equity Share Allotment A/c | - | 14,00,000 | ||
| (Being Allotment money on 35000 equity shares ₹ 40 per Share received) |
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| 5. | Equity Share First & Final Call A/c ...Dr. | 10,50,000 | - | |
| To Equity Share Capital A/c | - | 10,50,000 | ||
| (Being equity share allotment money on 35000 shares ₹ 30 per share due ) |
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| 6. | Bank A/c ...Dr. | 9,30,000 | - | |
| To Equity Share First & Final Call A/c | - | 9,30,000 | ||
| (Being Equity Share First & Final Call money on 31,000 equity Shares @ ₹ 30 per share received) |
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| 7. | Equity Share Capital A/c ...Dr. | 4,00,000 | - | |
| To Equity Share First & Final Call A/c | - | 1,20,000 | ||
| To Share Forfeiture A/c | - | 2,80,000 | ||
| (Being forfeiture of 4000 equity shares due to non-payment of first & final call) |
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| 8. | Bank A/c ...Dr. | 3,20,000 | - | |
| Share Forfeiture A/c ...Dr. | 80,000 | - | ||
| To Equity Share Capital A/c | - | 4,00,000 | ||
| (Being re-issue for 4000 forfeited shares @ ₹ 80 per share) |
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| 9. | Share Forfeiture A/c ...Dr. | 2,00,000 | - | |
| To Capital Reserve A/c | - | 2,00,000 | ||
| (Being balance on share forfeiture A/c transferred to capital reserve A/c) |
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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.
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
Present 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.
Reena and Raman are partners in a firm sharing profits in the ratio of 4 : 3. They admitted Roma as a new partner. The new profit sharing ratio between Reena, Raman and Roma was 3: 2: 2. Raman surrendered `1/3rd `of his share in favour of Roma. Calculate Reena's sacrifice.
List the categories of individuals other than the minors who cannot become the members of a partnership firm
C India Ltd. purchased machinery from B India Ltd. Payment to B India Ltd. was made as follows:
(i) By issuing 10,000 equity shares of Rs 10 each at a premium of 20%.
(ii) By issuing 1000, 9% debentures of Rs 100 each at a discount of 5%.
(iii) Balance by giving a bank draft of Rs 37,000.
Pass necessary journal entries in the books of C India Ltd. for the purchase of machinery and payment to B India Ltd.
Following is the Balance Sheet of J.M. Ltd. as at 31.3.2016:
|
J.M. Ltd. Balance Sheet as at 31.3.2016 |
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|
Particulars |
NoteNo. |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
|
I. Equity and Liabilities : (1) Shareholder's Funds: |
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|
(a) Share Capital |
2,25,000 |
1,75,000 |
|
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(b) Reserves and Surplus |
1 |
62,500 |
25,000 |
|
(2) Non-current Liabilities: |
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Long-Term Borrowings |
2 |
1,12,500 |
87,500 |
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(3) Current Liabilities: |
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(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 |
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II. Assets: |
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(1) Non-current Assets: |
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(a) Fixed Assets: |
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|
(i) Tangible |
5 |
3,66,250 |
2,28,750 |
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(ii) Intangible |
6 |
25,000 |
37,500 |
|
(b) Non-current Investments |
37,500 |
25,000 |
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(2) Current Assets: |
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(a) Current Investments |
|
10,000 |
17,500 |
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(b) Inventories |
7 |
30,500 |
18,000 |
|
(c) Cash and Cash Equivalents |
18,250 |
10,750 |
|
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Total |
4,87,500 |
3,37,500 |
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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 |
|
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|
62,500 | 25,000 |
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(2) |
Long-term Borrowings |
|
|
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|
12% Debentures |
1,12,500 |
87,500 |
|
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|
1,12,500 |
87,500 |
|
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(3) |
Short-term Borrowings |
|
|
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Bank overdraft |
37,500 | 18,750 |
|
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|
37,500 | 18,750 |
|
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(4) |
Short-term Provisions |
|
|
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Proposed Dividend |
50,000 | 31,250 |
|
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|
50,000 | 31,250 |
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(5) |
Tangible Assets |
|
|
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|
Machinery |
4,18,750 | 2,63,750 |
|
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Accumulated Depreciation |
(52,500) | (35,000) |
|
|
|
3,66,250 | 2,28,750 |
|
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(6) |
Intangible Assets |
|
|
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Goodwill |
25,000 | 37,500 |
|
|
|
25,000 |
37,500 |
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|
|
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(7) |
Inventories |
|
|
|
|
Stock in Trade |
30,500 | 18,000 |
|
|
|
30,500 | 18,000 |
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Share forfeited balance is transferred to Capital Reserve Account.
The liability of shareholder in Joint Stock Company is _________.
The Share Capital which a company is authorised to issue by its Memorandum of Association is __________.
The unpaid amount on allotment and calls may be transferred to _____________ account.
Give one word/term/phrase for the following statement.
Amount called-up on shares by the company but not received.
Give one word/term/phrase for the following statement.
Issue of share at its face value
Give one word/term/phrase for the following statement.
The part of subscribed capital which is not called-up by the company.
State true or false with reason.
Face value of shares and market value of shares is always same.
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:
Public limited company can issue its share without issuing its prospectus.
Answer in one sentence only.
What is Registered Capital?
Answer in one sentence only.
What is Over subscription of shares?
Answer in one sentence only.
Which account is debited when share first call money is received?
Answer in one sentence only.
When are shares allotted on pro-rata basis?
Answer in one sentence only.
What is Calls-in-Arrears?
___________ Capital is the Capital which a company is authorised to issue by its Memorandum of Association.
____________ shareholders are the real owners of the company.
___________ Capital is the part of issued capital which is subscribed by the public.
80000 Equity shares of ₹ 10 each issued and fully subscribed and called up at 20% premium. Calculate the amount of Equity share Capital.
In which of the following situation Companies Act 2013 allows for issue of shares at discount?
Which of the following statement is/are true?
- Authorized Capital < Issued Capital
- Authorized Capital ≥ Issued Capital
- Subscribed Capital ≤ Issued Capital
- Subscribed Capital > Issued Capital
Krishan Ltd has Issued Capital of 20, 00,000 Equity shares of ₹10 each. Till Date ₹8 per share have been called up and the entire amount received except calls of ₹4 per share on 800 shares and ₹3 per share from another holder who held 500 shares. What will be amount appearing as ‘Subscribed but not fully paid capital’ in the balance sheet of the company?
Radhey Ltd. took over assets of ₹ 14,00,000 and liabilities of ₹ 6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of 100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.
1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium.
Sameer and Company Limited invited applications for 25,000 Equity shares of ₹ 100 each payable as:
₹ 25 on application
₹ 50 on allotment
₹ 25 on first and final call
Applications were received for 30,000 Equity shares and pro-rata allotment were made to all. All the money was duly received except first and final call on 2,500 Equity shares. Enter the above transactions in the books of Sameer and Company Limited.
When a company issues shares at a premium, the company can collect securities premium along with the following :
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.
Which of the following statements is true?
The Directors of Rockstar Ltd. invited applications for 2,00,000 Shares of ₹ 10 each, issued at 20% premium. Share was payable as ₹ 5 on application, ₹ 4 (including premium) on allotment and balance on call. Public had applied for 3,20,000 shares out of which applications for 20,000 shares were rejected and remaining were alloted on pro-rata basis.
Simba, an applicant of 15,000 shares failed to pay allotment and call money. His shares were forfeited and out of these 6,000 shares were reissued at a discount of ₹ 2 per share. Journalise.
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
Amar Ltd. issued 1000 equity shares of ₹ 100 each at par payable ₹ 30 on Application, ₹ 40 on Allotment and ₹ 30 on First and Final call. The company received applications for 1,200 shares. The Board of Directors rejected 200 applications and application money was refunded. All the money was duly received. Show journal entries in the books of Amar Ltd.
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.
