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प्रश्न
Rohini Company Limited issued 25000 equity shares of ₹ 100 each payable as follows -
On Application ₹ 20
On Allotment ₹ 30
On First call ₹ 20
On Second & 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 Rohini Co. Ltd.
उत्तर
| Journal Entries in the books of Rohini Company Limited | ||||
| Date | Particulars | L.F | Debit Amount (₹) | Credit Amount (₹) |
| 1 | Bank A/c Dr. | 4,40,000 | ||
| To Equity Share Application A/c | 4,40,000 | |||
| ( Being equity share application money on 22,000 shares @ ₹ 20 per share received) | ||||
| 2 | Equity Share Application A/c Dr | 4,40,000 | ||
| To Equity Share Capital A/c | 4,40,000 | |||
| ( Being equity share application money on 22,000 equity shares @ ₹ 20 per share transferred to Equity Share Capital Account) | ||||
| 3 | Equity Share Allotment A/c Dr. | 6,60,000 | ||
| To Equity Share Capital A/c | 6,60,000 | |||
| ( Being allotment money on 22,000 equity shares @ ₹ 30 per share due) | ||||
| 4 | Bank A/c Dr | 6,60,000 | ||
| To Equity Share Allotment A/c | 6,60,000 | |||
| ( Being equity share allotment money on 22,000 shares @ ₹ 30 per share received) | ||||
| 5 | Equity Share First Call A/c Dr. | 4,40,000 | ||
| To Equity Share Capital A/c | 4,40,000 | |||
| ( Being equity share first call money on 22,000 shares @ ₹ 20 due) | ||||
| 6 | Bank A/c Dr. | 4,40,000 | ||
| To Equity Share First Call A/c | 4,40,000 | |||
| ( Being equity share first call money on 22,000 shares @ ₹ 20 per share received) | ||||
| 7 | Equity Share Second & Final Call A/c Dr. | 6,60,000 | ||
| To Equity Share Capital A/c | 6,60,000 | |||
| ( Being equity share second & final call money on 22,000 shares @ ₹ 30 due) | ||||
| 8 | Bank A/c Dr | 6,60,000 | ||
| To Equity Share Second & Final Call A/c | 6,60,000 | |||
| ( Being equity share second & final call money on 22,000 shares @ ₹ 30 per share received) | ||||
| 4400000 | 4400000 | |||
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.
'India Auto Ltd.' is registered with an authorised capital of Rs 7,00,00,000 divided into 7,00,000 shares Rs 100 each. The company issued 50,000 shares to the vendor for building purchased and 2,00,000 shares were issued to the public. The amount was payable as follows :
On application and allotment — Rs 20 per share
On the first call — Rs 50 per share
On second and final call — The balance
All calls were made and were duly received except on 100 shares held by Rajani, who failed to pay the second and final call. Her shares were forfeited.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the
Companies Act, 1956. Also, prepare 'Notes to Accounts'.
'David Ltd.' issued `40, 00,000 equity shares of Rs 10 each out of its registered capital of Rs 10,00,00,000. The amount payable on these shares was as follows :
On application - Rs 1 per share
On allotment - Rs 2 per share
On the first call - Rs 3 per share
On second and final call - Rs 4 per share
All calls were made and were duly received, except the second and final call on 1,000 shares held by Vipul. These shares were forfeited.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare 'Notes to Accounts'.
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.
XXL Ltd. converted its 500, 9% debentures of Rs 100 each issued at a dsicount of 8% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off.
Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
State the two situations in which interest on partner's capital is generally provided.
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.
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.
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: |
|||
|
(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 |
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|
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The liability of shareholder in Joint Stock Company is _________.
The unpaid amount on allotment and calls may be transferred to _____________ account.
There must be provision in ___________ for forfeiture of shares.
Give one word/term/phrase for the following statement.
Issue of share at its face value
State true or false with reason.
Face value of shares and market value of shares is always same.
State true or false with reason.
Sweat shares are issued to public.
State whether you agree or disagree with following statement:
In case of Pro-rata allotment the excess application money received must be refunded.
State whether you agree or disagree with following statement:
When the issued price of share is ₹ 12 and face value is ₹ 10, the share is said to be issued at premium.
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.
Which account is debited when share first call money is received?
Answer in one sentence only.
What is Calls-in-Arrears?
Answer in one sentence only.
What do you mean by Shares Issued at Premium?
Answer in one sentence only.
What is Paid-up Capital?
The difference between Called-up Capital and Paid-up Capital is known as ___________.
__________ form of business organisation in which Capital is raised through the issue of shares.
The part of Authorised Capital which is not issued to the public is known as ___________ 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
Company sends Regret letter for 100 shares and Allotment letter to 25000 shareholders. Application money was ₹ 20 per share. Calculate the amount of application money which company is refunding.
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.
Deepak Manufacturing co. Ltd. issued a prospectus inviting applications for 1,00,000 equity shares of ₹ 10 each payable as follows
₹ 2 on Application
₹ 4 on Allotment
₹ 2 on first call
₹ 2 on final call
Application were received for 1,20,000 equity shares. The Directors decided to reject excess applications and refunded application money on that. Company received all money.
Pass Journal Entries in the books of a company.
Suhas Limited issued 10000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance in two calls of equal amount. Applications were received for ll,000 equity shares and pro-rata allotment was made for all the applicants. The excess application money was adjusted towards allotment. Mrs. Shobha who were allotted 200 equity shares failed to pay F/F/C and her shares were forfeited after the final call
Show Journal entries in the books of Suhas Ltd. and also show its presentation in Balance sheet.
In which of the following situation Companies Act 2013 allows for issue of shares at discount?
Net Assets minus Capital Reserve is ______.
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?
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?
1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium.
Ganesh draws a bill for ₹ 40,000 on 15th January, 2020 for 2 months. He discounted the bill with Bank of India @ 15% p.a. on the same day. Calculate the amount of discount.
When a company issues shares at a premium, the company can collect securities premium along with the following :
Saraswati Ltd. has an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. Subscribed and fully paid-up share capital of the company was ₹ 4,00,000. To meet its new financial requirements, the company issued 20,000 equity shares of ₹ 10 each which were payable as follows : ₹ 3 on application; ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second and final call. The issue was fully subscribed. The allotment money was payable on 1st May 2021, first call money on 1st August 2021 and final call on 1st October 2021. X whom 1,000 shares were allotted, did not pay the allotment and call money; Y an allotee of 600 shares, did not pay the two calls; and Z whom 400 shares were allotted, did not pay the final call. 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.
Narmada Ltd. has an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for issuing 80,000 equity shares. The company received applications for 75,000 equity shares. All calls were made and were duly received except the first and final call of ₹ 2 per share on 5,000 shares held by Arti. 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.
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.
Find the odd one:
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.
The liability of shareholder of public limited company is ______.
