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प्रश्न
Sangam Ltd. invited applications for 10,000 Equity Shares of ₹ 100 each issued at par. The amount was payable on application. The issue was oversubscribed by 2,000 shares and allotment was made on pro rata basis. Pass necessary Journal entries.
उत्तर
In the books of Sangam Ltd.
Journal
|
Date |
Particulars |
|
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
| Bank A/c (12,000 × 100) |
Dr. |
12,00,000 |
|
||
| To Share Application and Allotment A/c (12,000 × 100) |
|
|
12,00,000 |
||
| (Being application money received on 12,000 equity shares) |
|
|
|
||
|
|
|
|
|||
| Share Application and Allotment A/c |
Dr. |
12,00,000 |
|
||
| To Share Capital A/c (10,000 × 100) |
|
|
10,00,000 |
||
| To Bank A/c (2,000 × 100) |
|
|
2,00,000 |
||
| (Being share application and allotment money adjusted for 10,000 shares and balance money refunded) |
|
|
|
Note: Since the entire amount is receivable on application so the excess money on 2,000 shares has been refunded and allotment is made on a pro-rata basis to 12,000 shareholders.
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| Particulars | Note No. | 31st March, 2020 | 31st March, 2021 |
| I. Equity and Liabilities | |||
| 1. Shareholder’s Funds | |||
| (a) Share Capital | 5,00,000 | 7,30,000 | |
| (b) Reserves and Surplus | 1 | 3,50,000 | 3,70,000 |
| 2. Non-current Liabilities | |||
| Long-term Borrowings | 2 | 4,00,000 | 2,00,000 |
| 3. Current Liabilities | |||
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| (b) Short Term provisions | 4 | 3,25,000 | 3,20,000 |
| Total | 19,35,000 | 20,80,000 | |
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| (c) Cash and Cash Equivalents | 2,65,000 | 2,98,000 | |
| Total | 19,35,000 | 20,80,000 | |
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| 1. Reserves and Surplus Statement of Profit and loss | 3,50,000 | 3,70,000 |
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| 5. Tangible Fixed Assets | ||
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| Less: Provision for Depreciation | 1,00,000 | 1,60,000 |
| 4,50,000 | 5,00,000 | |
| 6. Intangible Fixed Assets Patents | 3,10,000 | 3,02,000 |
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