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प्रश्न
Seema Ltd. offered for subscription 10,000 shares of ₹ 25 each, payable ₹ 5 per share on application, ₹ 10 per share on allotment (including ₹ 5 per share as premium), ₹ 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the company's Journal, Cash Book and the ledger. Also show the company's Balance Sheet on completion of the above transactions.
उत्तर
Issued 10,000 shares of ₹ 25 each at premium of ₹ 5
Applied 10,000 shares
Payable as:
|
Application |
₹ |
5 |
|
|
Allotment |
₹ |
10 |
(5 + 5) |
|
First Call |
₹ |
5 |
|
|
Second Call |
₹ |
5 |
|
|
Final Call |
₹ |
5 |
|
|
|
₹ |
30 |
(25 + 5) |
Books of Seema Limited
Cash Book
Dr. Cr.
|
Date |
Particulars |
L.F. |
Bank |
Date |
Particulars |
L.F. |
Bank (₹) |
|
|
|
Share Application |
|
50,000 |
|
|
|
|
|
|
|
Share Allotment |
|
1,00,000 |
|
|
|
|
|
|
|
Share First Call |
|
50,000 |
|
|
|
|
|
|
|
Share Second Call |
|
49,000 |
|
|
|
|
|
|
|
Share Final Call |
|
48,000 |
|
Balance c/d |
|
2,97,000 |
|
|
|
|
|
2,97,000 |
|
|
|
2,97,000 |
|
Journal
|
Date |
Particulars |
L.F. |
Debit |
Credit |
|
|
|
Share Application A/c |
Dr. |
|
50,000 |
|
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
|
(Application money of 10,000 shares of ₹ 5 each transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
1,00,000 |
|
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
|
To Securities Premium A/c |
|
|
50,000 |
|
|
|
(Share allotment of 10,000 shares transferred to Share Capital at ₹ 5 each and Securities Premium at ₹ 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
50,000 |
|
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
|
(First call due on 10,000 shares at ₹ 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Second Call A/c |
Dr. |
|
50,000 |
|
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
|
(Second call due on 10,000 shares at 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Call-in-Arrears A/c |
Dr. |
|
1,000 |
|
|
|
To Share Second Call A/c |
|
|
1,000 |
|
|
|
(Second call outstanding on 200 shares at ₹ 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
50,000 |
|
|
|
To Shares Capital A/c |
|
|
50,000 |
|
|
|
(Final call due on 50,000 shares of ₹ to 5 per shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
2,000 |
|
|
|
To Shares Final Call A/c |
|
|
2,000 |
|
|
|
(Final call outstanding on 400 shares at ₹ 5 each) |
|
|
|
|
Share Application Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|
|
Share Capital |
|
50,000 |
|
Bank |
|
50,000 |
|
|
|
|
50,000 |
|
|
|
50,000 |
Share Allotment Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|
|
Share Capital |
|
50,000 |
|
Bank |
|
1,00,000 |
|
|
Securities Premium |
|
50,000 |
|
|
|
|
|
|
|
|
1,00,000 |
|
|
|
1,00,000 |
Share First Call Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|
|
Share Capital |
|
50,000 |
|
Bank |
|
50,000 |
|
|
|
|
50,000 |
|
|
|
50,000 |
Share Second Call Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|
|
Share Capital |
|
50,000 |
|
Bank |
|
49,000 |
|
|
|
|
|
|
Calls-in-Arrears |
|
1,000 |
|
|
|
|
50,000 |
|
|
|
50,000 |
Share Final Call Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
||
|
|
Share Capital |
|
50,000 |
|
Bank |
|
48,000 |
||
|
|
|
|
|
|
Calls-in-Arrears |
|
2,000 |
||
|
|
|
|
50,000 |
|
|
|
50,000 |
||
Call-in-Arrears Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
||
|
|
Share Second Call |
|
1,000 |
|
|
|
|
||
|
|
Share Final Call |
|
2,000 |
|
|
|
|
||
|
|
|
|
|
|
Balance c/d |
|
3,000 |
||
|
|
|
|
3,000 |
|
|
|
3,000 |
||
Share Capital Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
||
|
|
|
|
|
|
Share Application |
|
50,000 |
||
|
|
|
|
|
|
Share Allotment |
|
50,000 |
||
|
|
|
|
|
|
Share First Call |
|
50,000 |
||
|
|
|
|
|
|
Share Second |
|
50,000 |
||
|
|
Balance c/d |
|
2,50,000 |
|
Share Final Call |
|
50,000 |
||
|
|
|
|
2,50,000 |
|
|
|
2,50,000 |
||
Securities Premium Account
Dr. Cr.
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
||
|
|
Balance c/d |
|
50,000 |
|
Share Allotment |
|
50,000 |
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
50,000 |
|
|
|
50,000 |
||
As per the Schedule III of Companies Act, 2013, the Company's Balance Sheet is presented as follows.
Balance Sheet
|
Particulars |
Note No. |
Amount (₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
2,47,000 |
|
b. Reserves and Surplus |
2 |
50,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
2,97,000 |
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash Equivalents |
3 |
2,97,000 |
|
Total |
|
2,97,000 |
NOTES TO ACCOUNTS
|
Note No. |
Particulars |
Amount (₹) |
|
|
1 |
Share Capital |
|
|
|
|
Authorised Share Capital |
|
|
|
|
……. shares of ₹ 25 each |
… |
|
|
|
Issued Share Capital |
|
|
|
|
10,000 shares of ₹ 25 each |
2,50,000 |
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
|
10,000 shares of ₹ 25 each |
2,50,000 |
2,47,000 |
|
|
Less: Calls-in-Arrears |
(3,000) |
|
|
2 |
Reserves and Surplus |
|
|
|
Securities Premium |
50,000 |
||
|
3 |
Cash and Cash Equivalents |
|
|
|
|
Cash at Bank |
2,97,000 |
|
APPEARS IN
संबंधित प्रश्न
Anish Limited issued 30,000 equity shares of Rs 100 each payable at Rs 30 on application, Rs 50 on allotment and Rs 20 on Ist and final call. All money was duly received. Record these transactions in the journal of the company.
Rupak Ltd. issued 10,000 shares of Rs 100 each payable Rs 20 per share on application, Rs 30 per share on allotment and balance in two calls of Rs 25 per share. The application and allotment money were duly received. On first call all member pays their dues except one member holding 200 shares, while another member holding 500 shares paid for the balance due in full. Final call was not made. Give journal entries and prepare cash book.
Eastern Company Limited, having an authorised capital of Rs 10,00,000 in shares of Rs 10 each, issued 50,000 shares at a premium of Rs 3 per share payable as follows :
|
On Application |
Rs 3 per share |
|
On Allotment (including premium) |
Rs 5 per share |
|
On first call (due three months after allotment) and the balance as and when required. |
Rs 3 per share |
Applications were received for 60,000 shares and the directors allotted the shares as follows :
(a) Applicants for 40,000 shares received shares, in full.
(b) Applicants for 15,000 shares received an allotment of 8,000 shares.
(c) Applicants for 500 shares received 200 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was duly made and the money was received with the exception of the call due on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Bansal Heavy machine Ltd purchased a machine worth Rs 3,80,000 from Handa Trader. Payment was made as Rs 50,000 cash and remaining amount by issue of equity share of the face value of Rs 100 each fully paid at an issue price of Rs 110 each. Give journal entries to record the above transaction.
Naman Ltd issued 20,000 shares of Rs 100 each, payable Rs 25 on application, Rs 30 on allotment , Rs 25 on first call and The balance on final call. All money duly received except Anubha, who holding 200 shares did not pay allotment and calls money and Kumkum, who holding 100 shares did not pay both the calls. The directors forfeited shares of Anubha and kumkum. Give journal entries.
Raunak Cotton Ltd. issued a prospectus inviting applications for 6,000 equity shares of Rs 100 each at a premium of Rs 20 per shares, payable as follows:
|
On application |
Rs 20 |
|
On allotment |
Rs 50 (including premium) |
|
On first call |
Rs 30 |
|
On final call |
Rs 20 |
Applications were received for 10,000 shares and allotment was made Pro-rata to the applicants of 8,000 shares, the remaining applications Being refused. Money received in excess on the application was adjusted toward the amount due on allotment. Rohit, to whom 300 shares were allotted failed to pay allotment and calls money, his shares were forfeited. Itika, who applied for 600 shares, failed to pay the two calls and her share were also forfeited. All these shares were sold to Kartika as fully paid for Rs 80 per shares.
Give journal entries in the books of the company.
Prince Limited issued a prospectus inviting applications for 20,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share payable as follows:
|
With Application |
Rs. 2 |
|
On Allotment (including premium) |
Rs. 5 |
|
On First Call |
Rs. 3 |
|
On Second Call |
Rs. 3 |
Applications were received for 30,000 shares and allotment was made on pro-rata basis. Money overpaid on applications was adjusted to the amount due on allotment.
Mr. Mohit whom 400 shares were allotted, failed to pay the allotment money and the first call, and his shares were forfeited after the first call. Mr. Joly, whom 600 shares were allotted, failed to pay for the two calls and hence, his shares were forfeited. Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for Rs. 9 per share, the whole of Mr. Mohit’s shares being included.
Record journal entries in the books of the Company and prepare the Balance Sheet.
Amit holds 100 shares of Rs 10 each on which he has paid Re.1 per share as application money. Bimal holds 200 shares of Rs 10 each on which he has paid Re.1 and Rs 2 per share as application and allotment money, respectively. Chetan holds 300 shares of Rs 10 each and has paid Re.1 on application, Rs 2 on allotment and Rs 3 for the first call. They all fail to pay their arrears and the second call of Rs 2 per share and the directors, therefore, forfeited their shares. The shares are reissued subsequently for Rs 11 per share as fully paid. Journalise the transactions.
Gopal Ltd. was registered with an authorised capital of ₹ 50,00,000 divided into Equity Shares of ₹ 100 each . The company offered for public subscription all the shares . Public applied for 45,000 shares and allotment was made to all the applicants. All the calls were made and were duly received except the final call of ₹ 20 per share on 500 shares.
Prepare the Balance Sheet of the company showing the different types of share capital.
Himmat Ltd has authorised share capital of ₹ 50,00,000 divided into 5,00,000 Equity Shares of ₹ 10 each . It has existing issued and paid up capital of ₹ 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:
| On Application: | ₹ 3 |
| On Allotment: | ₹ 4 and |
| On Call: | Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly received.
Show share capital of the company in the Balance Sheet of the Company.
Hema Ltd. invited applications for 10,000 shares of ₹ 100 each payable as follows:
₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and the balance on final call.
All the shares were applied and allotted. All the money was duly received.
You are required to Journalise these transactions.
Modern Marbles Ltd. was registered with an authorised capital of ₹10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and, 2,500 Preference Shares of ₹100 each. 1,000 Equity Shares and 500; 9% Preference Shares were offered to public on the following terms – Equity Shares payable ₹10 on application, ₹40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹50 on first and final call. All the shares were applied for and allotted . Amount due was duly received. Prepare Cash Book and pass necessary Journal entries to record the above issue of shares and show how the Share Capital will appear in the Balance Sheet.
That part of capital which is uncalled capital of the company and can be called up only in the event of its winding up of a company is ________.
Which is the maximum amount of capital a company can issue ______.
Authorized share capital is also known as ______.
A company forfeited 4,000 shares of ₹ 10 each on which application money of ₹ 3 has been paid. Out of these 2,000 shares were reissued as fully paid up and ₹ 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued:
Gama Chemicals Ltd. is a newly formed company. How much discount per share can it allow for issuing its shares to the public?
When full amount is due on any call but it is not received, then the short fall is debited to ______.
