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प्रश्न
Shyam Ltd. invited applications for issuing 80,000 Equity Shares of Rs 10 each at a premium of Rs 40 per share. The amount was payable as follows:
On Application Rs 35 per share (including Rs 30 Premium)
On Allotment Rs 8 per share (including Rs 4 Premium)
On First and Final Call − Balance
Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Satyam the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Satyam.
Pass necessary Journal Entries for the above transactions in the books of Shyam Ltd.
उत्तर
|
Book of Shaym Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c To Share Application (Share Application received for 77,000 shares at Rs 35 per share)
Share Application A/c To Equity Share Capital A/c To Securities Premium A/c (Share Application of 77,000 shares transferred to equity share capital and securities premium)
Share Allotment A/c To Equity Share Capital A/c To Securities Premium A/c (Share Allotment due on 77,000 shares)
Bank A/c Calls-in-Arrears A/c To Share Allotment A/c (Share allotment received from all allotted shares except 7,000 shares)
Equity Share Capital A/c Securities Premium A/c To Share Forfeiture A/c To Calls-in-Arrears A/c (7,000 shares Rs 9 called-up forfeited for the non-payment of allotment)
Share First and Final Call A/c To Equity Share Capital A/c To Securities Premium A/c (Share first and final call due on 70,000 shares)
Bank A/c Calls in Arrears A/c To Share First and Final Call A/c (Share First and Final Call received on all shares except 500 shares)
Equity Share Capital A/c Securities Premium A/c To Share Forfeiture A/c To Calls in Arrears A/c (500 Shares forfeited for the no non-payment of First and Final Call)
Bank A/c To Equity Share Capital A/c To Securities Premium A/c (1,000 shares of Rs 10 each re-issued at premium of Rs 40 per share)
Share Forfeiture A/c To Capital Reserve A/c (Share forfeiture of 1,000 shares transferred to Capital Reserve) |
Dr.
Dr.
Dr.
Dr. Dr.
Dr. Dr.
Dr.
Dr. Dr.
Dr. Dr.
Dr.
Dr. |
|
26,95,000
26,95,000
6,16,000
5,60,000 56,000
63,000 28,000
4,90,000
486,500 3,500
5,000 3,000
50,000
7,000 |
26,95,000
3,85,000 23,10,000
3,08,000 3,08,000
6,16,000
35,000 56,000
70,000 4,20,000
4,90,000
4,500 3,500
10,000 40,000
7,000 |
Satyam Shares
|
Share Forfeiture |
Rs 9 |
Credit per share |
|
Share Forfeiture on reissue |
Nil |
Debit per share |
|
|
Rs 9 |
Credit |
Capital Reserve of 500 share of Satyam
= 500 × Share forfeiture per share
= 500 × 9
= Rs 4,500
Sundram
|
Share Forfeiture |
Rs 5 |
Credit per share |
|
Share Forfeiture on reissue |
Nil |
Debit per share |
|
|
Rs 5 |
Credit per share |
|
|
|
|
Capital Reserve of 500 shares = Share forfeiture × No. of share reissue
= 5 × 500
= Rs 2,500
Total amount transferred to Capital Reserve for 1,000 shares
= Rs 4,500 + 2,500
= Rs 7,000
APPEARS IN
संबंधित प्रश्न
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 2 per share
On first and final call - The balance
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted; paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:
(1) Rs 2,25,000
(2) Rs 2,20,000
(3) Rs 2,21,000
(4) Rs 2,19,500
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of favourable market conditions, the issue was over-subscribed and applications for 15,00,000 shares were received
Suggest the alternatives available to the Board of Directors for the allotment of shares.
'Samta Limited' invited applications for issuing 6,750 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share
On first and final call - Rs 2 per share
The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with an application. The amount received with applications was:
(a) Rs 16,750
(b) Rs 16,000
(c) Rs 19,250
(d) Rs 22,875
Pass necessary journal entries in the following cases
Jain Ltd. converted 2,000, 12% debentures of Rs 100 each issued at an into equity share of Rs 100 each issued at a premium of 25%.
Pass necessary journal entries in the Given cases :
Sunrise Ltd. converted 500, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of Rs 25%.
Madhav Ltd. issued fully paid equity shares of Rs 80 each at a discount of Rs 5 per share for the purchase of a running business from Gupta Bros. for a sum of Rs 15,00,000. The assets and liabilities consisted of the following : Plant Rs 5,00,000; Trucks Rs 7,00,000; Stock Rs 3,00,000; Machinery Rs 6,00,000 and Sundry Creditors Rs 5,00,000. You are required to pass necessary journal entries for the above transactions in the books of Madhav Ltd.
Khandelwal Co. Ltd. made an issue of 40,000 equity shares of Rs. 20 each, payable as follows:
Application: Rs. 5 per share
Allotment: Rs. 10 per share.
First Call: Rs. 3 per share.
Second and Final Call: Rs. 2 per share.
The company received applications for 45,000 shares of which applications for 5,000 shares were rejected and the money refunded. All the shareholders paid up to the second call except Sachin, the allottee of 2,000 shares, failed to pay the final call.
Pass Journal Entries for the above transactions in the books of Khandelwal Co. Ltd.
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:
On Allotment Rs 4 per share.
On First and Final Call Rs 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
CategoryNo. of Shares AppliedNo. of Shares Allotted
I 1,60,000 80,000
ii 80,000 20,000
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required.
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
(a) The Debt-Equity ratio of a company is 1 : 2. State with reason which of the following transactions would (i) increase; (ii) decrease or (iii) not change the ratio:
(1) Issued equity shares of Rs 1,00,000.
(2) Obtained a short-term loan from bank Rs 1,00,000.
(b) From the following information compute 'Total Assets to Debt Ratio:
| Rs. | |
| Long Term Borrowings Long Term Provisions Current Liabilities Non-Current Assets Current Assets |
3,00,000 1,50,000 75,000 5,40,000 1,35,000 |
X Ltd. issued 40,000 Equity shares of Rs 10 each at a premium of Rs 2.50 per share.
The amount was payable as follows:
On Application- Rs 2 per share
On Allotment- Rs 4.50 per share (Including premium) and on call- 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His share were forfeited after the call.
Pass the necessary Journal entries in the books of X Ltd. for the above transaction.
Janta Ltd., invited application for issuing 2,00,000 equity share of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share
On Allotment Rs 3 per share
On First and final call-balance amount
The issue was undersubscribed to the extent of 20,000 shares. Shares were allotted to all the application. All calls were made and were dully received. ‘A’ to whom 1,500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1,200 share were allotted paid the full amount due at the time of allotment. The share on which allotment and call money was not received were forfeited. The forfeited shares were re-issued at Rs 8 per share fully paid up.
Pass necessary journal entries in the books of Janta Ltd., for the above transaction.
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
The companies and can buy its own shares from either of the following?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
What is the amount that will be transferred to the securities premium account?
Assertion (A): A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹ 10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹ 2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.
Reason (R): Reserve Capital can be called up only at the time of winding up of the company.
