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प्रश्न
Sony Media Ltd.issued 50,000 shares of ₹ 10 each payable ₹ 3 on application , ₹ 4 on allotment and balance on first and final call . Applications were received for 1,00,000 shares and allotment was made as follows :
(i) Applicants for 60,000 shares were allotted 30,000 shares,
(ii) Applicants for 40,000 shares were allotted 20,000 shares,
Anupam to whom 1,000 shares were allotted from category
(i) failed to pay the allotment money.
Pass journal entries up to allotment .
उत्तर
Journal
| Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) | |
| Bank A/c (1,00,000 × 3) | Dr. | 3,00,000 | |||
| To Share Application A/c | 3,00,000 | ||||
| (Received application money on 1,00,000 shares) | |||||
| Share Application A/c | Dr. | 3,00,000 | |||
| To Share Capital A/c (50,000 × 3) | 1,50,000 | ||||
| To Share Allotment A/c | 1,50,000 | ||||
| (Transfer of application money to Share Capital) | |||||
| Share Allotment A/c (50,000 × 4) | Dr. | 2,00,000 | |||
| To Share Capital A/c | 2,00,000 | ||||
| Allotment due on 50,000 shares) | |||||
| Bank A/c (W.N. 1) | Dr. | 49,000 | |||
| To Share Allotment A/c | 49,000 | ||||
| (Allotment money received after adjustment of excess on application and arrears) | |||||
Working Notes:
1) Computation of amount received on allotment:
| Allotment due (50,000 × 4) | = | Rs. 2,00,000 |
| Less: Amount received on application in excess (on 50,000 shares @ Rs . 3 each) | = | Rs. 1,50,000 |
| Rs. 50,000 | ||
| Less: Amount due but not received on shares of Anupam | 1,000 | |
| Rs. 49,000 |
2) Calculation of Amount not Received on the shares of Anupam
Shares alloted to Anupam = 1000
Shares applied by Anuoam = `1000 xx 60000/30000 = 2000`
| Amount due on allotment of Anupam's Share (4 × 1,000) | = | 4,000 |
| Less: Excess received on application (3 × 2,000 – 3 × 1,000) | = | 3,000 |
| 1,000 |
APPEARS IN
संबंधित प्रश्न
State the preliminary steps in the issue of shares
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Applications were received for 60,000 shares and the directors allotted the shares as follows:
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| On Second and Final Call |
----- |
Balance Amount |
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Applications were received for 80,000 shares.
All sums were duly received except the following:
Lakhan, a holder of 200 shares did not pay allotment and call money.
Paras, a holder of 400 shares did not pay call money.
The company, forfeited the shares of Lakhan and Paras. Subsequently the forfeited shares were reissued for ₹ 80 per share as fully paid-up . Show the entries for the above transactions in the Cash Book and journal of the company
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Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money.
All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for ₹ 9 per share.
You are required to set out the Journal entries and the relevant entries in the Cash Book.
Prince Limited issued a prospectus inviting applications for 20,000 equity shares of ₹10 each at a premium of ₹ 3 per share payable as follows:
| With application | --- | ₹2, |
| On allotment (including premium) | --- | ₹5, |
| On first call | --- | ₹3, |
| On second call | --- | ₹3. |
Applications were received for 30,000 shares and allotment was made on pro rata basis. Money overpaid on application s 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 ₹ 9 per share , the whole of Mr Mohit's shares being included.
XYZ Ltd. invited applications for issuing 50,000 Equity Shares of ₹10 each . The amount was payable as:
| On application | --- | ₹ 3 per share, |
| On allotment | --- | ₹ 4 per share, |
| On first and final call | --- | ₹ 3 per share. |
Applications were received for 75,000 shares and pro rata allotment was made as:
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Shamu, who had applied for 700 shares out of the group applying for 35,000 shares , failed to pay the first and final call . His shares were also forfeited. Out of the forfeited shares, 1,000 shares were reissued @ Applicants for 40,000 shares were allotted 30,000 shares on pro rata basis. 8 per share as fully paid-up. The reissued shares included all the forfeited shares of Shamu.
Pass necessary Journal entries to record the above transactions.
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Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis.
Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis.
Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment . Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call . His shares were also forfeited.
Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ ₹ 8 per share . The reissued shares included all the forfeited shares of Bajaj.
Give necessary journal entries to record the above transactions.
Write short note on procedure for transfer of shares
Explain the procedure for issue of shares.
Which is part of authorized capital?
Anish Ltd. issued a prospectus inviting applications for 2,000 shares. Applications were received for 3,000 shares and pro-rata allotment was made to the applicants of 2,400 shares. If Dhruv has been allotted 40 shares, how many shares he must have applied for?
