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प्रश्न
Star Ltd. is registered with capital of ₹ 50,00,000 divided into 50,000 equity shares of ₹ 100 each, The Company issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due amount was duly received, except the first and final call of ₹ 20 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of the company.
उत्तर
In the books of Star Ltd.
An Extract of Balance Sheet
As at ……….
|
Particulars |
Note No. |
Amount |
| I. Equity And Liabilities Shareholders’ Funds |
|
|
| Share Capital |
1 |
23,63,000 |
Notes to Accounts:
|
Note No. |
Particulars |
|
Amount |
| 1. | Share Capital |
|
|
| Authorised Capital |
|
|
|
| 50,000 equity shares of ₹100 each |
|
50,00,000 |
|
| Issued Capital |
|
|
|
| 25,000 shares of ₹100 each |
|
25,00,000 |
|
| Subscribed Capital |
|
|
|
| 23,750 shares of ₹100 each |
23,75,000 |
|
|
| Less: Calls-in-Arrears (600 × 20) |
12,000 |
23,63,000 |
|
|
|
23,63,000 |
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संबंधित प्रश्न
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.
Long Answer Question
State clearly the conditions under which a company can issue shares at a discount.
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.
Himalaya Company Limited issued for public subscription of 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share payable as under :
|
With Application |
Rs 3 per share |
|
On allotment (including premium) |
Rs 5 per share |
|
On First call |
Rs 2 per share |
|
On Second and Final call |
Rs 2 per share |
Applications were received for 1,60,000 shares. Allotment was made on pro-rata basis. Excess money on application was adjusted against the amount due on allotment.
Rohan, whom 4,800 shares were allotted, failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at Rs 7 per share.
Record journal entries in the books of the company to record these transactions relating to share capital. Also show the company’s balance sheet.
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.
Alfa Limited invited applications for 4,00,000 of its equity shares of Rs 10 each on the following terms :
|
Payable on application |
Rs 5 per share |
|
Payable on allotment |
Rs 3 per share |
|
Payable on first and final call |
Rs 2 per share |
Applications for 5,00,000 shares were received. It was decided :
(a) to refuse allotment to the applicants for 20,000 shares;
(b) to allot in full to applicants for 80,000 shares;
(c) to allot the balance of the available shares’ pro-rata among the other applicants; and
(d) to utilise excess application money in part as payment of allotment money.
One applicant, whom shares had been allotted on pro-rata basis, did not pay the amount due on allotment and on the call, and his 400 shares were forfeited. The shares were reissued @ Rs 9 per share. Show the journal and prepare Cash book to record the above.
Ashoka Limited Company which had issued equity shares of Rs.20 each at a premium of Rs. 4 per share, forfeited 1,000 shares for non-payment of final call of Rs.2 per share. 400 of the forfeited shares were reissued at Rs.14 per share out of the remaining shares of 200 shares reissued at Rs.20 per share. Give journal entries for the forfeiture and reissue of shares and show the amount transferred to capital reserve and the balance in Share Forfeiture Account.
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.
The authorised capital of ₹ 16,00,000 of Bharat Ltd. is divide into 1,60,000 Equity Shares of ₹ 10 each. Out of these shares, 80,000 Equity Shares were issued at par to public for subscription. The full nominal value is payable on application. All the shares were subscribed by the public and total amount was paid for. Pass necessary journal entries in the books of the company.
Marigold Ltd . was registered with the authorized capital of ₹ 3,00,000 divided into 3,000 shares of ₹ 100 each, which were offered to the public . Amount payable as ₹ 30 per share on application , ₹ 40 per share on allotment and ₹ 30 per share on first and final call . These shares were fully subscribed and all money was dully received . Prepare journal and Cash Book.
Authorized capital of Suhani Ltd . is ₹ 45,00,000 divided into 30,000 shares of ₹ 150 each . Out of these company issued 15,000 shares of ₹ 150 each at a premium of ₹ 10 per share . the amount was payable as follows:
₹ 50 per share on application , ₹ 40 per share on allotment (including premium ), ₹ 30 per share on firs t call and balance on final call . Public applied for 14,000 shares. All the money was duly received .
Prepare an extract of Balance Sheet of Suhani Ltd . as per Schedule III , Part I of the companies Act, 2013 disclosing the above information . Also prepare 'Notes to Accounts ' for the same.
Capital raised by issue of shares is called ______.
Authorized share capital is also known as ______.
The owners of a company are called ______.
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 ______.
Assertion (A): A share is a fractional part of the share capital and forms the basis of ownership interest in a company.
Reason (R): Shares refer to the units into which the total share capital of a company is divided.
