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प्रश्न
The following balances have been extracted from the books of Vanity Ltd. as at 31st March, 2017:
Trial Balance as at 31st March, 2017
| Particulars | Debit | Credit |
| Equity Share Capital (5,000 shares of ` 100 each fully paid) | 5,00,000 | |
| Fixed Assets | 7,30,000 | |
| Reverses and Surplus | 2,00,000 | |
| Inventories | 50,000 | |
| Cash and Bank Balances | 1,70,000 | |
| Creditors | 40,000 | |
| Bills Payable | 20,000 | |
| Underwriting Commission on issue of shares | 10,000 | |
| 5% Debentures (1/5 of the Debentures to be redeemed on 31st March, 2018) | 2,00,000 | |
| Proposed Dividend | 12,000 | |
| Interest accrued and due on 5% Debentures | 8,000 | |
| Trade Receivables | 20,000 | |
| Total | 9,80,000 | 9,80,000 |
उत्तर
| I | Particulars | Note No. | 31.03.2017 | 31.03.2016 |
| 1 |
EQUITY AND LIABILITIES Shareholders’s Funds (a) Share Capital (b) Reserves and Surplus |
1
1
2 |
5,00,000
1,90,000 |
|
| 2 |
Non-Current Liabilities Long Term Borrowing (10% Debentures) |
3 | 1,60,000 | |
| 3 |
Current Liabilities (a) Trade Payables 4 (b) Other Current Liabilities 5 (c) Short Term Provisions |
4
5 6 |
60,000 48,000 12,000
|
|
|
TOTAL |
|
9,70,000 |
| II | ASSETS | |||
| 1 |
Non-Current Assets Fixed Assets |
7,30,000 | ||
| 2 |
Current Assets (a) Inventories (b) Trade Receivables (c) Cash and Bank Balances |
50,000 20,000 1,70,000
|
||
| TOTAL | 9,70,000 |
Notes
Notes to Accounts:
| Particulars | 31.03.2017 | 31.03.2016 |
|
1. Share Capital Authorized Capital .... Equity Shares @ 100 ....... Issued Capital (—) .... Equity Shares @ 100 (—) ....... Subscribed Capital Subscribed and fully paid up 5000 Equity Shares @ ` 100 |
(—) (—) |
... ...
5,00,000 |
|
2. Reserves and Surplus Less Under writing commission |
2,00,000 (10,000) |
1,90,000 |
| 3. Long term borrowings 5% Debentures | 1,60,000 | |
|
4. Trade Payable Creditors Bills Payable |
40,000 20,000 |
|
|
5. Other Current Liabilities Current Maturity of Long Term Debts -5% Debentures Interest Accrued and Due on 5% Debentures |
40,000 8,000
|
|
|
6. Short Term Provisions Proposed Dividend |
12,000 |
APPEARS IN
संबंधित प्रश्न
Pass necessary journal entries for the following transactions in the books of Rajan Ltd.:
(a) Rajan Ltd. purchased machinery of Rs.7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of Rs.100 each at 10% discount.
(b) Rajan Ltd purchased a running business from Vikas Ltd. for a sum of Rs.2,50,000 payable as Rs.2,20,000 in fully paid equity shares of Rs.10 each and balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery Rs.90,000; Building Rs.90,000; Sundry Debtors Rs.30,000; Stock Rs.50,000; Cash Rs.20,000; Sundry Creditors Rs.20,000.
State any three purposes other than 'issue of bonus shares' for which securities premium can be utilized.
What is the basis of preparing Receipt and Payment Account?
Answer briefly of the following question :
What is the minimum price at which a company can reissue its forfeited shares which were originally issued
at par?
Modern Chemicals Co. Ltd. made an issue of 60,000 shares of Rs. 20 each payable as follows :
On application Rs. 5 per share
On allotment Rs. 5 per share
On first call Rs. 4 per share
On second call Rs. 3 per share
The company received applications for 65,000 shares of which applications for 5,000 shares were
rejected and money refunded.
All the shareholders paid up to second call except one shareholder, Mr. Bhupendra, the allotee of
100 shares, who did not pay the amount of the second call.
Give Journal Entries in the books of Modern Chemicals Co., Ltd.
Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you.
|
Particulars |
Amount |
Amount |
|
Sundry Debtors Sundry Creditors Bank overdraft Stock Cash in hand Bills receivable Furniture Motor Van Computer 10% Govt. Bonds |
45,000 60,000 80,000 65,000 2,000 60,000 10,000 80,000 60,000 − |
50,000 70,000 40,000 80,000 8,000 80,000 10,000 80,000 1,20,000 10,000 |
Adjustments:
(1) On 1st October, 2009 Mr. Prabhakar had withdrawn Rs. 40,000 for his personal use.
(2) 10% Government Bonds were purchased of Rs. 10,000 on 1st October, 2009.
(3) He had also withdrawn Rs. 30,000 for his daughter's marriage.
(4) Depreciate furniture by 10% and write off Rs. 2,000 from motor van.
(5) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on debtors.
(6) Allow interest on capital at 10% p.a.
(7) Charge interest on drawings Rs. 2,000.
Prepare after taking into consideration the adjustments:
Closing statement of affairs of 31.3.2010.
Answer in one Sentence only :
Define securities premium.
State, whether the following statements is True or False.
Shares are issued for cash only.
Paradise Ltd. purchased assets of ₹ 4,40,000 from Suguna Furniture Ltd. It issued equity shares of ₹ 10 each fully paid in satisfaction of their claim. What entries will be made if such issue is:
- at par and
- a premium of 10%.
An extract of the Balance Sheet of Nova Ltd. shows:
| Particulars | 31.03.2023 (₹) | 31.03.2022 (₹) |
| Share Capital (Equity shares @ ₹ 10 each) | 8,00,000 | 5,00,000 |
| Securities Premium | 70,000 | 1,70,000 |
During the year 2022-23, the company raised its share capital by issuing bonus shares to the shareholders at the beginning of the year in the ratio of 1 : 5 (one bonus share was issued for every five equity shares). The balance shares were issued for cash to the public.
How many shares were issued for cash by the company?
