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प्रश्न
U.P. Sugar Works Ltd. was registered on 1st January, 2019 with an authorised capital of ₹ 15,00,000 divided into 15,000 shares of ₹ 100 each. The company issued on 1st April, 2019, 5,000 shares of ₹ 100 each at a premium of ₹ 5 per share payable ₹ 25 per share on application , ₹ 30 (including premium) on allotment and the balance in two equal installments of ₹ 25 each on 1st July and 1st October respectively. All the allotments and call moneys were paid when due, except in case of one shareholder who failed to pay the final call on 100 shares held by him. His shares were forfeited on 1st November after giving him a due notice. Show necessary entries in the books of the company to record these transactions.
उत्तर
Authorised capital 15,000 shares of 100 each
Issued and applied capital 5,000 shares of ₹ 100 each at a premium ₹ 5
|
Application |
= |
₹ 25 |
|
|
Allotment |
= |
₹ 30 |
(25+5) |
|
First Call |
= |
₹ 25 |
|
|
Final Call |
= |
₹ 25 |
|
|
|
|
105 |
(100+5) |
Books of U.P. Sugar Works Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
2019 |
|
|
|
|
|
|
Apr. 01 |
Bank A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Application A/c |
|
|
1,25,000 |
|
|
|
(Share application money received for 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
Apr. 01 |
Share Application A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
Apr. 01 |
Share Allotment A/c |
Dr. |
|
1,50,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
To Securities Premium A/c |
|
|
25,000 |
|
|
|
(Share allotment due on 5,000 shares at ₹ 30 each including ₹ 5 premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,50,000 |
|
|
|
To Share Allotment |
|
|
1,50,000 |
|
|
|
(Share allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
Jul. 01 |
Share First Call A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share first call due on 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share First Call A/c |
|
|
1,25,000 |
|
|
|
(Share first call money received) |
|
|
|
|
|
|
|
|
|
|
|
|
Oct 01 |
Share Final Call A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share final call due on 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,22,500 |
|
|
|
Calls-in-Arrear A/c |
Dr. |
|
2,500 |
|
|
|
To Share Final Call A/c |
|
|
1,25,000 |
|
|
|
(Share final call ₹ 25 each received for 4,900 shares and a holder of 100 share failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
|
Nov. 01 |
Share Capital A/c (100 × 100) |
Dr. |
|
10,000 |
|
|
|
To Share Forfeiture A/c (100 × 75) |
|
|
7,500 |
|
|
|
To Calls-in-Arrear A/c (100 × 25) |
|
|
2,500 |
|
|
|
(100 shares forfeited for the non-payment of final call) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
The Orient Company Limited offered for public subscription 20,000 equity shares of Rs 10 each at a premium of 10% payable at Rs 2 on application; Rs 4 on allotment including premium; Rs 3 on First Call and Rs 2 on Second and Final call. Applications for 26,000 shares were received. Applications for 4,000 shares were rejected. Pro-rata allotment was made to the remaining applicants. Both the calls were made and all the money were received except the final call on 500 shares which were forfeited. 300 of the forfeited shares were later on issued as fully paid at Rs 9 per share. Give journal entries and prepare the balance sheet.
Bharat Ltd. was incorporated with a capital of ₹ 2,00,000 divided into shares of ₹ 10 each. 2,000 shares were offered for subscription and out of these, 1,800 shares were applied for and allotted. ₹ 3 per share (including ₹ 1 premium) was payable on application, ₹ 4 per share (including ₹ 1 premium) on allotment, ₹ 2 per share on first call and ₹ 3 per share on final call. All the money was received. Give necessary Journal entries and show share capital in the Balance Sheet.
Varun Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:
₹ 40 per share and ₹ 10 premium on allotment, and
₹ 50 per share and ₹ 10 premium on final payment.
Over-payments on application were to be applied towards amount due on allotment and over-payments on application exceeding amount due on allotment was to be returned. Issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received.
Pass necessary entries in the company's books to record the above transactions. Also, prepare company's Balance Sheet on completion of the above transactions.
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 .
The Kalyan Cotton Mills Ltd.was registered on 1st January,2011 with a capital of ₹10,00,000 divided into 1,00,000 shares of ₹ 10 each . The company issued 42,000 shares of which 40,000 shares were taken up by the public and ₹ 1 per share was received with application. On 1st February , these shares were allotted and ₹ 2 per share was duly received on 28th February as allotment money. A first call of ₹ 3 per share was made on 1st March and the call money on all shares with the exception of 100 shares was received . The final call of ₹ 4 per share was made on 1st June and the amount due, with the exception of 400 shares , was received by 30th June. Pass necessary journal ands Cash Book entries and prepare the Balance Sheet as at 30th June, 2011.
Star Ltd was registered with a capital of ₹ 5,00,000 in shares of ₹ 10 each and issued 20,000 such shares at a premium of ₹ 2 per share, payable as ₹ 2 per share on application, ₹ 5 per share on allotment (including premium) and ₹ 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money.
Pass journal entries to record the above transactions and show how they will appear in the company's Balance Sheet.
Better Prospect Ltd. acquired land costing ₹ 1,00,000 and in payment allotted 1,000 Equity Shares of ₹ 100 each as fully paid. Further, the company issued 4,000 Equity Shares to public . The shares were payable as: ₹ 30 on application ; ₹ 30 on allotment; ₹ 40 on first and final call.
Applications were received for all shares which were allotted . All the money was received except the call on 200 shares.
Pass journal entries and prepare Balance Sheet of the company.
Black Stone Ltd. issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 3 per share payable ₹ 5 on application, ₹ 5 (including premium) on allotment and the balance on first call. All the shares offered were applied for and allotted. All the money due on allotment was received except on 200 shares. Call was made. All the amount due thereon was received except on 300 shares. Directors forfeited 200 shares on which both allotment and call money were not received.
Pass necessary Journal entries to record the above.
A company issued 10,000 shares of the value of ₹ 10 each , payable ₹ 3 on application, ₹ 3 on allotment and ₹ 4 on the first and final call . All amounts are duly received except the call money on 100 shares . These shares are subsequently forfeited by Directors and are resold as fully paid-up for ₹ 500 .
Give necessary journal entries for the transactions.
New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased , 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application , ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call . The amounts received in respect of these shares were:
| On 6,000 shares | Full amount called, |
| On 1,250 shares | ₹ 4 per share, |
| On 500 shares | ₹ 3 per share, |
| On 250 shares | ₹ 2 per share. |
The Directors forfeited the 750 shares on which less than ₹ 4 had been paid . The shares were subsequently reissued at ₹ 3 per share .
Pass journal entries recording the above transactions and prepare the company's Balance Sheet.
Nitro Paints Ltd. invited applications for issuing 1,60,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share. The amount was payable as follows:
| On application | --- | ₹ 6 per share(including premium ₹1); |
| On allotment | --- | ₹ 3 per share(including premium ₹ 1); and |
| The balance | --- | on First and Final call. |
Applications for 1,80,000 shares were received .Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants.Over payment received on application was adjusted towards sums due on allotment . All calls were made and were duly received except allotment and final call from Aditya who was allotted 3,200 shares. His shares were forfeited . Half of the forfeited shares were reissued for ₹ 43,000 as fully paid-up .
Pass necessary journal entries for the above transactions in the books of Nitro Paints Ltd.
Super Star Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 2 per share , payable as:
| On application | --- | ₹ 3 per share (including ₹ 1 premium), |
| On allotment | --- | ₹ 4 per share (including ₹ 1 premium), |
| On first call | --- | ₹ 3 per share |
| On second and final call | --- | ₹ 2 per share. |
Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares . It was decided to utilise excess application money towards the amount due on allotment .
Ramesh, to whom 40 shares were allotted , failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Rajesh, who applied for 72 shares failed to pay the two calls and on such failure, his shares were forfeited .
Of the shares forfeited, 80 shares were sold to Krishan credited as fully paid-up for ₹ 9 per share, the whole of Ramesh's shares being included.
Give journal entries to record the above transactions ( including cash transactions).
Bharat Ltd . invited applications for issuing 2,00,000 Equity Shares of ₹ 10 each. The amount was payable as:
On application ₹ 3 per share , on allotment ₹ 5 per share and on first and final call ₹ 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants on the following basis:
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 type of capital will be written after the authorized capital in the balance sheet?
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?
