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प्रश्न
Viswanath Furniture Ltd. invited applications for 20,000 shares of ₹ 10 each at a premium of 2 per share payable?
₹ 2 On application
₹ 5 (including premium) on the allotment
₹ 5 On the first and final call
There were oversubscription and applications were received for 30,000 shares and the excess applications were rejected by the directors. Pass the journal entries.
उत्तर
| Rs. | |
| Application money received (30,000 × Rs. 2) | 60,000 |
| Less: Actual application money due (20,000 × Rs. 2) | 40,000 |
| Refund on rejected application (10,000 × Rs. 2) | 20,000 |
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| (1) | Bank A/c (30,000 x Rs. 2) Dr. To Share Application A/c [Applicaiton money received] |
60,000 | 60,000 | |
| (2) | Share application A/c Dr. To Share capital A/c To Bank A/c [Application money tranferred & refund on rejected application] |
60,000 | 40,000 20,000 |
|
| (3) | Share Allotment A/c (20,000 x Rs.5) Dr. To share capital A/c (20,000 x Rs. 2) To Securities premium A/c (20,000 x Rs.2) [Allotment money due including premium] |
1,00,000 | 60,000 40,000 |
|
| (4) | Bank A/c Dr. To Share allotment A/c [Allotment money received] |
1,00,000 | 1,00,000 | |
| (5) | Share I & final call A/c (20,000 x Rs.5) Dr. To Share capital A/c [call money due] |
1,00,000 | 1,00,000 | |
| (6) | Bank A/c Dr. To share I & final call A/c [call money received] |
1,00,000 | 1,00,000 |
APPEARS IN
संबंधित प्रश्न
Sampath company issued 25,000 shares at ₹ 10 per share payable ₹ 3 on the application, ₹ 4 on allotment; ₹ 3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.
Saranya Ltd. issued 20,000 equity shares of ₹ 10 each to the public at par. The details of the amount payable on the shares are as follows:
On application – ₹ 3 per share
On allotment – ₹ 4 per share
On first and final call – ₹ 3 per share
Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
Write a short note on the securities premium account.
Write a brief note on calls in advance.
What is a reissue of forfeited shares?
Gaja Lid issued 40,000 shares of ₹ 10 each of the public payable ₹ 2 on the application, ₹ 5 on the allotment, and ₹ 3 on the first and final call. The application was received for 50,000 shares. The Directors decided to allot 40,000 shares on a pro-rata basis and a surplus of application money was utilized for allotment. Pass journal entries assuming that the amount due was received.
Lalitha Ltd. offered 30,000 equity shares ₹10 each to the public payable ₹ 2 per share on the application, ₹ 3 on share allotment, and the balance when required. Applications for 50,0 shares were received on which directors allotted as:
Applicants for 10,000 shares Full
Applicants for 35,000 shares 20,000 shares (excess money will be utilized for allotment
Applicants for 5,000 shares Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
Lakshmi was holding 50 hares of ₹ 10 each on which he paid ₹ 2 on application but could not pay ₹ 4 on the allotment and ₹ 2 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
Nivetha Ltd. forfeited 1,000 equity shares of ₹ 10 each for non-payament of call of ₹ 4 per share. Of these 800 shares were reissued @ ₹ 7 per share. Pass journal entries for forfeiture and reissue?
Kasthuri Ltd. had allotted 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 each to applicants of 30,000 shares on a pro rata basis. The amount payable was ₹ 3 on application, ₹ 5 on allotment (including premium of ₹ 2 each) and ₹ 2 on first call and ₹ 2 on final call. Subin, a shareholder, failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them, 400 shares were reissued @ ₹ 8 per share. Pass necessary journal entries.
