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प्रश्न
VXN Ltd invited application for issuing 50,000 equity shares of 10 each as a premium of 8 per share. The amount was payable as follows :
On Application: Rs 4 per share (including Rs 3 premiums)
On Allotment: Rs 6 per share (including Rs 3 premiums)
On First Call: Rs 5 per share (including Rs 1 premium)
On second and final Call: Balance Amount
The issue was fully subscribed Gopal a shareholder holding 200 shares did not pay the allotment money and Madhav, a holder of 400 shares paid his entire share money along with the allotment money. Gopal’s Shares were immediately forfeited after allotment, Afterwards, the first call was made Krishna, a holder of 100 shares, failed to pay the first call money and Giridhar, a holder of 300 shares, paid the second call money also along with the first call. Krishna’s shares were forfeited immediately after the first call. A second and final call was made afterwards and was duly received. All the forfeited shares were reissued at Rs 9 per share fully paid up.
Pass necessary journal entries for the above transaction in the books of the company.
उत्तर
| Journal | ||||
| Date | Particulars | L.F |
Debit Rs |
Credit Rs |
|
Bank A/c (50,000 x 4) Dr To Equity Share Application A/c (Received application money on 50,000 shares) Equity Share Application A/c Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Transfer of application money to Share Capital) Equity Share Allotment A/c (50,000 x 6) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Allotment due on 50,000 shares ) Bank A/c (49,800 x 6) + (400 x 8) Dr To Equity Share Allotment A/c (49,800 x 6) To Calls-in-Advance A/c (400 x 8) (Allotment money received) Equity Share Capital A/c (200 x 5) Dr. Securities Premium Reserve A/c (200 x 3) Dr To Equity Share Allotment A/c (200 x 6) To Equity Share Forfeiture A/c (200 x 2) (Forfeiture of 200 shares for non-payment of allotment Equity Share First Call A/c (49,800 x 5) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Call money due on 49,800 shares) Bank A/c (49,700 x 5) − 2,000 + 900 Dr Calls-in-Advance A/c (400 x 5)-Adjustment of Previous Dr Receipts To Calls-in-Advance A/c (300 x 3) To Equity Share First Call A/c (Received call money) Equity Share Capital A/c (100 x 9) Dr Securities Premium Reserve A/c (100 x 1) To Equity Share First Call A/c (100 x 5) To Equity Share Forfeiture A/c (100 x 5) (Forfeiture of 100 shares for non-payment of call money) Equity Share Second and Final Call A/c (49,700 x 3) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Call money due on 49,700 shares) Bank A/c Dr Calls-in-Advance A/c (1,200 + 900)- Adjustment To Equity Share Second and Final Call A/c (Received call money on shares) Bank A/c (300 x 9) Dr Equity Share Forfeiture A/c To Equity Share Capital A/c (Re-issue of 300 shares at Rs 9 per share) Equity Share Forfeiture A/c (400 + 500 − 300) Dr To Capital Reserve A/c (Profit on re-issue transferred to Capital Reserve Account) |
2,00,000
2,00,000
3,00,000
3,02,000
1,000 600
2,49,000
2,47,400 2,000
900 100
1,49,100
1,47,000 2,100
2,700 300
600
|
2,00,000
1,00,000 1,00,000
1,50,000 1,50,000
2,98,800 3,200
1,200 400
1,99,200 49,800
900 2,48,500
500 500
49,700 99,400
1,49,100
3000
600
|
||
संबंधित प्रश्न
Disha Ltd purchased machinery from Nisha Ltd. and paid to Nisha Ltd. as follows :
1) By issuing 10,000 equity shares of Rs 10 each at a premium of 10%
2) By issuing 200, 9% debentures of Rs 100 each at a discount of 10%.
3) Balance by accepting a bill of exchange of Rs 50,000 payable after one month.
Pass necessary journal entries in the books of Disha Ltd. for the purchase of machinery and making payment to Nisha Ltd.
Pass necessary journal entries in the following cases
Jain Ltd. converted 2,000, 12% debentures of Rs 100 each issued at an into equity share of Rs 100 each issued at a premium of 25%.
Pass necessary journal entries for the following transactions in the books of Gopal Ltd:
Purchased a running business from Aman Ltd, for a sum of Rs 15,00,000. The payment of Rs 12,00,000 was made by issue of fully paid equity shares of Rs 10 each and balance by a bank draft. The assets and liabilities consisted of the following: Plant Rs 3,50,000; Stock Rs 4,50,000; Land and Building Rs 6,00,000; Sundry Creditors Rs 1,00,000
Madhav Ltd. issued fully paid equity shares of Rs 80 each at a discount of Rs 5 per share for the purchase of a running business from Gupta Bros. for a sum of Rs 15,00,000. The assets and liabilities consisted of the following : Plant Rs 5,00,000; Trucks Rs 7,00,000; Stock Rs 3,00,000; Machinery Rs 6,00,000 and Sundry Creditors Rs 5,00,000. You are required to pass necessary journal entries for the above transactions in the books of Madhav Ltd.
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:
On Allotment Rs 4 per share.
On First and Final Call Rs 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
CategoryNo. of Shares AppliedNo. of Shares Allotted
I 1,60,000 80,000
ii 80,000 20,000
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required.
Shyam Ltd. invited applications for issuing 80,000 Equity Shares of Rs 10 each at a premium of Rs 40 per share. The amount was payable as follows:
On Application Rs 35 per share (including Rs 30 Premium)
On Allotment Rs 8 per share (including Rs 4 Premium)
On First and Final Call − Balance
Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Satyam the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Satyam.
Pass necessary Journal Entries for the above transactions in the books of Shyam Ltd.
On the basis of the following information, calculate:
(i) Debt-Equity Ratio and
(ii) Working Capital Turnover Ratio
Information
|
Particulars |
Amount Rs |
|
Net Sales |
60,00,000 |
|
Cost of goods sold |
45,00,000 |
|
Other current assets |
11,00,000 |
|
Current liabilities |
4,00,000 |
|
Paid up share capital |
6,00,000 |
|
6% Debentures |
3,00,000 |
|
9% Loan |
1,00,000 |
|
Debentures Redemption Reserve |
2,00,000 |
|
Closing Stock |
1,00,000 |
Ashish Ltd. Invited applications for issuing 75,000 Equity Shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share.
On Allotment Rs 2 per share
On First and Final Call − Balance
Applications for 1,50,000 shares were received. Applications for 25,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 1250 shares failed to pay allotment and first and final call money. Dev did not pay the first and final call on his 100 shares. All these share were forfeited and later on 1000 of these share were re-issued at Rs 17 per shares fully paid up. The re-issued shares included all the shares of Suman.
Pass necessary Journal Entries for the above transactions in the books of Ashish Ltd.
Janta Ltd., invited application for issuing 2,00,000 equity share of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share
On Allotment Rs 3 per share
On First and final call-balance amount
The issue was undersubscribed to the extent of 20,000 shares. Shares were allotted to all the application. All calls were made and were dully received. ‘A’ to whom 1,500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1,200 share were allotted paid the full amount due at the time of allotment. The share on which allotment and call money was not received were forfeited. The forfeited shares were re-issued at Rs 8 per share fully paid up.
Pass necessary journal entries in the books of Janta Ltd., for the above transaction.
What is ‘Equity Share’?
The companies and can buy its own shares from either of the following?
HR Limited issued 10,000 equity shares @ ₹ 10 each at 10% premium. All shares were subscribed and amount was received. Identity the amount to be transferred to Securities Premium Reserve A/c.
Based on the below information, you are required to answer the following question:
|
Nidiya Limited was incorporated on 1st April 2017 with a registered office in Mumbai. The capital clause of the memorandum of Association reflected a registered capital of 8,00,000 equity shares of ₹ 10 each and 1,00,000 preference shares of ₹ 50 each. Since some large investments were required for building and machinery the company in consultation with vendors, M/s VPS Enterprises, issued 1,00,000 equity shares and 20,000 preference shares at par with them in full consideration of assets acquired. Besides this, the company issued 2,00,000 equity shares for cash at par payable as ₹ 3 on application, 2 on the allotment, 3 on the first call and 2 on the second call. Till date, the second call has not yet been made and all the shareholders have paid except Mr. Ajay who did not pay allotment and calls on his 300 shares and Mr. Vipul who did not pay the first call on his 200 shares. Shares of Mr. Ajay were then forfeited and out of the 100 shares were reissued at ₹ 12 per share. |
How many equity shares of the company have been subscribed?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
What is the amount that will be transferred to the securities premium account?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
How much money is still not paid up on the allotted shares?
Assertion (A): A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹ 10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹ 2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.
Reason (R): Reserve Capital can be called up only at the time of winding up of the company.
