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प्रश्न
X Ltd. issued 40,000 Equity shares of Rs 10 each at a premium of Rs 2.50 per share.
The amount was payable as follows:
On Application- Rs 2 per share
On Allotment- Rs 4.50 per share (Including premium) and on call- 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His share were forfeited after the call.
Pass the necessary Journal entries in the books of X Ltd. for the above transaction.
उत्तर
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Analysis Table |
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Shares Applied (I) |
Shares Allotted (II) |
Application money received at Rs 2 per share (III) |
Application money transferred to share capital A/c (IV = III - IV) |
Excess Application Money (V) |
Share Allotment Due (VI) |
Amount Utilised on allotment (VII) |
Excess amount refunded (VI - VII) |
|
20,000 |
10,000 |
20,000 × Rs 2 = 40,000 |
10,000 × Rs 2 = 20,000 |
20,000 |
10,000 × Rs 4.50 = 45,000 |
20,000 |
- |
|
56,000 |
14,000 |
56,000 × Rs 2 = 1,12,000 |
14,000 × Rs 2 = 28,000 |
84,000 |
14,000 × Rs 4.50 = 63,000 |
63,000 |
21,000 |
|
48,000 |
16,000 |
48,000 × Rs 2 = 96,000 |
16,000 × Rs 2 = 32,000 |
64,000 |
16,000 × Rs 4.50 = 72,000 |
64,000 |
- |
|
1,24,000 shares |
40,000 shares |
Rs 2,48,000 |
Rs 80,000 |
Rs 1,68,000 |
Rs 1,80,000 |
Rs 1,47,000 |
Rs 21,000 |
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Bank A/c |
Dr. |
|
2,48,000 |
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To Equity Share Application A/c |
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2,48,000 |
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(Application money received at Rs 2 per share on 1,24,000 shares) |
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Equity Share Application A/c |
Dr. |
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2,48,000 |
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To Equity Share Capital A/c |
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80,000 |
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To Equity Share Allotment A/c |
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1,47,000 |
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To Bank A/c |
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21,000 |
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(Application money adjusted) |
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Equity Share Allotment A/c |
Dr. |
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1,80,000 |
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To Equity Share Capital A/c |
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80,000 |
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To Securities Premium A/c |
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1,00,000 |
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(Allotment money due) |
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Bank A/c |
Dr. |
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30,500 |
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To Equity Share Allotment A/c |
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30,500 |
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(Allotment money received (1,80,000 - 1,47,000 - 2,500)) |
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Equity Share First and Final Call A/c |
Dr. |
|
2,40,000 |
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To Equity Share Capital A/c |
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2,40,000 |
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(First and final call money due) |
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Bank A/c |
Dr. |
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2,34,000 |
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To Equity Share First and Final Call A/c |
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2,34,000 |
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(First and final call money received except on 1,000 shares) |
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Equity Share Capital A/c (1,000 shares × Rs 10) |
Dr. |
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10,000 |
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Securities Premium A/c (1,000 shares × Rs 2.5) |
Dr. |
|
2,500 |
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To Share Forfeiture A/c (WN*) |
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|
4,000 |
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To Equity Share Allotment A/c (WN) |
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|
2,500 |
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To Equity Share First and Final Call A/c (1,000 shares × Rs 6) |
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6,000 |
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(1,000 shares forfeited due to non-payment of allotment and call) |
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Notes
Working Notes:
No. of shares allotted to Ram = 1,000 shares
∴ `"No of shares applied by Ram"=(1,000)/(10,000)xx20,000=2,000 Share `
|
Particulars |
Amount (Rs) |
|
Application money received from Ram (2,000 shares × Rs 2) |
4,000* |
|
Less: Amount utilised on application (1,000 shares × Rs 2) |
2,000 |
|
Excess Application Money |
2,000 |
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Amount due on allotment (1,000 shares × Rs 4.50) |
4,500 |
|
Less: Excess application money adjusted |
(2,000) |
|
Amount on allotment not received from Ram |
2,500 |
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APPEARS IN
संबंधित प्रश्न
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 2 per share
On first and final call - The balance
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted; paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:
(1) Rs 2,25,000
(2) Rs 2,20,000
(3) Rs 2,21,000
(4) Rs 2,19,500
On 1st April 2012; Janta Ltd. Was formed with an authorized capital of `50,00,000 divided into 1,00,000 equity shares of Rs 50 each. The company issued the prospectus inviting applications for 90,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
b. Also, prepare 'Notes to Accounts' for the same
Pass necessary journal entries in the Given cases :
Sunrise Ltd. converted 500, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of Rs 25%.
Pass necessary journal entries for the following transactions in the books of Gopal Ltd:
Purchased furniture for Rs 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of Rs 10 each at a premium of 25%.
Milind and Co. Ltd. issued 20,000 equity shares of Rs. 100 each payable as under:
On Application Rs. 20 per share.
On Allotment Rs. 35 per share.
On First Call Rs. 25 per share.
On Second Call Rs. 20 per share.
The company received applications for 30,000 equity shares. Applications for 20,000 shares were accepted and allotted shares. Applications for 10,000 shares were rejected and refunded in full. The money due on an allotment and both the calls were received in full. The expenses of issue amounted to Rs. 5,000. Pass necessary journal entries in the books of the company.
VXN Ltd. invited applications for issuing 50,000 equity shares of Rs 10 each at a premium of Rs 8 per share. The amount was payable as follows:
On Allotment Rs 6 per share (including Rs 3 premium).
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 Girdhar, 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. 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 transactions in the books of the company.
HCF 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 and allotment – 4 per share
On first and final call – the balance amount.
Applications for 2,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made and was duly received except on 1,500 share applied by Raja. His share were forfeited. The forfeited shares were re-issued at maximum discount permissible under law.
Pass necessary journal entries for the above transactions in the books of the company.
(a) The Debt-Equity ratio of a company is 1 : 2. State with reason which of the following transactions would (i) increase; (ii) decrease or (iii) not change the ratio:
(1) Issued equity shares of Rs 1,00,000.
(2) Obtained a short-term loan from bank Rs 1,00,000.
(b) From the following information compute 'Total Assets to Debt Ratio:
| Rs. | |
| Long Term Borrowings Long Term Provisions Current Liabilities Non-Current Assets Current Assets |
3,00,000 1,50,000 75,000 5,40,000 1,35,000 |
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 |
R.K. Ltd. invited applications for issuing 70,000 Equity Shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On Application Rs 15 per share (including Rs 12 Premium)
On Allotment Rs 10 per share (including Rs 8 Premium)
On First and Final Call − Balance
Applications for 65,000 shares were received and allotment was made to all the application. A shareholder, Ram who was allotted 2,000 shares were failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Sohan, who had 3000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 4,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Ram.
Pass necessary Journal Entries for the above transactions in the books of R.K. Ltd.
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.
Answer in one Sentence only :
What do you understand by Pro-rata allotment of shares?
State, whether the following statements is True or False.
Equity shareholder enjoys preferential rights.
The companies and can buy its own shares from either of the following?
How will you calculate the no. of shares issued for consideration other than cash?
Equity shareholders are ______.
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.
Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 divided into 2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on allotment (including ₹ 1 premium) and balance on call. The company offered 80,000 shares for public subscription. All the money has been duly called and received except allotment and call money on 5,000 shares held by Manish and call money on 4,000 shares held by Alok. Manish’s shares were forfeited and out of these 3,000 shares were re-issued ₹ 9 per share as fully paid up. Show share capital in the books of the company. Also prepare notes to accounts.
