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प्रश्न
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.
उत्तर
|
Journal |
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|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Bank A/c (3,00,000 × 3) |
Dr. |
|
9,00,000 |
|
|
|
To Share Application A/c |
|
|
|
9,00,000 |
|
|
(Received application money on 3,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
9,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
|
To Share Allotment A/c (2,40,000 + 80,000) |
|
|
|
3,20,000 |
|
|
To Calls-in-Advance A/c |
|
|
|
60,000 |
|
|
To Bank A/c (60,000 × 3) + 40,000) |
|
|
|
2,20,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (1,00,000 × 4) |
|
|
4,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
4,00,000 |
|
|
(Allotment due on 1,00,000 shares ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
80,000 |
|
|
|
To Share Allotment A/c (4,00,000 − 3,20,000) |
|
|
|
80,000 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (1,00,000 × 3) |
Dr. |
|
3,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
|
(Call money due on 1,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,39,520 |
|
|
|
Calls-in-Advance A/c |
Dr. |
|
60,000 |
|
|
|
Calls-in-Arrears A/c (160 × 3) |
|
|
480 |
|
|
|
To Share First and Final Call A/c |
|
|
|
3,00,000 |
|
|
(Received call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (160 × 10) |
Dr. |
|
1,600 |
|
|
|
To Share First Call A/c (160 × 3) |
|
|
|
480 |
|
|
To Share Forfeiture A/c (160 × 7) |
|
|
|
1,120 |
|
|
(Forfeiture of 300 shares for non-payment of call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (160 × 15) |
Dr. |
|
2,400 |
|
|
|
To Share Capital A/c |
|
|
|
1,600 |
|
|
To Security Premium Reserve A/c |
|
|
|
800 |
|
|
(Reissue of 160 shares at Rs 15 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
1,120 |
|
|
|
To Capital Reserve A/c |
|
|
|
1,120 |
|
|
(Profit on re-issue transferred to Capital Reserve Account) |
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Notes
Computation Table
|
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 3 each |
Money transferred to Share Capital @ Rs 3 each |
Excess Application money |
Amount adjusted on Allotment |
Amount adjusted on Call |
Money refunded |
|
I |
1,60,000 |
80,000 |
4,80,000 |
2,40,000 |
2,40,000 |
2,40,000 |
- | - |
|
II |
80,000 |
20,000 |
2,40,000 |
60,000 |
1,80,000 |
80,000 |
60,000 |
40,000 |
|
III |
60,000 |
- |
1,80,000 |
- | - | - |
|
1,80,000 |
|
|
3,00,000 |
1,00,000 |
9,00,000 |
3,00,000 |
4,20,000 |
3,20,000 |
60,000 |
2,20,000 |
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APPEARS IN
संबंधित 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.
The proprietary ratio of M Ltd. is 0.80:1 State with reasons whether the following transactions will increase, decrease or not change the proprietary ratio:
1) Obtained a loan from bank Rs 2, 00,000 payable after five years.
2) Purchased machinery for cash Rs 75,000
3) Redeemed 5% redeemable preference shares Rs 1,00,000
Issued equity shares to the vendors of machinery purchased for Rs 4,00,000.
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.
The authorized capital of Suhani Ltd. is Rs 45,00,000 divided into 30,000 shares of Rs 150 each. Out of these company issued 15,000 shares of Rs 150 each at a premium of Rs 10 per share. The amount was payable as follows: Rs 50 per share on the application, Rs 40 per share on the allotment (including premium), Rs 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule VI Part - I of the Companies Act 1956 disclosing the above information. Also, prepare 'notes to accounts' for the same.
Moneyplus Company issued for public subscription 75,000 shares of the value of Rs 10 each at a discount of 10% payable as follows: Rs 2 per share on an application, Rs 3 per share on an allotment and Rs 4 per share on call. The company received applications for 1,50,000 shares. The allotment was done as under:
a. Applicants of 15,000 shares were allotted 5,000 shares.
b. Applicants of 70,000 shares were allotted 40,000 shares.
c. Remaining applicants were allotted 30,000 shares.
Money in excess to allotment was returned. Hari, a shareholder who had applied for 3,500 shares out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B. Pass necessary journal entries to record the above transactions in the books of the company. Show your working notes clearly.
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
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.
Given Journal entries to record the following transaction of forfeiture and re-issue of shares and open share forfeited account in the books of the respective companies.
(i) C Ltd. forfeited 1,000 shares of Rs 100 each issued at a discount of 8%. On these shares the first call of Rs 30 per share was not received and the final call of Rs 20 per share was yet to be called. These shares were subsequently re-issued at Rs 70 per share Rs 80 paid up.
(ii) L Ltd. forfeited 470 equity share of Rs 10 each issued at a premium of Rs 5 per share for non-payment of allotment money of Rs 8 per share (including share premium Rs 5 per share) and the first and final call of Rs 5 per share. Out of these 60 Equity share were subsequently re-issued at Rs 14 per share.
State, whether the following statements is True or False.
The liability of a shareholder of public limited company is limited.
State, whether the following statements is True or False.
Equity shareholder enjoys preferential rights.
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
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?
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?
