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प्रश्न
2,000 Equity Shares of ₹ 10 each were issued to Limited from whom assets of ₹ 25,000 were acquired .
Pass Journal entry.
उत्तर
Journal
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Assets A/c |
Dr. |
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25,000 |
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To X Ltd. |
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25,000 |
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(Assets bought from X Ltd.) |
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X Ltd. |
Dr. |
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25,000 |
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To Share Capital A/c |
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20,000 |
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| To Securities Premium A/c | 5,000 | ||||
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(2,000 shares of Rs 10 each issued to X Ltd.) |
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APPEARS IN
संबंधित प्रश्न
Jain Motors Ltd. converted its 200, 8% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each, issued at a premium of 25%. Discount on issue of 8% debentures has not yet been written off.
Showing your working notes clearly pass necessary Journal Entries on conversion of 8% debentures into equity shares.
The shares which are issued to existing equty shareholders as a gift
Draft a letter of allotment of shares to the applicant.
Shares which are redeemed after a certain period of time.
State, with reason, whether the following statement is True or False.
Preference shareholders do not enjoy normal voting rights.
State, with reasons, whether the following statement is True or False :
Right shares are issued to the general public.
Write a word or terrn or phrase which can substitute each of
the following statements:
The value of share which is determined by demand and supply forces in the share market.
Select the proper option from the option given below and rewrite the sentences:
If a share of 100 is issued at 110. It is said to be issued at ___________.
Write a word or term or phrase which can substitute each of the following statements:
The use of borrowed capital for financing a business firm.
Equity shares are paid dividend at ____________ rate.
Match the correct pairs
| Group A | Group B |
| (a) Fixed Capital | 1) Share Certificate holder |
| (b) Equity share Capital | (2) Share warrant holder |
| (c) Share Certificate | (3) Investment in current assets |
| (D) Debentures | (4) Investment in fixed assets |
|
(e) Dividend warrant |
(5)Redeemable capital |
| (6) Permanent Capital | |
| (7) Bearer Document | |
| (8) Registered Document | |
| (9) Interest | |
| (10) Dividend at a fixed rate |
Name the shareholders who are real masters of the company.
Software solution India Ltd inviting application for 20,000 equity share of Rs 100 each, payable Rs 40 on application, Rs 30 on allotment and Rs 30 on call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to Applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 share allotted half of the number of share applied and excess application money adjusted into allotment. All money received due on allotment and call. Prepare journal and cash book.
A limited company offered for subscription of 1,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. 2,00,000. 10% Preference shares of Rs 10 each at par. The amount on share was payable as under :
|
|
Equity Shares |
Preference Shares |
|
On Application |
Rs 3 per share |
Rs 3 per share |
|
On Allotment |
Rs 5 per share |
Rs 4 per share |
|
|
(including a premium) |
|
|
On First Call |
Rs 4 per share |
Rs 3 per share |
All the shares were fully subscribed, called-up and paid. Record these transactions in the journal and cash book of the company:
Rajan Ltd . purchased assets from Geeta & Co . for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company.
Goodluck Ltd purchased machinery costing ₹ 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity Shares of ₹ 10 each at a premium of 25%.
Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd.
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25% . Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly.
Light Lamps Ltd. issued 50,000 shares of ₹ 10 each as fully paid-up to the promoters for their services to set-up the company . It also issued 2,000 shares of ₹ 10 each credited as fully paid-up to the underwriters of shares for their services . journalise these transactions.
Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully paid shares of ₹ 10 each and balance through cheque.
The assets and liabilities consisted of the following:
| Plant and Machinery | ₹ 4,00,000 | Stock | ₹ 4,00,000 |
| Building | ₹ 4,00,000 | Cash | ₹ 3,00,000 |
| Sundry Debtors | ₹ 3,00,000 | Sundry Creditors | ₹ 2,00,000 |
You are required to pass necessary Journal entries in the company's books.
Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of ₹ 2 per share, payable as:
| On Application | : | ₹ 3 |
| On Allotment | : | ₹ 5 (including premium) |
| On First Call | : | ₹ 2 |
| On Second and Final Call | : | ₹ 2 |
Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.
| Case I | Vijay did not pay allotment money and his shares were immediately forfeited. |
| Case II | Vijay did not pay allotment and first call, his shares were forfeited after first call. |
| Case III | Vijay failed to pay first call and his shares were forfeited immediately. |
| Case IV | Vijay failed to pay both the calls and his shares were forfeited. |
State, with reasons, whether the following statement is True or False
Handling demat shares is very time consuming.
State, with reason, whether the following statement is True or False.
Preference shareholders have normal voting rights.
SHARE STOCK
Explain the features of preference shares.
What is meant by participating preference shares?
Write any four features of equity shares.
Which of the following statement is incorrect about Preference Shares?
The director of a company must be ______.
Equity share holders are ______.
Equity Shares are ______.
As per the Companies Act, 2013, companies cannot issue ______.
From the following Balance Sheets of Vinayak Ltd. as of 31st March 2021, Prepare a Common-size Balance Sheet.
| Vinayak Ltd. Balance Sheet as of 31st March, 2021 | |||
| Particulars | Note no. | 31.3.2021 (₹) | 31.3.2020 (₹) |
| I EQUITY AND LIABILITIES | |||
| 1. Shareholder’s Funds: | |||
| a. Share Capital | 30,50,000 | 20,00,000 | |
| b. Reserve and Surplus | 2,80,000 | 6,00,000 | |
| 2. Current Liabilities: | |||
| a. Trade Payable | 6,70,000 | 4,00,000 | |
| Total | 40,00,000 | 30,00,000 | |
| II ASSETS | |||
| 1. Non-Current Assets: | |||
| a. Fixed Assets: | |||
| i. Tangible Assets | 16,00,000 | 12,00,000 | |
| ii. Intangible Assets | 2,00,000 | 3,00,000 | |
| 2. Current Assets | |||
| a. Inventories | 8,00,000 | 3,00,000 | |
| b. Trade Receivables | 12,00,000 | 10,00,000 | |
| c. Cash and Cash Equivalents | 2,00,000 | 2,00,000 | |
| Total | 40,00,000 | 30,00,000 | |
On the basis of information given by Aradhana Ltd., prepare a Cash Flow Statement for the year ending 31st March 2021:
| Aradhana Ltd. Balance Sheet as on 31st March, 2021 | |||
| Particulars | Note No. | 31st March, 2020 | 31st March, 2021 |
| I. Equity and Liabilities | |||
| 1. Shareholder’s Funds | |||
| (a) Share Capital | 5,00,000 | 7,30,000 | |
| (b) Reserves and Surplus | 1 | 3,50,000 | 3,70,000 |
| 2. Non-current Liabilities | |||
| Long-term Borrowings | 2 | 4,00,000 | 2,00,000 |
| 3. Current Liabilities | |||
| (a) Trade Payables | 3 | 3,60,000 | 4,60,000 |
| (b) Short Term provisions | 4 | 3,25,000 | 3,20,000 |
| Total | 19,35,000 | 20,80,000 | |
| II. Assets | |||
| 1. Non-current Assets | |||
| (a)Fixed Assets | 5 | ||
| (i) Tangible Assets | 6 | 4,50,000 | 5,00,000 |
| (ii) Intangible Assets | 3,10,000 | 3,02,000 | |
| (b)Long-term Loans and Advances | 4,00,000 | 4,30,000 | |
| 2. Current Assets | |||
| (a) Inventories | 2,70,000 | 2,90,000 | |
| (b) Trade Receivables | 2,40,000 | 2,60,000 | |
| (c) Cash and Cash Equivalents | 2,65,000 | 2,98,000 | |
| Total | 19,35,000 | 20,80,000 | |
Note to Accounts
| Particulars | 31st March 2020 | 31st March 2021 |
| 1. Reserves and Surplus Statement of Profit and loss | 3,50,000 | 3,70,000 |
| 2. Long-term Borrowings 10% Debentures | 4,00,000 | 2,00,000 |
| 3. Trade Payables | ||
| Creditors | 2,40,000 | 2,60,000 |
| Bills Payable | 1,20,000 | 2,00,000 |
| 3,60,000 | 4,60,000 | |
| 4. Short-Term Provisions Provision for Tax | 3,25,000 | 3,20,000 |
| 5. Tangible Fixed Assets | ||
| Machinery | 5,50,000 | 6,60,000 |
| Less: Provision for Depreciation | 1,00,000 | 1,60,000 |
| 4,50,000 | 5,00,000 | |
| 6. Intangible Fixed Assets Patents | 3,10,000 | 3,02,000 |
Additional Information:
- Debentures were redeemed on 1st April,2020.
- Tax paid during the year ₹2,80,000.
Anjum is a first-time investor wanting to invest 10 lakhs in long term capital appreciation. She is willing to take risks in return for high growth.
Which type of security should she invest in? Suggest any four features of this type of security.
