Advertisements
Advertisements
प्रश्न
Arushi Computers Ltd. issued 10,000 equity shares of Rs. 100 each at 10% premium. The net amount payable as follows:
|
On application |
Rs. 20 |
|
On allotment |
Rs. 50 (Rs. 40 + premium Rs. 10) |
|
On first call |
Rs. 30 |
|
On final call |
Rs. 10 |
A shareholder holding 200 shares did not pay final call. His shares were forfeited. Out of these 150 shares were reissued to Ms. Sonia at Rs. 75 per share. Give journal entries in the books of the company.
उत्तर
Books of Arushi Computers Ltd.
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
|
|
To Share Application A/c |
|
|
|
2,00,000 |
|
|
(Share Application money received for 10,000 shares @ ₹20 per share) |
|
|
|
||
|
|
Share Application A/c |
Dr. |
|
2,00,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
|
(Share Application money for 10,000 shares transferred to Share Capital Account) |
|
|
|
||
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
4,00,000 |
|
| To Securities Premium Reserve A/c | 1,00,000 | |||||
|
|
(Allotment money due on 10,000 shares @ ₹40 per share excluding premium ₹10) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
|
|
|
To Share Allotment A/c |
|
|
5,00,000 |
|
|
|
(Share Allotment money received for 10,000 shares @ ₹50 per share) |
|
|
|
||
|
|
Share First Call A/c |
Dr. |
|
3,00,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
3,00,000 |
|
|
|
(Share First Call money due on 10,000 shares @ ₹30 per share) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
|
|
|
To Share First Call A/c |
|
|
3,00,000 |
|
|
|
(First Call money received for 10,000 shares @ ₹30 per share) |
|
|
|
||
|
|
Share Final Call A/c |
Dr. |
|
1,00,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
|
(Final Call money due on 10,000 shares @ ₹10 per share) |
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
98,000 |
|
|
|
|
|
To Share final call A/c |
|
|
98,000 |
|
|
|
(Final Call money received for 9800 shares @ ₹10 per share and 200 shares failed to pay) |
|
|
|
||
|
|
Share Capital A/c (200×">×100) |
Dr. |
|
20,000 |
|
|
|
|
|
To Share Final Call A/c (200×">×10) |
|
|
2,000 |
|
|
|
|
To Share Forfeiture A/c (200×">×90) |
|
|
18,000 |
|
|
|
(200 shares forfeited for non-payment of Final Call ₹ 10 per share) |
|
|
|
||
|
|
Bank A/c (150×">×75) |
Dr. |
|
11,250 |
|
|
|
|
Share Forfeiture A/c (150×">×25) |
Dr. |
|
3,750 |
|
|
|
|
|
To Share Capital A/c (150×">×100) |
Dr. |
|
|
15,000 |
|
|
(150 forfeited shares reissued at ₹100 per share for ₹75) |
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
9,750 |
|
|
|
|
|
To Capital Reserve A/c |
|
|
|
9,750 |
|
|
(Balance of 150 reissue shares after adjustment transferred to Capital Reserve Account) |
|
|
|
||
Working Notes:
Amount Transferred to Capital Reserve A/c
|
Amount credited to Share Forfeiture Less: Amount debited to Share Forfeiture Balance after adjustment |
₹ 90 per share ₹25 per share
₹ 65 per share
|
Amount transferred to Capital Reserve Account = Balance per share after adjustment × Number of shares reissued
₹ 9,750 = ₹ 65 × ₹ 150 per share
APPEARS IN
संबंधित प्रश्न
Anish Limited issued 30,000 equity shares of Rs 100 each payable at Rs 30 on application, Rs 50 on allotment and Rs 20 on Ist and final call. All money was duly received. Record these transactions in the journal of the company.
Long Answer Question
State clearly the conditions under which a company can issue shares at a discount.
Alfa Limited invited applications for 4,00,000 of its equity shares of Rs 10 each on the following terms :
|
Payable on application |
Rs 5 per share |
|
Payable on allotment |
Rs 3 per share |
|
Payable on first and final call |
Rs 2 per share |
Applications for 5,00,000 shares were received. It was decided :
(a) to refuse allotment to the applicants for 20,000 shares;
(b) to allot in full to applicants for 80,000 shares;
(c) to allot the balance of the available shares’ pro-rata among the other applicants; and
(d) to utilise excess application money in part as payment of allotment money.
One applicant, whom shares had been allotted on pro-rata basis, did not pay the amount due on allotment and on the call, and his 400 shares were forfeited. The shares were reissued @ Rs 9 per share. Show the journal and prepare Cash book to record the above.
Ajanta Company Limited having a normal capital of Rs 3,00,000, divided into shares of Rs 10 each offered for public subscription of 20,000 shares payable at Rs 2 on application; Rs 3 on allotment and the balance in two calls of Rs 2.50 each. Applications were received by the company for 24,000 shares. Applications for 20,000 shares were accepted in full and the shares allotted. Applications for the remaining shares were rejected and the application money was refunded. All moneys due were received with the exception of the final call on 600 shares which were forfeited after legal formalities were fulfilled. 400 shares of the forfeited shares were reissued at Rs 9 per share. Record necessary journal entries and prepare the balance Sheet showing the amount transferred to capital reserve and the balance in Share forfeiture account.
Amisha Ltd inviting application for 40,000 shares of Rs 100 each at a premium of Rs 20 per share payable; on application Rs 40 ; on allotment Rs 40 (Including premium): on first call Rs 25 and Second and final call Rs 15. Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment. Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the Two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs 85 per share as fully paid, the whole of Rohit’s shares being included. Record necessary journal entries.
Himmat Ltd has authorised share capital of ₹ 50,00,000 divided into 5,00,000 Equity Shares of ₹ 10 each . It has existing issued and paid up capital of ₹ 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:
| On Application: | ₹ 3 |
| On Allotment: | ₹ 4 and |
| On Call: | Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly received.
Show share capital of the company in the Balance Sheet of the Company.
Modern Marbles Ltd. was registered with an authorised capital of ₹10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and, 2,500 Preference Shares of ₹100 each. 1,000 Equity Shares and 500; 9% Preference Shares were offered to public on the following terms – Equity Shares payable ₹10 on application, ₹40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹50 on first and final call. All the shares were applied for and allotted . Amount due was duly received. Prepare Cash Book and pass necessary Journal entries to record the above issue of shares and show how the Share Capital will appear in the Balance Sheet.
Shiva Ltd . issued 1,00,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share . The whole amount was payable on application. The issue was fully subscribed . Pass necessary Journal entries.
Seema Ltd. offered for subscription 10,000 shares of ₹ 25 each, payable ₹ 5 per share on application, ₹ 10 per share on allotment (including ₹ 5 per share as premium), ₹ 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the company's Journal, Cash Book and the ledger. Also show the company's Balance Sheet on completion of the above transactions.
Prohibits any invitation to public to subscribe for shares and Debentures for ______.
Prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives for ______.
Capital raised by issue of shares is called ______.
A company forfeited 4,000 shares of ₹ 10 each on which application money of ₹ 3 has been paid. Out of these 2,000 shares were reissued as fully paid up and ₹ 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued:
When shares are allotted, which of the following account is credited?
When full amount is due on any call but it is not received, then the short fall is debited to ______.
Assertion (A): A share is a fractional part of the share capital and forms the basis of ownership interest in a company.
Reason (R): Shares refer to the units into which the total share capital of a company is divided.
