Advertisements
Advertisements
प्रश्न
Alankrit Ltd. purchased machinery of ₹ 10,00,000 from Grand Iron Works Ltd. and paid as follows:
(a) Issued 50,000 Equity Shares of ₹ 10 each at a premium of ₹ 2.
(b) Gave an acceptance of ₹ 3,00,000 payable after 3 months; and
(c) Balance by issuing post-dated cheque of two months of ₹ 1,00,000.
Pass the Journal entries in the books of Alankrit Ltd. and Grand Iron Works Ltd.
उत्तर
In the books of Alankrit Ltd.
Journal
|
Date |
Particulars |
|
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
i) |
Machinery A/c |
Dr. |
10,00,000 |
|
|
|
|
To Grand Iron Works Ltd. |
|
|
10,00,000 |
|
|
|
(Being machinery purchased on from Grand Iron Works Ltd.) |
|
|
|
|
|
|
|
|
|
||
|
ii) |
Grand Iron Works Ltd. |
Dr. |
10,00,000 |
|
|
|
|
To Share Capital A/c (50,000 × 10) |
|
|
5,00,000 |
|
|
|
To Securities Premium Reserve A/c (50,000 × 2) |
|
|
1,00,000 |
|
|
|
To Bills Payable A/c |
|
|
3,00,000 |
|
|
|
To Bank A/c |
|
|
1,00,000 |
|
|
|
(Being shares issued, bill accepted and post-dated cheque issued) |
|
|
In the books of Grand Iron Works Ltd.
Journal
|
Date |
Particulars |
|
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
i) |
Alankrit Ltd. |
Dr. |
10,00,000 |
|
|
|
|
To Sales A/c |
|
|
10,00,000 |
|
|
|
(Being machinery sold to Alankrit Ltd.) |
|
|
|
|
|
|
|
|
|
||
|
ii) |
Investment A/c |
Dr. |
6,00,000 |
|
|
|
|
Bills Receivable A/c |
Dr. |
3,00,000 |
|
|
|
|
Cheques-in-Hand A/c |
Dr. |
1,00,000 |
|
|
|
|
To Alankrit Ltd. |
|
|
10,00,000 |
|
|
|
(Being shares, acceptance and post-dated cheque received as against machinery) |
|
|
|
APPEARS IN
संबंधित प्रश्न
Short Answer Question
Write a brief note on ‘Minimum Subscription’.
Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as
| (i) | Applicants of 40,000 shares | 30,000 shares, |
| (ii) | Applicants of 50,000 shares | 30,000 shares, |
| (iii) | Applicants of 2,000 shares | Nil. |
Mohan, who had applied for 800 shares in Category
(i) and Sohan, who was allotted 600 shares in Category
(ii) failed to pay the allotment money. Calculate amount received on allotment.
Answer in One Sentence only:
To which account balance on Depreciation A/c is transferred?
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
What should be deducted from subscribed share capital while preparing notes to account in the balance sheet.
Which of the following statement is false?
Which account is debited When shares are issued to the promoters?
Newfound Ltd took over business of Old land ltd and paid for it by issue of 30,000, Equity Shares of ₹100 each at a par along with 6% Preference Shares of ₹1,00,00,000 at a premium of 5% and a cheque of ₹8,00,000. What was the total agreed purchase consideration payable to Old Land ltd.
The 'minimum subscription' of capital cannot be less than up to how much % of the issued amount according to SEBI (Disclosure and Investor Protection) Guidelines, 2000.
Calls in-Arrears represents which kind of balance of all the calls account and are shown as deduction from the paid-up capital on the ______ side of the balance sheet.
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
Interest on calls-in-arrears is charged according to Table A at ______.
ESOP offered by company will create/retain ______.
When the number of debentures applied is less than number of debentures offered to public the issue is said to be ______.
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
How many shares will be issued for the applicants on 50,000 shares?
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
How much allotment amount is already received during application?
The maximum capital beyond which a company is not allowed to raise funds, by the issue of shares is called ______.
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
