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प्रश्न
Alpha Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share.
Mr. Gupta was allotted 100 shares. Pass necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases:
| Case I | If Mr. Gupta failed to pay the allotment money and his shares were immediately forfeited. |
| Case II | If Mr. Gupta failed to pay allotment money and on his subsequent failure to pay the first call, his shares were forfeited. |
| Case III | If Mr. Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited |
उत्तर
|
Application |
₹ |
2 |
|
Allotment |
₹ |
3 |
|
First Call |
₹ |
3 |
|
Final Call |
₹ |
2 |
|
|
|
10 |
Books of Alpha Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
Case I |
Share Capital A/c (100×5) |
Dr. |
|
500 |
|
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
|
To Share Allotment A/c |
|
|
300 |
||
|
|
(100 shares of Rs 10 each, Rs 5 called-up, forfeited for the non-payment of allotment) |
|
|
|
||
|
|
|
|
|
|
||
|
Case II |
Share Capital A/c (100 × 8) |
Dr. |
|
800 |
|
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
|
To Share Allotment A/c |
|
|
300 |
||
| To Share First Call A/c | 300 | |||||
|
|
(100 shares of Rs 10 each, Rs 8 called-up forfeited for non-payment allotment and first-call) |
|
|
|
||
|
|
|
|
|
|
||
|
Case III |
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
|
To Share First Call A/c |
|
|
300 |
||
| To Share Final Call A/c | 200 | |||||
|
|
(100 shares of Rs 10 each forfeited for the non-payment Rs 5 each) |
|
|
|
||
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Long Answer Question
Describe the purposes for which a company can use ‘Securities Premium Account’
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.
Z Ltd . purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each ata premium of ₹ 10 per share . Pass necessary Journal entries in the books of Z Ltd.
Alankrit Ltd. purchased machinery of ₹ 10,00,000 from Grand Iron Works Ltd. and paid as follows:
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(b) Gave an acceptance of ₹ 3,00,000 payable after 3 months; and
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Pass the Journal entries in the books of Alankrit Ltd. and Grand Iron Works Ltd.
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| On application | --- | ₹ 10 per share, |
| On allotment | --- | ₹ 25 per share (including premium), |
| On first call | --- | ₹ 40 per share |
| On final call | --- | ₹ 30 per share |
Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright; the rest of the application were allotted 1,000 shares on pro rata basis. Excess application money was transferred to allotment.
All the money was duly received except from Sundar , holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Shyam at ₹ 60 per share ₹ 70 paid-up. Final call has not been made.
Pass necessary Journal entries and prepare Cash Book in the books of XYZ Limited.
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Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares ---- in full,
(ii) to applicants for 80,000 shares --- 60,000 shares,
(iii) to applicants for 60,000 shares --- 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares[1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
When a company makes an offer or invites the public in general to subscribe its shares, it is known as ______.
Calculate the amount of second and final call when Abhijit Ltd, issues Equity shares of ₹10 each at a premium of 40% payable on Application ₹3, On Allotment ₹5, On First Call ₹2.
Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?
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.
When applications for more shares of a company are received than the number of shares offered to the public for a subscription it is called ______?
In case of "over subscription" the director of the company has the power to deal the situation in which of the following manner?
What the director can do in the case of pro-rata allotment for the excess amount received is more than the amount due on allotment of shares?
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
Subscription of shares should not be less than ______% of the issued 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?
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.
What amount is received at the time of first and final call?
