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प्रश्न
Arti Ltd. offered for subscription 20,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded. Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time. Company didn't make first and final call.
You are to prepare the Journal, Cash Book, Ledger Accounts and show 'Share Capital' in the Balance Sheet of the company.
उत्तर
|
Issued Capital |
20,000 shares at ₹ 10 each |
|
Applied |
30,000 shares |
|
Over-subscribed |
10,000 shares |
|
Applied |
Allotted |
Over-subscribed |
|
25,000 |
20,000 |
5,000 |
|
5,000 |
NIL |
5,000 |
|
30,000 |
20,000 |
10,000 |
Payable as:
|
₹ |
3 |
on application |
|
₹ |
5 |
on allotment |
|
|
8 |
Called-up |
Books of Arti Limited
Cash Book
Dr. Cr.
|
Date |
Particulars |
L.F. |
Bank (₹) |
Date |
Particulars |
L.F. |
Bank (₹) |
||
|
|
Share Application |
|
|
|
Share Application |
|
|
||
|
|
(30,000 shares × Rs 3) |
|
90,000 |
|
(5,000 shares × Rs 3) |
|
15,000 |
||
|
|
Share Allotment |
|
85,000 |
|
|
|
|
||
|
|
|
|
|
|
Balance c/d |
|
1,60,000 |
||
|
|
|
|
1,75,000 |
|
|
|
1,75,000 |
||
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
Share Application A/c |
Dr. |
|
75,000 |
|
|
|
To Share Capital A/c |
|
|
60,000 |
|
|
|
To Share Allotment A/c |
|
|
15,000 |
|
|
|
(Share application of 20,000 shares at Rs 3 each transferred to Share Capital Account and excess money Rs 15,000 transferred to allotment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
1,00,000 |
|
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
|
(Share allotment due on 20,000 shares at Rs 5 each) |
|
|
|
|
Arti Limited
Balance Sheet
|
Particulars |
Note No. |
Amount (₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
1,60,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
1,60,000 |
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash Equivalents |
2 |
1,60,000 |
|
Total |
|
1,60,000 |
NOTES TO ACCOUNTS
|
Note No. |
Particulars |
Amount (₹) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
…… shares of Rs 10 each |
– |
|
|
Issued Share Capital |
|
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
20,000 shares of Rs 10 each, on which Rs 8 called-up and paid-up |
1,60,000 |
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
1,60,000 |
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Long Answer Question
Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘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
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JJK Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at par. The amount was payable as follows:
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The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded .Allotment was made to the remaining applicants as follows:
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| I | 80,000 | 40,000 |
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Excess money paid by the applicants who were allotted shares was adjusted towards sums due on allotment .
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Pass necessary journal entries for the above transactions in the books of company.
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
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| On allotment | --- | ₹ 5 per share (including premium), |
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| On second and final call | --- | ₹ 3 per share. |
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ ₹ 8 per share.
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Answer in One Sentence only:
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The amount that a fixed asset is expected to realise on its disposal.
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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?
The maximum capital beyond which a company is not allowed to raise funds, by the issue of shares is called ______.
