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प्रश्न
Eastern Company Limited, having an authorised capital of Rs 10,00,000 in shares of Rs 10 each, issued 50,000 shares at a premium of Rs 3 per share payable as follows :
|
On Application |
Rs 3 per share |
|
On Allotment (including premium) |
Rs 5 per share |
|
On first call (due three months after allotment) and the balance as and when required. |
Rs 3 per share |
Applications were received for 60,000 shares and the directors allotted the shares as follows :
(a) Applicants for 40,000 shares received shares, in full.
(b) Applicants for 15,000 shares received an allotment of 8,000 shares.
(c) Applicants for 500 shares received 200 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was duly made and the money was received with the exception of the call due on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
उत्तर
Note: In order to solve this question, applicants of category C has been assumed as 5000 instead of 500 and allotment to the applicants of this category has been taken as 2000 in place of 200.
Books of Eastern Company Limited
| Date | Particulars | L.F | Debit Amount Rs | Credit Amount Rs |
|
Share Application A/c To Share Capital A/c To Share Allotment A/c (Share Application money for 50,000 shares transferred to Share Capital Account and the excess money transferred to Share Allotment Account) |
1,80,000
|
1,50,000 30,000
|
||
|
Share Allotment A/c To Share Capital A/c To Share Premium A/c (Allotment money due on 50,000 share @ Rs 5 per share including Rs 3 security premium) |
2,50,000
|
1,00,000 1,50,000
|
||
|
Share First Call A/c To Share Capital A/c (First call due on 50,000 share @ Rs 3 per share) |
1,50,000
|
1,50,000
|
Cash Book (Bank Column)
| Date | Particulars | J.F | Amount Rs | Date | Particulars | J.F | Amount |
| Share Application | 1,80,000 | Balance c/d | 5,49,700 | ||||
| Share Allotment |
2,20,000 |
||||||
| Share First Call | 1,49,700 | ||||||
| 5,49,700 | 5,49,700 |
Eastern Company Limited
Balance Sheet
| Particulars | Note No. |
Amount (Rs) |
|
I. Equity and Liabilities 1.Shareholders’ Funds a. Share Capital b. Reserves and Surplus 2.Non-Current Liabilities 3.Current Liabilities |
1 2 |
3,99,700 1,50,000 |
| Total | 5,49,700 | |
|
II. Assets 1.Non-Current Assets 2.Current Assets a. Cash and Cash Equivalents |
3 |
5,49,700 |
| Total | 5,49,700 |
Notes to accounts
| Note No. | Particulars |
Amount (Rs) |
|
| 1 |
Share Capital Authorised Share Capital 1,00,000 shares of Rs 10 each Issued Share Capital 50,000 shares of Rs 10 each Subscribed, Called up and Paid up Share Capital 50,000 shares of Rs 10 each, Rs 8 called-up Less: Calls-in-Arrears
|
4,00,000
(300) |
10,00,000
5,00,000
3,99,700
|
| 2 |
Reserves and Surplus Securities Premium |
1,50,000 | |
| 3 |
Cash and Cash Equivalents Cash at Bank |
5,49,700
|
|
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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.
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Long Answer Question
State clearly the conditions under which a company can issue shares at a discount.
Kishna Ltd issued 15,000 shares of Rs 100 each at a premium of Rs 10 per share, payable as follows:
|
On application |
Rs 30 |
|
On allotment |
Rs 50 (including premium) |
|
On first and final call |
Rs 30 |
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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 |
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|
With Application |
Rs. 2 |
|
On Allotment (including premium) |
Rs. 5 |
|
On First Call |
Rs. 3 |
|
On Second Call |
Rs. 3 |
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Record journal entries in the books of the Company and prepare the Balance Sheet.
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