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प्रश्न
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 |
All the shares subscribed and the company received all the money due, With the exception of the allotment and call money on 150 shares. These shares were forfeited and reissued to Neha as fully paid share of Rs 12 each Give journal entries in the books of the company.
उत्तर
Books of Krishna Ltd
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
Bank A/c |
Dr. |
|
4,50,000 |
|
|
|
|
|
To Share Application A/c |
|
|
|
4,50,000 |
|
|
(Share Application money received for 15,000 shares @ Rs 30 per share) |
|
|
|
||
|
|
Share Application A/c |
Dr. |
|
4,50,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
4,50,000 |
|
|
(Share Application money of 15,000 shares transferred to Share Capital Account) |
|
|
|
||
|
|
Share Allotment A/c |
Dr. |
|
7,50,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
6,00,000 |
|
|
|
|
To Securities Premium A/c |
|
|
1,50,000 |
|
|
|
(Share Allotment money on 15,000 shares @ Rs 50 per share including Rs 10 securities premium due) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
7,42,500 |
|
|
|
|
|
To Share Allotment A/c |
|
|
|
7,42,500 |
|
|
(Share Allotment received on 14,850 shares and 150 shares failed to pay the money due) |
|
|
|
||
|
|
Share First and Final Call A/c |
Dr. |
|
4,50,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
4,50,000 |
|
|
(Share First and Final Call for 15,000 shares @ Rs 30 per share due) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
4,45,500 |
|
|
|
|
|
To Share First and Final Call A/c |
|
|
4,45,500 |
|
|
|
(Share First and Final Call received for 14,850 shares @ Rs 30 per share and 150 shares failed to pay amount due) |
|
|
|
||
|
|
Share Capital A/c (150×100) |
Dr. |
|
15,000 |
|
|
|
|
Share Premium A/c (150×10) |
Dr. |
|
1,500 |
|
|
|
|
|
To Share Allotment A/c (150×50) |
|
|
7,500 |
|
|
|
|
To Share First and Final Call A/c (150×30) |
|
|
4,500 |
|
|
|
|
To Share Forfeiture A/c (150×30) |
|
|
4,500 |
|
|
|
(150 shares forfeited for non-payment of Share Allotment and Share First and Final Call ) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
18,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
15,000 |
|
|
|
To Securities Premium A/c |
|
|
|
3,000 |
|
|
(150 shares of Rs 100 each reissued @ Rs 120 to Neha) |
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
4,500 |
|
|
|
|
|
To Capital Reserve A/c |
|
|
|
4,500 |
|
|
(Balance of Share Forfeiture Account transferred to Capital Reserve Account) |
|
||||
Note: In the solution, the reissued price of Rs 12 has been assumed as Rs 120 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.
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.
Kumar Ltd. purchased assets of Rs. 6,30,000 from Bhanu Oil Ltd. Kumar Ltd. issued equity share of Rs. 100 each fully paid in consideration. What journal entries will be made, if the shares are issued, (a) at par, and (b) at premium of 20%.
Naman Ltd issued 20,000 shares of Rs 100 each, payable Rs 25 on application, Rs 30 on allotment , Rs 25 on first call and The balance on final call. All money duly received except Anubha, who holding 200 shares did not pay allotment and calls money and Kumkum, who holding 100 shares did not pay both the calls. The directors forfeited shares of Anubha and kumkum. Give journal entries.
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.
Prince Limited issued a prospectus inviting applications for 20,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share payable as follows:
|
With Application |
Rs. 2 |
|
On Allotment (including premium) |
Rs. 5 |
|
On First Call |
Rs. 3 |
|
On Second Call |
Rs. 3 |
Applications were received for 30,000 shares and allotment was made on pro-rata basis. Money overpaid on applications was adjusted to the amount due on allotment.
Mr. Mohit whom 400 shares were allotted, failed to pay the allotment money and the first call, and his shares were forfeited after the first call. Mr. Joly, whom 600 shares were allotted, failed to pay for the two calls and hence, his shares were forfeited. Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for Rs. 9 per share, the whole of Mr. Mohit’s shares being included.
Record journal entries in the books of the Company and prepare the Balance Sheet.
Amit holds 100 shares of Rs 10 each on which he has paid Re.1 per share as application money. Bimal holds 200 shares of Rs 10 each on which he has paid Re.1 and Rs 2 per share as application and allotment money, respectively. Chetan holds 300 shares of Rs 10 each and has paid Re.1 on application, Rs 2 on allotment and Rs 3 for the first call. They all fail to pay their arrears and the second call of Rs 2 per share and the directors, therefore, forfeited their shares. The shares are reissued subsequently for Rs 11 per share as fully paid. Journalise the transactions.
Moneyplus company issued 2,50,000 Equity Shares of ₹ 10 each to public. All amounts have been received in lump sum.Pass necessary Journal entries in the books of the company.
Hema Ltd. invited applications for 10,000 shares of ₹ 100 each payable as follows:
₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and the balance on final call.
All the shares were applied and allotted. All the money was duly received.
You are required to Journalise these transactions.
Marigold Ltd . was registered with the authorized capital of ₹ 3,00,000 divided into 3,000 shares of ₹ 100 each, which were offered to the public . Amount payable as ₹ 30 per share on application , ₹ 40 per share on allotment and ₹ 30 per share on first and final call . These shares were fully subscribed and all money was dully received . Prepare journal and Cash Book.
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.
Authorized capital of Suhani Ltd . is ₹ 45,00,000 divided into 30,000 shares of ₹ 150 each . Out of these company issued 15,000 shares of ₹ 150 each at a premium of ₹ 10 per share . the amount was payable as follows:
₹ 50 per share on application , ₹ 40 per share on allotment (including premium ), ₹ 30 per share on firs t call and balance on final call . Public applied for 14,000 shares. All the money was duly received .
Prepare an extract of Balance Sheet of Suhani Ltd . as per Schedule III , Part I of the companies Act, 2013 disclosing the above information . Also prepare 'Notes to Accounts ' for the same.
Capital raised by issue of shares is called ______.
The amount on any call should not exceed Upto how much % of the face value of shares?
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:
Gama Chemicals Ltd. is a newly formed company. How much discount per share can it allow for issuing its shares to the public?
The owners of the shares are called ______
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.
