Advertisements
Advertisements
प्रश्न
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
उत्तर
|
Journal Entry |
||||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
24,00,000 |
|
|
|
|
To Equity Share Application and Allotment A/c |
|
|
|
24,00,000 |
|
|
|
(Share application and allotment received on 3,00,000 of Rs 8 each including premium of Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application and Allotment A/c |
Dr. |
|
24,00,000 |
|
|
|
|
To Equity Share Capital A/c |
|
|
|
10,00,000 |
|
|
|
To Securities Premium A/c |
|
|
|
6,00,000 |
|
|
|
To Bank A/c |
|
|
|
4,00,000 |
|
|
|
To Equity Share First and Final Call A/c |
|
|
|
4,00,000 |
|
|
|
(Share application of 2,00,000 shares transferred to share capital , share application and allotment on 50,000 shares refunded and rest is adjusted on share first and final call) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
10,00,000 |
|
|
|
|
To Equity Share Capital A/c |
|
|
|
10,00,000 |
|
|
|
(Share first and final call due on 2,00,000 shares of Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,94,000 |
|
|
|
|
Calls in arrears A/c |
Dr. |
|
6,000 |
|
|
|
|
To Equity Share First and Final Call A/c |
|
|
|
6,00,000 |
|
|
|
(Share first and final call received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
20,000 |
|
|
|
|
To Share Forfeiture A/c |
Dr. |
|
|
14,000 |
|
|
|
To Calls in arrears A/c |
|
|
|
6,000 |
|
|
|
(2,000 shares were Forfeited for non-payment of share first and final call of Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
14,000 |
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
6,000 |
|
|
|
|
To Equity Share Capital A/c |
|
|
|
20,000 |
|
|
|
(2,000 forfeited shares were re-issued at a discount of Rs 3 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,000 |
|
|
|
|
To Capital Reserve |
|
|
|
8,000 |
|
|
|
(Share Forfeiture transferred to Capital Reserve) |
|
|
|||
|
Computation Table |
|||||||||
|
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application and Allotment @ Rs 8 each including premium of Rs 3 each |
Money transfers to Share Capital @ Rs 5 each |
Money transfers to Securities Premium @ Rs 3 each |
Excess Application and Allotment money |
Share First and Final Call due @ Rs 5 each |
Amount to be received on Share First and Final Call after adjustment |
Money refunded |
|
I |
50,000 |
Nil |
4,00,000 |
|
|
|
|
|
4,00,000 |
|
II |
2,50,000 |
2,00,000 |
20,00,000 |
10,00,000 |
6,00,000 |
4,00,000 |
10,00,000 |
6,00,000 |
|
|
|
3,00,000 |
2,00,000 |
24,00,000 |
10,00,000 |
6,00,000 |
4,00,000 |
10,00,000 |
6,00,000 |
4,00,000 |
|
|
|
|
|
|
|
|
|
|
|
APPEARS IN
संबंधित प्रश्न
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of favourable market conditions, the issue was over-subscribed and applications for 15,00,000 shares were received
Suggest the alternatives available to the Board of Directors for the allotment of shares.
'Samta Limited' invited applications for issuing 6,750 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share
On first and final call - Rs 2 per share
The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with an application. The amount received with applications was:
(a) Rs 16,750
(b) Rs 16,000
(c) Rs 19,250
(d) Rs 22,875
The authorized capital of Suhani Ltd. is Rs 45,00,000 divided into 30,000 shares of Rs 150 each. Out of these company issued 15,000 shares of Rs 150 each at a premium of Rs 10 per share. The amount was payable as follows: Rs 50 per share on the application, Rs 40 per share on the allotment (including premium), Rs 30 per share on first 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 Revised Schedule VI Part - I of the Companies Act 1956 disclosing the above information. Also, prepare 'notes to accounts' for the same.
Khandelwal Co. Ltd. made an issue of 40,000 equity shares of Rs. 20 each, payable as follows:
Application: Rs. 5 per share
Allotment: Rs. 10 per share.
First Call: Rs. 3 per share.
Second and Final Call: Rs. 2 per share.
The company received applications for 45,000 shares of which applications for 5,000 shares were rejected and the money refunded. All the shareholders paid up to the second call except Sachin, the allottee of 2,000 shares, failed to pay the final call.
Pass Journal Entries for the above transactions in the books of Khandelwal Co. Ltd.
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.
Jain Ltd. Invited applications for issuing 35,000 Equity Shares of Rs 10 each at a discount o
10%. The amount was payable as follows:
On Application Rs 5 per share.
On Allotment Rs 3 per share
On First and Final Call − Balance
Applications for 50,000 shares were received. Applications for 8,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants and the excess money received with applications from these applicants was adjusted towards sums due on allotment. Jeevan who had applied for 600 shares failed to pay allotment and first and final call money. Naveen the holder of 400 shares failed to pay first and final call money. Shares of Jeevan and Naveen were forfeited. Of the forfeited 800 shares were re-issued at Rs 15 per share fully paid up. The re-issued shares included all the shares of Naveen.
Pass necessary Journal Entries for the above transactions in the books of Jain Ltd.
X Ltd. issued 40,000 Equity shares of Rs 10 each at a premium of Rs 2.50 per share.
The amount was payable as follows:
On Application- Rs 2 per share
On Allotment- Rs 4.50 per share (Including premium) and on call- 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His share were forfeited after the call.
Pass the necessary Journal entries in the books of X Ltd. for the above transaction.
R.K. Ltd. invited applications for issuing 70,000 Equity Shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On Application Rs 15 per share (including Rs 12 Premium)
On Allotment Rs 10 per share (including Rs 8 Premium)
On First and Final Call − Balance
Applications for 65,000 shares were received and allotment was made to all the application. A shareholder, Ram who was allotted 2,000 shares were failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Sohan, who had 3000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 4,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Ram.
Pass necessary Journal Entries for the above transactions in the books of R.K. Ltd.
Ashish Ltd. Invited applications for issuing 75,000 Equity Shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share.
On Allotment Rs 2 per share
On First and Final Call − Balance
Applications for 1,50,000 shares were received. Applications for 25,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 1250 shares failed to pay allotment and first and final call money. Dev did not pay the first and final call on his 100 shares. All these share were forfeited and later on 1000 of these share were re-issued at Rs 17 per shares fully paid up. The re-issued shares included all the shares of Suman.
Pass necessary Journal Entries for the above transactions in the books of Ashish Ltd.
Janta Ltd., invited application for issuing 2,00,000 equity share of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share
On Allotment Rs 3 per share
On First and final call-balance amount
The issue was undersubscribed to the extent of 20,000 shares. Shares were allotted to all the application. All calls were made and were dully received. ‘A’ to whom 1,500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1,200 share were allotted paid the full amount due at the time of allotment. The share on which allotment and call money was not received were forfeited. The forfeited shares were re-issued at Rs 8 per share fully paid up.
Pass necessary journal entries in the books of Janta Ltd., for the above transaction.
Answer in one Sentence only :
What do you understand by Pro-rata allotment of shares?
Give one word / Term / phrase for the following statement :
Shares having voting right.
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
How will you calculate the no. of shares issued for consideration other than cash?
Which of the following is not a purpose for which the Securities Premium amount can be used ?
Based on the below information, you are required to answer the following question:
|
Nidiya Limited was incorporated on 1st April 2017 with a registered office in Mumbai. The capital clause of the memorandum of Association reflected a registered capital of 8,00,000 equity shares of ₹ 10 each and 1,00,000 preference shares of ₹ 50 each. Since some large investments were required for building and machinery the company in consultation with vendors, M/s VPS Enterprises, issued 1,00,000 equity shares and 20,000 preference shares at par with them in full consideration of assets acquired. Besides this, the company issued 2,00,000 equity shares for cash at par payable as ₹ 3 on application, 2 on the allotment, 3 on the first call and 2 on the second call. Till date, the second call has not yet been made and all the shareholders have paid except Mr. Ajay who did not pay allotment and calls on his 300 shares and Mr. Vipul who did not pay the first call on his 200 shares. Shares of Mr. Ajay were then forfeited and out of the 100 shares were reissued at ₹ 12 per share. |
How many equity shares of the company have been subscribed?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
What is the amount that will be transferred to the securities premium account?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
How much money is still not paid up on the allotted shares?
Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 divided into 2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on allotment (including ₹ 1 premium) and balance on call. The company offered 80,000 shares for public subscription. All the money has been duly called and received except allotment and call money on 5,000 shares held by Manish and call money on 4,000 shares held by Alok. Manish’s shares were forfeited and out of these 3,000 shares were re-issued ₹ 9 per share as fully paid up. Show share capital in the books of the company. Also prepare notes to accounts.
