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प्रश्न
Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:
On Application ₹ 20
On Allotment ₹ 30
On First call ₹ 20
On Second and Final call ₹ 30
Applications were received for 22,000 equity shares and allotment of shares were made to them.
All money was received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.
उत्तर
| Journal Entries in the books of Mohini Company Limited | ||||
| Date | Particulars | L.F | Debit Amount (₹) | Credit Amount (₹) |
| 1 | Bank A/c ...Dr. | 4,40,000 | ||
| To Equity Share Application A/c | 4,40,000 | |||
| (Being equity share application money on 22,000 shares @ ₹ 20 per share received) | ||||
| 2 | Equity Share Application A/c ...Dr. | 4,40,000 | ||
| To Equity Share Capital A/c | 4,40,000 | |||
| (Being equity share application money on 22,000 equity shares @ ₹ 20 per share transferred to Equity Share Capital Account) | ||||
| 3 | Equity Share Allotment A/c ...Dr. | 6,60,000 | ||
| To Equity Share Capital A/c | 6,60,000 | |||
| (Being allotment money on 22,000 equity shares @ ₹ 30 per share due) | ||||
| 4 | Bank A/c ...Dr. | 6,60,000 | ||
| To Equity Share Allotment A/c | 6,60,000 | |||
| (Being equity share allotment money on 22,000 shares @ ₹ 30 per share received) | ||||
| 5 | Equity Share First Call A/c ...Dr. | 4,40,000 | ||
| To Equity Share Capital A/c | 4,40,000 | |||
| (Being equity share first call money on 22,000 shares @ ₹ 20 due) | ||||
| 6 | Bank A/c ...Dr. | 4,40,000 | ||
| To Equity Share First Call A/c | 4,40,000 | |||
| (Being equity share first call money on 22,000 shares @ ₹ 20 per share received) | ||||
| 7 | Equity Share Second and Final Call A/c ...Dr. | 6,60,000 | ||
| To Equity Share Capital A/c | 6,60,000 | |||
| (Being equity share second and final call money on 22,000 shares @ ₹ 30 due) | ||||
| 8 | Bank A/c ...Dr. | 6,60,000 | ||
| To Equity Share Second and Final Call A/c | 6,60,000 | |||
| (Being equity share second and final call money on 22,000 shares @ ₹ 30 per share received) | ||||
| 4400000 | 4400000 | |||
APPEARS IN
संबंधित प्रश्न
On 1st April, 2012; Vivek Ltd. Was formed with an authorized capital of Rs.1,00,00,000 divided into 2,00,000 equity shares of Rs.50 each. The company issued prospectus inviting applications for 1,80,000 shares. The issue price was payable as under:
On Application: Rs.15
On Allotment: Rs.20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
b. Also prepare 'Notes to Accounts' for the same.
'David Ltd.' issued `40, 00,000 equity shares of Rs 10 each out of its registered capital of Rs 10,00,00,000. The amount payable on these shares was as follows :
On application - Rs 1 per share
On allotment - Rs 2 per share
On the first call - Rs 3 per share
On second and final call - Rs 4 per share
All calls were made and were duly received, except the second and final call on 1,000 shares held by Vipul. These shares were forfeited.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare 'Notes to Accounts'.
Deepak, Farukh and Lilly were partners in a firm sharing profits in the ratio of 3:2:1. On 28.2.2015 Farukh retired from the firm. On Farukh's retirement, there was a balance of `12,000 in Workmen's Compensation Reserve which was no more required. On Farukh's retirement this amount will be :
(a) Debited to the Capital accounts of all the partners in their profit sharing ratio.
(b) Credited to the Capital accounts of all the partners in their profit sharing ratio.
(c) Credited to the Capital accounts of Deepak and Lilly in their profit sharing ratio.
(d) Credited to the Capital account of Farukh.
'Telecom Limited' is registered with an authorized capital of Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each. The company issued 1,00,000 shares at a premium of Rs 2 per share. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share (including premium)
On first and final call - The balance
All calls were made and were duly received except the first and final call on 1,000 shares held by Asha. Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956
On 1st April 2012, Mayank Ltd. was formed with an authorised capital of Rs 25,00,000 divided into 50,000 equity shares of Rs 50 each. The company issued a prospectus inviting applications for 45,000 shares. The issue price was payable as under :
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year. Show the following:
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
(b) Also, prepare 'Notes to Accounts' for the same.
XXL Ltd. converted its 500, 9% debentures of Rs 100 each issued at a dsicount of 8% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off.
Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
'Payment and Receipt of interest and dividend' is classified as which type of activity while preparing cash flow statement?
State the two situations in which interest on partner's capital is generally provided.
Suman and Sudha were partners in a firm sharing profits equally. Their fixed capitals were Rs 50,000 and Rs 25,000 respectively. The partnership deed provided interest on capital at the rate of 12% per annum. For the year ended 31stMarch, 2016, the profits of the firm were distributed without providing interest on capital.
Pass necessary adjustment entry to rectify the error.
Y Ltd. invited applications for issuing 2000, 9% debentures of Rs 100 each at a discount of 10%. The whole amount was payable at the time of application. Applications for 2400 debentures were received and pro-rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures.
Z Ltd. forfeited 1000 equity shares of Rs 10 each for the non-payment of the final call of Rs 2 per share. Calculate the maximum amount of discount at which these shares can be reissued.
C India Ltd. purchased machinery from B India Ltd. Payment to B India Ltd. was made as follows:
(i) By issuing 10,000 equity shares of Rs 10 each at a premium of 20%.
(ii) By issuing 1000, 9% debentures of Rs 100 each at a discount of 5%.
(iii) Balance by giving a bank draft of Rs 37,000.
Pass necessary journal entries in the books of C India Ltd. for the purchase of machinery and payment to B India Ltd.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
As per section 69 (3) of the Companies Act, 1956, the minimum amount payable on share application should be______________ percent.
There must be provision in ___________ for forfeiture of shares.
Give one word/term/phrase for the following statement.
Amount called-up on shares by the company but not received.
Give one word/term/phrase for the following statement.
Issue of share at its face value
State whether you agree or disagree with following statement.
Calls in Advance account is shown on the Asset side of the Balance sheet.
State whether you agree or disagree with following statement:
When shares are forfeited Shares Capital Account is credited.
Answer in one sentence only.
Which account is debited when share first call money is received?
Answer in one sentence only.
When are shares allotted on pro-rata basis?
Answer in one sentence only.
What is Paid-up Capital?
___________ Capital is the Capital which a company is authorised to issue by its Memorandum of Association.
The difference between Called-up Capital and Paid-up Capital is known as ___________.
__________ form of business organisation in which Capital is raised through the issue of shares.
Company sends Regret letter for 100 shares and Allotment letter to 25000 shareholders. Application money was ₹ 20 per share. Calculate the amount of application money which company is refunding.
Deepak Manufacturing co. Ltd. issued a prospectus inviting applications for 1,00,000 equity shares of ₹ 10 each payable as follows
₹ 2 on Application
₹ 4 on Allotment
₹ 2 on first call
₹ 2 on final call
Application were received for 1,20,000 equity shares. The Directors decided to reject excess applications and refunded application money on that. Company received all money.
Pass Journal Entries in the books of a company.
Suhas Limited issued 10000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance in two calls of equal amount. Applications were received for ll,000 equity shares and pro-rata allotment was made for all the applicants. The excess application money was adjusted towards allotment. Mrs. Shobha who were allotted 200 equity shares failed to pay F/F/C and her shares were forfeited after the final call
Show Journal entries in the books of Suhas Ltd. and also show its presentation in Balance sheet.
Subhash Company Limited issues 2000 Equity shares of ₹100 each payable as ₹ 30 on application, ₹ 30 on allotment, ₹ 40 on first and final call. All the shares were subscribed and duly allotted. Company made all the calls. All cash was duly received except the first & final call on 100 equity shares. These shares were forfeited by company and were re-issued as fully paid for ₹75 per share.
Show the Journal entries in the books of Subhash Company Ltd.
State whether you agree or disagree with following statement
Joint Stock company can raise huge amount of capital.
Which of the following statement is/are true?
- Authorized Capital < Issued Capital
- Authorized Capital ≥ Issued Capital
- Subscribed Capital ≤ Issued Capital
- Subscribed Capital > Issued Capital
Krishan Ltd has Issued Capital of 20, 00,000 Equity shares of ₹10 each. Till Date ₹8 per share have been called up and the entire amount received except calls of ₹4 per share on 800 shares and ₹3 per share from another holder who held 500 shares. What will be amount appearing as ‘Subscribed but not fully paid capital’ in the balance sheet of the company?
Radhey Ltd. took over assets of ₹ 14,00,000 and liabilities of ₹ 6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of 100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.
Pass necessary journal entries in the books of Z Ltd. for the following transaction:
The company has a balance of ₹ 60,000 in securities premium reserve account. Loss on issue of debentures ₹ 1,00,000 was written off as per the provisions of the Companies Act. 2013.
Sameer and Company Limited invited applications for 25,000 Equity shares of ₹ 100 each payable as:
₹ 25 on application
₹ 50 on allotment
₹ 25 on first and final call
Applications were received for 30,000 Equity shares and pro-rata allotment were made to all. All the money was duly received except first and final call on 2,500 Equity shares. Enter the above transactions in the books of Sameer and Company Limited.
When a company issues shares at a premium, the company can collect securities premium along with the following :
Saraswati Ltd. has an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. Subscribed and fully paid-up share capital of the company was ₹ 4,00,000. To meet its new financial requirements, the company issued 20,000 equity shares of ₹ 10 each which were payable as follows : ₹ 3 on application; ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second and final call. The issue was fully subscribed. The allotment money was payable on 1st May 2021, first call money on 1st August 2021 and final call on 1st October 2021. X whom 1,000 shares were allotted, did not pay the allotment and call money; Y an allotee of 600 shares, did not pay the two calls; and Z whom 400 shares were allotted, did not pay the final call. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare Notes to Accounts for the same.
Mukund Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at 10% premium. The amount per share was payable as follows: ₹ 3 on application, ₹ 3 (including premium) on allotment and balance amount on first and final call. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis to all the applicants. The excess money received on application was adjusted towards sums due on allotment only. Application money in excess to sums due on allotment was refunded. A shareholder who had applied for 6,000 shares, could not pay the call money and his shares were forfeited.
Pass necessary Journal entries for the above transactions in the books of Mukund Ltd.
Narmada Ltd. has an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for issuing 80,000 equity shares. The company received applications for 75,000 equity shares. All calls were made and were duly received except the first and final call of ₹ 2 per share on 5,000 shares held by Arti. These shares were forfeited.
- Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
- Also prepare 'Notes to Accounts' for the same.
Vani Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of 10%. The amounts were payable as under: On Application and Allotment - ₹ 4 per share (including premium ₹ 1)
On first call -₹ 4 per share
On second and final call - ₹ 3 per share
Applications for1,50,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted towards sums due on calls. Parth, a shareholder who had applied for 600 shares did not pay the first call. His shares were forfeited. The second and final call was not yet made. Half of the forfeited shares were reissued at ₹ 8 per share fully paid-up.
Journalise the above transactions in the books of Vani Limited by opening calls in arrears and calls in advance account wherever necessary.
Unnati Ltd. was registered with an authorised capital of ₹ 80,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for 60,000 equity shares. The company received applications for 58,000 equity shares. All calls were made and were duly received except the second and final call of ₹ 3 per share on 3,000 shares held by Manit. These shares were forfeited.
- Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
- Also prepare "Notes to Accounts" for the same.
The Directors of Rockstar Ltd. invited applications for 2,00,000 Shares of ₹ 10 each, issued at 20% premium. Share was payable as ₹ 5 on application, ₹ 4 (including premium) on allotment and balance on call. Public had applied for 3,20,000 shares out of which applications for 20,000 shares were rejected and remaining were alloted on pro-rata basis.
Simba, an applicant of 15,000 shares failed to pay allotment and call money. His shares were forfeited and out of these 6,000 shares were reissued at a discount of ₹ 2 per share. Journalise.
Shaktimaan Ltd. invited applications for issuing 1,00,000 Shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as ₹ 4 on application (including premium); ₹ 5 on Allotment and balance on call. Applications were received shares for 1,80,000 of which Applications for 30,000 shares were rejected and remaining applicants were allotted on pro-rata basis. Manthan, holding 5,000 shares failed to pay call money and his shares were forfeited. Out of these 2,000 shares were re-issued at premium of ₹ 3 per share. Prepare Cash Book and pass necessary entries.
Akasha Company Limited issued 25,000 equity shares of ~ 10 each payable as follows:
| On Application | ₹ 2 |
| On Allotment | ₹ 2 |
| On First call | ₹ 3 |
| On Final call | ₹ 3 |
Applications were received for 24,000 equity shares and allotment of shares were made to them. All money was received by the company.
Pass Journal Entries in the books of Akasha Company Limited.
Amar Ltd. issued 1000 equity shares of ₹ 100 each at par payable ₹ 30 on Application, ₹ 40 on Allotment and ₹ 30 on First and Final call. The company received applications for 1,200 shares. The Board of Directors rejected 200 applications and application money was refunded. All the money was duly received. Show journal entries in the books of Amar Ltd.
