Advertisements
Advertisements
प्रश्न
On Jan 01, 2016 Rao sold goods ₹ 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment. Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.
उत्तर
| Books of Rao Journal |
||||
| Date | Particulars | L.F. | Debit Amount ₹ |
Credit Amount ₹ |
| 2016 | ||||
| Jan.01 | Reddy Dr. | 10,000 | ||
| To Sales A/c | 10,000 | |||
| (Goods sold to Reddy) | ||||
| Jan.01 | Cash A/c Dr. | 5,000 | ||
| To Reddy | 5,000 | |||
| (Cash received from Reddy) | ||||
| Jan.01 | Bills Receivable A/c Dr. | 5,000 | ||
| To Reddy | 5,000 | |||
| (Bill received for 30 days accepted by Reddy) | ||||
| Feb.03 | Cash A/c Dr. | 5,000 | ||
| To Bills Receivable A/c | 5,000 | |||
| (Reddy's acceptance met on due date) | ||||
| Dr. | Books of Reddy Rao's Account |
Cr. | |||||
| Date | Particulars | J.F. | Amount ₹ |
Date | Particulars | J.F. | Amount ₹ |
| Jan.01 | Cash | 5,000 | 2011 | ||||
| Jan.01 | Bills Receivable | 5,000 | Jan.01 | Purchases | 10,000 | ||
| 10,000 | 10,000 | ||||||
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What are the uses of securities premium?
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
(ii) failed to pay the allotment money. Calculate amount received on allotment.
Z Ltd . purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each ata premium of ₹ 10 per share . Pass necessary Journal entries in the books of Z Ltd.
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
| On application | --- | ₹ 2 per share; |
| On allotment | --- | ₹ 5 per share (including premium), |
| On first call | --- | ₹ 2 per share, |
| 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.
Give necessary Journal entries for the above transactions.
The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable per shares was: on application ₹ 5, on allotment ₹ 4 (including premium of ₹ 2), first call ₹ 2 and final call ₹ 1.
Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares ---- in full,
(ii) to applicants for 80,000 shares --- 60,000 shares,
(iii) to applicants for 60,000 shares --- 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares[1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.
Give the meaning of 'Calls-in-Advance'.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The balance of depreciation account is transferred to ______
Give the performa of a Bill of Exchange
Which of the following statement is false?
Interest on calls in advance.
Newfound Ltd took over business of Old land ltd and paid for it by issue of 30,000, Equity Shares of ₹100 each at a par along with 6% Preference Shares of ₹1,00,00,000 at a premium of 5% and a cheque of ₹8,00,000. What was the total agreed purchase consideration payable to Old Land ltd.
When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ______
When applications for more shares of a company are received than the number of shares offered to the public for a subscription it is called ______?
When Company issues its shares at an amount more than the nominal or par value of shares. This situation is known as ______?
For which of the following purposes the amount of securities premium can be utilized?
A company issues its shares at a premium under which Section of Indian Companies Act, 2013?
Which statement is issued before the issue of shares?
Premium on issue of shares is shown on which side of the Balance sheet?
When the number of debentures applied is less than number of debentures offered to public the issue is said to be ______.
