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प्रश्न
Reliance company Limited invited applications for 50,000 Equity Shares of ₹ 100 each at par, payable as follows:
| On Application | ₹ 30 |
| On Allotment | ₹ 40 |
| On First & Final Call | ₹ 30 |
The public applied for 35,000 shares and all these were allotted. All money due were collected with an exception of first & final call on 4000 shares, these were forfeited. All forfeited shares were re-issued by the Directors at ₹ 80 per share.
Pass Journal Entries in the Books of Reliance Company Limited.
उत्तर
| Journal Entries In the Books of Reliance Co. Ltd. |
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| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
|
1. |
Bank A/c ...Dr. | 10,50,000 | - | |
| To Share Application A/c | - | 10,50,000 | ||
| (Being Application money on 35000 Equity shares ₹ 30 per share received) |
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| 2. | Equity Share Application ...Dr. | 10,50,000 | - | |
| To Equity Share Capital A/c | - | 10,50,000 | ||
| (Being equity share application money on 35000 shares transferred to Equity share Capital) |
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| 3. | Equity Share Allotment A/c ...Dr. | 14,00,000 | - | |
| To Equity Share Capital A/c | - | 14,00,000 | ||
| (Being equity share allotment money on 35000 shares ₹ 40 per Share due) |
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| 4. | Bank A/c ...Dr. | 14,00,000 | - | |
| To Equity Share Allotment A/c | - | 14,00,000 | ||
| (Being Allotment money on 35000 equity shares ₹ 40 per Share received) |
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| 5. | Equity Share First & Final Call A/c ...Dr. | 10,50,000 | - | |
| To Equity Share Capital A/c | - | 10,50,000 | ||
| (Being equity share allotment money on 35000 shares ₹ 30 per share due ) |
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| 6. | Bank A/c ...Dr. | 9,30,000 | - | |
| To Equity Share First & Final Call A/c | - | 9,30,000 | ||
| (Being Equity Share First & Final Call money on 31,000 equity Shares @ ₹ 30 per share received) |
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| 7. | Equity Share Capital A/c ...Dr. | 4,00,000 | - | |
| To Equity Share First & Final Call A/c | - | 1,20,000 | ||
| To Share Forfeiture A/c | - | 2,80,000 | ||
| (Being forfeiture of 4000 equity shares due to non-payment of first & final call) |
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| 8. | Bank A/c ...Dr. | 3,20,000 | - | |
| Share Forfeiture A/c ...Dr. | 80,000 | - | ||
| To Equity Share Capital A/c | - | 4,00,000 | ||
| (Being re-issue for 4000 forfeited shares @ ₹ 80 per share) |
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| 9. | Share Forfeiture A/c ...Dr. | 2,00,000 | - | |
| To Capital Reserve A/c | - | 2,00,000 | ||
| (Being balance on share forfeiture A/c transferred to capital reserve A/c) |
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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.
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
Y Ltd. forteited 100 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made.
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.
Reena and Raman are partners in a firm sharing profits in the ratio of 4 : 3. They admitted Roma as a new partner. The new profit sharing ratio between Reena, Raman and Roma was 3: 2: 2. Raman surrendered `1/3rd `of his share in favour of Roma. Calculate Reena's sacrifice.
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.
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.
Following is the Balance Sheet of J.M. Ltd. as at 31.3.2016:
|
J.M. Ltd. Balance Sheet as at 31.3.2016 |
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|
Particulars |
NoteNo. |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
|
I. Equity and Liabilities : (1) Shareholder's Funds: |
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|
(a) Share Capital |
2,25,000 |
1,75,000 |
|
|
(b) Reserves and Surplus |
1 |
62,500 |
25,000 |
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(2) Non-current Liabilities: |
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Long-Term Borrowings |
2 |
1,12,500 |
87,500 |
|
(3) Current Liabilities: |
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(a) Short-term Borrowings |
3 |
37,500 |
18,750 |
|
(b) Short-term Provisions |
4 |
50,000 |
31,250 |
|
Total |
4,87,500 |
3,37,500 |
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II. Assets: |
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(1) Non-current Assets: |
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(a) Fixed Assets: |
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(i) Tangible |
5 |
3,66,250 |
2,28,750 |
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(ii) Intangible |
6 |
25,000 |
37,500 |
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(b) Non-current Investments |
37,500 |
25,000 |
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(2) Current Assets: |
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(a) Current Investments |
|
10,000 |
17,500 |
|
(b) Inventories |
7 |
30,500 |
18,000 |
|
(c) Cash and Cash Equivalents |
18,250 |
10,750 |
|
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Total |
4,87,500 |
3,37,500 |
|
Notes to Accounts :
|
Note No. |
Particulars |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
|
(1) |
Reserves and Surplus |
|
|
|
|
(Surplus i.e. Balance in the Statement of Profit and Loss) |
62,500 | 25,000 |
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62,500 | 25,000 |
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(2) |
Long-term Borrowings |
|
|
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12% Debentures |
1,12,500 |
87,500 |
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1,12,500 |
87,500 |
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(3) |
Short-term Borrowings |
|
|
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Bank overdraft |
37,500 | 18,750 |
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|
37,500 | 18,750 |
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(4) |
Short-term Provisions |
|
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Proposed Dividend |
50,000 | 31,250 |
|
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|
50,000 | 31,250 |
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(5) |
Tangible Assets |
|
|
|
|
Machinery |
4,18,750 | 2,63,750 |
|
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Accumulated Depreciation |
(52,500) | (35,000) |
|
|
|
3,66,250 | 2,28,750 |
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(6) |
Intangible Assets |
|
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Goodwill |
25,000 | 37,500 |
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|
25,000 |
37,500 |
|
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(7) |
Inventories |
|
|
|
|
Stock in Trade |
30,500 | 18,000 |
|
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|
30,500 | 18,000 |
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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.
Premium received on issue of shares is shown to __________.
The unpaid amount on allotment and calls may be transferred to _____________ account.
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.
The form of business organisation where huge amount of capital can be raised.
Give one word/term/phrase for the following statement.
The capital which is subscribed by the public.
Give one word/term/phrase for the following statement.
The part of subscribed capital which is not called-up by the company.
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 the issued price of share is ₹ 12 and face value is ₹ 10, the share is said to be issued at premium.
State whether you agree or disagree with following statement:
Public limited company can issue its share without issuing its prospectus.
Answer in one sentence only.
What is Registered Capital?
Answer in one sentence only.
What is Over subscription of shares?
When face value of the share is ₹ 100 and issued price is ₹ 120, then it is said that the shares are issued at _________.
___________ Capital is the Capital which a company is authorised to issue by its Memorandum of Association.
___________ share holders get fixed rate of dividend.
____________ shareholders are the real owners of the company.
__________ form of business organisation in which Capital is raised through the issue of shares.
The part of Authorised Capital which is not issued to the public is known as ___________ Capital.
80000 Equity shares of ₹ 10 each issued and fully subscribed and called up at 20% premium. Calculate the amount of Equity share Capital.
Vijay Ltd. was registered with an authorised capital of ₹ 15,00,000 divided into 1,50,000 equity shares of ₹ 10 each.
Company issued 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share.
Company received applications for 80,000 equity shares and were allotted the shares.
Company received application money ₹ 3 per share, allotment money ₹ 4 per share (Including premium), and first call money ₹ 3 per share.
The Directors have not made final call of ₹ 2 per share. All money were received except one shareholder holding 500 shares did not pay first call.
Show Authorised Capital, Issued Capital, Subscribed Capital, Called-up Capital, Paid-up Capital, Calls in Arrears, and Share Premium amount in company balance sheet.
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.
As per Section 52 of Companies Act 2013, Securities Premium Reserve cannot be utilised for ______.
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?
Attire Ltd. issued a prospectus inviting applications for 12,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 5 on allotment and balance on a call. Public had applied for a certain number of shares and application money was received. Which of the following application money, if received restricts the company to proceed with the allotment of shares, as per SEBI guidelines?
Alankrit Ltd. offered for public 10,000 equity shares of ₹ 10 each at a premium of ₹ 12/- per share payable as under:
- On Application - ₹ 4
- On Allotment - ₹ 4 (including premium)
- On First & Final Call- Balance Amount
Company received all the money. The issue was fully subscribed. Give Journal Entries to record above transactions and also show in balance sheet.
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.
Which of the following statements is true?
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.
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.
Subscription received in current year is ₹ 1,20,000. Current year's outstanding subscription is ₹ 20,000 and subscription received in advance is ₹ 10,000. Find out net subscription amount of current year
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.
Ananya Limited invited applications for 50,000 equity shares of ₹ 10 each payable as ₹ 2.50 on Application ₹ 5 on Allotment ₹ 2.50 on Final call.
Applications were received for 60,000 equity shares and pro-rata allotment were made to all. All the money was duly received except Final call on 5,000 equity shares.
Pass journal entries in the books of Ananya Limited and show it in the Balance sheet.
The liability of shareholder of public limited company is ______.
