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प्रश्न
RS Ltd. has issued 25000 equity shares of Rs. 10 each at a premium of Rs. 2 per hares payable with application money. The incomplete journal entries related to the issue are given below. You are required to complete these blanks.
Books of RS Ltd.
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 10
|
_ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (Amount received on application for 35,000 shares @ Rs.5 per share) |
|||
|
Jan 16
|
_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Transfer of application money to share capital securities premium, money refunded for 4,000 shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis) |
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|
Jan 31
|
_ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Amount due on allotment @ Rs.4 per share) |
|||
|
Feb 20
|
_ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Balance amount received on allotment) |
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|
April 01
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ (First and Final Call money due) |
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|
April 20
|
_ _ _ _ _ _ _ _ _ _ Dr Calls – in – arrears A/c Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ (Money received on First and Final Call except on 500 shares) |
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|
Aug 27
|
_ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Forfeited the shares on which call money was not received) |
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|
Oct 3
|
_ _ _ _ _ _ _ _ _ _ Dr _ _ _ _ _ _ _ _ _ _ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ (Re-issued the forfeited shares @ 8 per share fully paid - up) |
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| _ _ _ _ _ |
_ _ _ _ _ _ _ _ __ Dr To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ (_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ ) |
उत्तर
Books of RS Ltd
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
2015 Jan 10
|
Bank A/c Dr To To Equity Share Application A/c (Being amount received on application for 35,000 shares @ Rs.5 per share including premium) |
1,75,000
|
1,75,000
|
|
|
Jan 16
|
Equity Share Application A/c Dr To Equity Share Capital A/c (25,000 x Rs.3) To Securities Premium A/c (25,000 x Rs.2) To Equity Share Allotment A/c (6,000 x Rs.5) To Bank a/c (4,000 x Rs.5) (Being application money transferred to share capital securities premium and money refunded for 20,000 shares for rejected application; balance adjusted towards amount due on allotment) |
1,75,000
|
75,000 50,000 30,000 20,000
|
|
|
Jan 31
|
Equity Share Allotment A/c Dr To Equity Share Capital A/c (Being amount due on allotment @ Rs.4 per share) |
1,00,000
|
1,00,000
|
|
|
Feb 20
|
Bank A/c (1,00,000 – 30,000) Dr To Equity Share Allotment A/c (Being balance amount received on allotment) |
70,000
|
70,000
|
|
|
April 01
|
Equity Share First & Final Call (25,000 x Rs.3) Dr To Equity Share Capital A/c (Being first and final call money due) |
75,000
|
75,000
|
|
|
April 20
|
Bank A/c (75,000 – 1,500) Dr Calls – in – arrears A/c Dr To Equity Share First and Final Call A/c (Being money received on first and final call) |
73,500 1,500
|
75,000
|
|
|
Aug 27
|
Equity Share Capital A/c (500 x 10) Dr To Equity Share Forfeiture A/c (500 x Rs.7) To Equity Share First & Final Call A/c (500 x Rs.3) (Being shares forfeited on which call money was not received) |
5,000
|
3,500 1,500
|
|
|
Oct 3
|
Bank A/c (500 x Rs.8) Dr Equity Share Forfeiture A/c (500 x 2) Dr To Equity Share Capital A/c (500 x 10) (Being forfeited Share reissued @ 8 per share fully paid up) |
4,000 1,000
|
5,000
|
|
|
Oct 15 |
Equity Share Forfeiture A/c Dr To Capital Reserve A/c (Being amount transferred to Capital Reserve) |
2,500
|
2,500
|
संबंधित प्रश्न
B' Ltd. took over the assets of Rs.14,00,000 and liabilities of Rs.4,00,000 of C Ltd. for a purchase consideration of Rs.9,19,000. Rs.17,000 were paid by a bank draft in favour of C Ltd. and the balance was paid by issue of equity shares of Rs.10 each at a premium of 10% in favour of C Ltd.
Pass necessary journal entries for the above transactions in the books of B Ltd.
Sandesh Ltd. took over the assets of Rs.7,00,000 and liabilities of Rs.2,00,000 from Sanchar Ltd. for a purchase consideration of Rs.4,59,500. Rs.8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to setup a power plant. For raising funds the company decided to issue 8,50,000 equity shares of Rs.10 each at a premium of Rs.3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were alloted to the remaining applicants on pro- rata basis.
Pass necessary journal entries for the above transactions in the books of the company and identify any two values which the company wants to propagate.
SK Ltd. invited applications for issuing 3,20,000 equity shares of Rs.10 each at a premium of Rs.5 per share. The amount was payable as follows:
On application Rs.3 per share (including premium Rs.1 per share)
On allotment Rs.5 per share (including premium Rs.2 per share)
On First and Final Call - Balance
Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 1,500 shares were re-issued at Rs.8 per share fully paid up. The re-issued shares included all the forfeited shares of Jeevan.
Pass necessary journal entries for the above transactions in the books of the company.
Y. Ltd forfeited 1,00 equity shares of Rs 10 each for the non-payment of the first call of Rs 2 per share. The final call of Rs2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be reissued.
X Ltd invited applications for issuing 500, 12 % debentures of `100 each at a discount of 5%. These debentures were redeemable after these years at par. Applications for 600 debentures were received. Prorata allotment was made to all the applications.
Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with application.
State any three conditions for the issue of shares at discount.
Pass necessary journal entries for the following transactions in the books of Sewak Ltd.:
(i) Sewak Ltd. acquired assets of Rs 5,00,000 and liabilities of Rs 3,00,000 of Goodwill Ltd. for a purchase consideration of Rs 1,35,000. Payment to Goodwill Ltd. was made by issuing equity shares of 10 each at a discount of 10%.
(ii) Purchase furniture of Rs 5,00,000 from Ramprastha Ltd. The payment to Ramprastha Ltd. was made by issuing equity shares of Rs 10 each at a premium of 25%.
Give one word / Term / phrase for the following statement :
Issue of share above face value.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
The excess price received over the par value of shares, should be ___________ to securities premium a/c.
(Issue at premium and calls in arrears)
Hindusthan Petroleum Ltd., invited application for 40,000 Equity shares of Rs 100 each payable as under including 20% premium:
| On Application | Rs 30 | On Allotment | Rs 40 (including premium) |
| On First Call | Rs 20 | On Final Call | Rs 30 |
All the shares were applied for and also allotted. One share holder who was allotted 500 shares failed to pay first and final call.
Record the above transactions in the journal of the company.
(Issue at discount and Pro-rate allotment)
Global IT Ltd. issued 1,00,000 shares of 10 each at a discount of 10% payable as follows-
| On Application | Rs 3 | On Allotment | Rs 3 (Discount) |
| On First Call | Rs 2 | On Second Call | Rs 1 |
Public applied for 1,20,000 shares and the directors made pro-rata allotment to the applicants.
Show the journal of the company assuming that all money received on allotment and calls.
State, whether the following statements is True or False.
Shares are always issued at par.
State, whether the following statements is True or False.
A public company can issue shares at only rate of discount.
