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प्रश्न
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.
उत्तर
Books of SK Ltd
Journal
| Date | Particulars | L.F. | Dr.(Rs.) | Cr.(Rs.) |
|
Bank A/c Dr To Equity Share Application A/c (Being amount received on application for 4,00,000) |
12,00,000
|
12,00,000
|
||
|
Equity Share Application A/c Dr To Equity Share Capital A/c To Securities Premium A/c To Equity Share Allotment A/c To Bank A/c (Being amount of application transferred to Share Capital and excess money is adjusted towards allotment) |
12,00,000
|
6,40,000 3,20,000 1,20,000 1,20,000
|
||
|
Equity Share Allotment A/c Dr To Equity Share Capital A/c To Securities Premium A/c (Being amount due on allotment) |
16,00,000
|
9,60,000 6,40,000
|
||
|
Bank A/c (Rs.16,00,000 – Rs.1,20,000 – Rs.3,700) Dr To Equity Share Allotment A/c (Being amount received on share allotment)
Share Capital A/c Dr Securities Premium A/c Dr To Share Forfeiture A/c To Share Allotment A/c (Being 800 shares of Jain are forfeited due to non – payment of allotment money) |
14,76,300
4,000 1,600
|
14,76,300
1,900 3,700
|
||
|
Equity Share First and Final A/c Dr To Equity Share Capital A/c To Securities Premium A/c (Being amount due on first and final call on 3,19,200shares) |
22,34,400
|
15,96,000 6,38,400
|
||
|
Bank A/c (Rs.22,34,400 – Rs.16,800) Dr To Equity Share First and Final Call A/c (Being amount received on first and final call) |
22,17,600
|
22,17,600
|
||
|
Equity Share Capital A/c Dr Securities Premium A/c Dr To Equity Share Forfeiture A/c To Equity Share First and Final Call A/c (Being shares of Gupta were forfeited) |
24,000 4,800
|
12,000 16,800
|
||
|
Bank A/c Dr Share Forfeiture A/c Dr To Equity Share Capital A/c (Being forfeited shares were re-issued at Rs.8 per share fully paid up) |
12,000 3,000
|
15,000
|
||
|
Equity Share Forfeiture A/c Dr To Capital Reserve A/c (Being excess amount on forfeiture is transferred to capital reserve) |
2,400
|
2,400
|
Computation Table
| Categories | Applied Shares | Shares Allotted | Money Received on Application @ Rs.3 each | Money transferred to Share Capital @ Rs.2 each | Money transferred to Securities Premium @ Rs.1 each | Excess Application money | Amount Adjusted on Allotment | Money refunded |
|
I II |
40,000 3,60,000 |
3,20,000 |
1,20,000 10,80,000 |
6,40,000 |
3,20,000 |
1,20,000 1,20,000 |
1,20,000 |
1,20,000
|
| 4,00,000 | 3,20,000 | 12,00,000 | 6,40,000 | 3,20,000 | 2,40,000 | 1,20,000 | 1,20,000 |
Calculation of amount unpaid on Allotment
`"Share Applied by Jeevan ="360000/320000xx800=900" Shares"`
Excess money received from Jeevan = 300 (100 x 3)
Amount due on Allotment = 2,400 (800 x 3)
Less : Excess Application Money = Rs. 300
___________________
Amount unpaid on Allotment = 2,100
Amount unpaid on Securities Premium = 1,600 (800 x 2)
___________________
Total amount unpaid on allotment = Rs. 3,700
Calculation of amount received from Jeevan (Share Forfeiture (Cr)
Amount received on application = 1,600 (800 x 2) ⇒ excluding premium
Add :Excess Application money = 300
____________________________________
Share Forfeiture (Cr.) = 1,900
Unpaid amount on First and Final Call
`"Share Allotted to Ganesh ="320000/360000xx2700=2400" Shares"`
Unpaid amount on First and Final Call = 16,800 (2,400 x 7)
Calculation of amount received from Ganesh (Share Forfeiture Cr.)
Amount received on application = Rs.4,800 (2,400 x 2) ⇒ excluding premium
Amount received on allotment = Rs.7,200 (2,400 x 3) ⇒ excluding premium
Total amount received = Rs.12,000
Calculation of Capital Reserve
(i) 800 shares of Jain are reissued
Share forfeiture (Cr.) = 900
Less :Share forfeiture (Dr.) = 1,600 (800 x 2)
___________________
Capital Reserve = 300
(ii) 700 Shares of Ganesh are reissued
Share Forfeiture (Cr.) for 700 shares = 3,500 [(12000/2400) x700]
Less : Share Forfeiture (Dr.) = 1400 (700 x 2)
____________________________
Capital Reserve = 2,100
Total Amount of Capital Reserve = 2,400 (2,100 + 300)
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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.
JS Ltd. invited applications for issuing 80,000 equity shares of Rs.10 each at a premium of Rs.6 per share. The amount was payable as follows:
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On First and Final Call — Balance
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Pass necessary journal entries for the above transactions in the books of J.S. 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.
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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%.
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Answer in one Sentence only :
What is meant by share premium?
Answer in one Sentence only :
What is meant by discount on issue of shares?
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 :
If shares are issued at its face value, it is called as issue at __________________.
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.
State, whether the following statements is True or False.
A public company can issue shares at only rate of discount.
Premier Tools Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows:
On application - ₹ 5 per share (including premium)
On allotment - ₹ 3 per share
On first & final call – Balance
Applications were received for 2,50,000 shares. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments received on application were adjusted towards sums due on allotment.
All calls were made and duly received except allotment and first and final call from Naveen who applied for 7,200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹ 48,000 as fully paid.
Pass the necessary journal entries for the above transactions in the books of Premier Tools Ltd. Open calls-in-arrears account wherever required.
