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प्रश्न
State the two situations in which interest on partner's capital is generally provided.
उत्तर
(a) When the partnership deed contains a clause in respect of provision of interest on capital.
(b) When there is a credit balance in the partners' capital accounts.
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संबंधित प्रश्न
Scooters India Ltd' is registered with an authorized capital of Rs 50,00,000, divided into 5,00,000 shares of Rs 10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount was payable as follows :
On application and allotment - Rs 3 per share
On 1st call - Rs 2 per share
On 2nd and final call - Rs 5 per share
The issue was fully subscribed. All calls were made and were duly received except 2nd and the final call on 1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at Rs 8 per share as fully paid up. Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act, 1956. Also, prepare Notes to accounts for the same.
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:
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J.M. Ltd. Balance Sheet as at 31.3.2016 |
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Particulars |
NoteNo. |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
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I. Equity and Liabilities : (1) Shareholder's Funds: |
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(a) Share Capital |
2,25,000 |
1,75,000 |
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(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 |
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(3) Current Liabilities: |
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(a) Short-term Borrowings |
3 |
37,500 |
18,750 |
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(b) Short-term Provisions |
4 |
50,000 |
31,250 |
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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 |
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(b) Inventories |
7 |
30,500 |
18,000 |
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(c) Cash and Cash Equivalents |
18,250 |
10,750 |
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Total |
4,87,500 |
3,37,500 |
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Notes to Accounts :
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Note No. |
Particulars |
31.03.2016 (Rs) |
31.03.2015 (Rs) |
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(1) |
Reserves and Surplus |
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(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 |
|
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Machinery |
4,18,750 | 2,63,750 |
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Accumulated Depreciation |
(52,500) | (35,000) |
|
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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 |
|
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Stock in Trade |
30,500 | 18,000 |
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30,500 | 18,000 |
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Share forfeited balance is transferred to Capital Reserve Account.
Give one word/term/phrase for the following statement.
Issue of share at its face value
Give one word/term/phrase for the following statement.
The form of business organisation where huge amount of capital can be raised.
State true or false with reason.
Sweat shares are issued to public.
State whether you agree or disagree with following statement.
Calls in Advance account is shown on the Asset side of the Balance sheet.
____________ shareholders are the real owners of the company.
10000 equity shares of ₹ 10 each issued at 10% premium. Calculate the total amount of share premium.
In which of the following situation Companies Act 2013 allows for issue of shares at discount?
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?
1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium.
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.
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.
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.
Parth Company Limited was registered with an authorised capital of ₹ 30,00,000 divided into 3,00,000 equity shares of ₹ 10 each. Company issued 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. Company received applications for 1,60,000 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 1,000 shares did not pay the 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.
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.
