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प्रश्न
Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully paid shares of ₹ 10 each and balance through cheque.
The assets and liabilities consisted of the following:
| Plant and Machinery | ₹ 4,00,000 | Stock | ₹ 4,00,000 |
| Building | ₹ 4,00,000 | Cash | ₹ 3,00,000 |
| Sundry Debtors | ₹ 3,00,000 | Sundry Creditors | ₹ 2,00,000 |
You are required to pass necessary Journal entries in the company's books.
उत्तर
Books of Sure Ltd.
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
Plant and Machinery |
Dr. |
|
4,00,000 |
|
|
|
Building A/c |
Dr. |
|
4,00,000 |
|
|
|
Sundry Debtors A/c |
Dr. |
|
3,00,000 |
|
|
|
Stock A/c |
Dr. |
|
4,00,000 |
|
|
|
Cash A/c |
Dr. |
|
3,00,000 |
|
|
|
To Sundry Creditors A/c |
|
|
2,00,000 |
|
|
|
To M/s Rai Brothers |
|
|
15,00,000 |
|
|
|
To Capital Reserve A/c |
|
|
1,00,000 |
|
|
|
(Business of M/s Rai Brothers took over) |
|
|
|
|
|
|
|
|
|
|
|
|
|
M/s Rai Brothers |
Dr. |
|
12,00,000 |
|
|
|
To Share Capital A/c |
|
|
12,00,000 |
|
|
|
(Shares issued to M/s Rai Brothers) |
|
|
|
|
|
|
|
|
|
|
|
|
|
M/S Rai Brothers |
Dr. |
|
3,00,000 |
|
|
|
To Bank A/c |
|
|
3,00,000 |
|
|
|
(Payment made to M/s Rai Brothers through cheque) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
The type of shareholders who can participate in the management of the company.
Equity Shares and Preference Shares.
Jain Ltd. converted 500, 8% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each issued at a premium of Rs 25 per share. Discount on issue of 8% debentures has not yet been written off. Showing your working notes clearly, pass necessary journal entries for conversion of 8% debentures into equity shares.
Pass necessary journal entries in the following cases
Jay Ltd. redeemed 1,500, 12% debentures of Rs 1,000 each issued at a discount of 10% by converting them into equity shares of Rs 50 each issued at par.
From the following information, calculate any two of the following ratios:
(a) Debt-Equity Ratio
(b) Working Capital Turnover Ratio and
(c) Return on Investment
Information: Equity Share capital Rs 10,00,000, General Reserve Rs 1,00,000; Profit and Loss Account after tax and interest Rs 3,00,000; 12% Debenture Rs 4,00,000; Creditors Rs 3,00,000; Land and Building Rs 13,00,000; Furniture Rs 3,00,000; Debtors Rs 2,00,00 and Cash Rs 1,10,000 and Preliminary expenses Rs 1,00,000
Sales for the year ended 31-3-2011 was Rs 30,00,000. Tax Paid 50%.
Draft a letter of allotment of shares to the applicant.
A person who purchases shares of a company is known as _______ of the company.
Define Equity Shares and explain its features.
Write notes on Features of equity shares.
State, with reasons, whether the following statement is True or False :
Right shares are issued to the general public.
Write a word or term or phrase which can substitute each of the following statements:
Type of preference shares which can be redeemed after a certain period of time.
Equity shares are paid dividend at ____________ rate.
A company must issue __________ shares.
Fully convertible debentures are converted into __________ shares on maturity.
Long Answer Question
What do you mean by the term ‘share’? Discuss the type of shares, which can be issued under the Companies Act, 2013 as amended to date.
Software solution India Ltd inviting application for 20,000 equity share of Rs 100 each, payable Rs 40 on application, Rs 30 on allotment and Rs 30 on call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to Applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 share allotted half of the number of share applied and excess application money adjusted into allotment. All money received due on allotment and call. Prepare journal and cash book.
Sangam Ltd. invited applications for 10,000 Equity Shares of ₹ 100 each issued at par. The amount was payable on application. The issue was oversubscribed by 2,000 shares and allotment was made on pro rata basis. Pass necessary Journal entries.
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25% . Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly.
Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹ 4,59,500. ₹ 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.
Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of ₹ 2 per share, payable as:
| On Application | : | ₹ 3 |
| On Allotment | : | ₹ 5 (including premium) |
| On First Call | : | ₹ 2 |
| On Second and Final Call | : | ₹ 2 |
Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.
| Case I | Vijay did not pay allotment money and his shares were immediately forfeited. |
| Case II | Vijay did not pay allotment and first call, his shares were forfeited after first call. |
| Case III | Vijay failed to pay first call and his shares were forfeited immediately. |
| Case IV | Vijay failed to pay both the calls and his shares were forfeited. |
Raja Ltd. invited applications for issuing 50,000 Equity Shares of ₹ 10 each . The amount was payable as follows:
| On application --- ₹ 3 per share On allotment --- ₹ 5 per share, On first and final call --- Balance. |
Applications for 70,000 shares were received . Allotment was made to all applicants on pro rata basis. Excess money received on application was adjusted towards sums due on allotment . Ramesh, who had applied for 700 shares , did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited. Afterwards , the first and the final call was made . Adhar, who had been allotted 500 shares, did not pay the first and final call . His shares were also forfeited . Out of the forfeited shares 900 shares were reissued at ₹ 8 per share as fully paid-up . The reissued shares included all the shares of Ramesh.
Pass necessary journal entries for the above transactions in the books of the company.
State, with reason, whether the following statement is True or False.
Preference shareholders have normal voting rights.
Explain the features of preference shares.
Answer the question.
Explain the advantages of equity shares, as a source of finance.
Explain any three disadvantages of issuing equity shares, from the Company's point of view.
Write any four features of equity shares.
Which of the following statement is incorrect about Preference Shares?
Which type of shares is not convertible?
The director of a company must be ______.
Equity Shares are ______.
What are preference shares?
Give any four types of Preferences shares.
