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प्रश्न
The following balances have been extracted from the books of Vanity Ltd. as at 31st March, 2017:
Trial Balance as at 31st March, 2017
| Particulars | Debit | Credit |
| Equity Share Capital (5,000 shares of ` 100 each fully paid) | 5,00,000 | |
| Fixed Assets | 7,30,000 | |
| Reverses and Surplus | 2,00,000 | |
| Inventories | 50,000 | |
| Cash and Bank Balances | 1,70,000 | |
| Creditors | 40,000 | |
| Bills Payable | 20,000 | |
| Underwriting Commission on issue of shares | 10,000 | |
| 5% Debentures (1/5 of the Debentures to be redeemed on 31st March, 2018) | 2,00,000 | |
| Proposed Dividend | 12,000 | |
| Interest accrued and due on 5% Debentures | 8,000 | |
| Trade Receivables | 20,000 | |
| Total | 9,80,000 | 9,80,000 |
उत्तर
| I | Particulars | Note No. | 31.03.2017 | 31.03.2016 |
| 1 |
EQUITY AND LIABILITIES Shareholders’s Funds (a) Share Capital (b) Reserves and Surplus |
1
1
2 |
5,00,000
1,90,000 |
|
| 2 |
Non-Current Liabilities Long Term Borrowing (10% Debentures) |
3 | 1,60,000 | |
| 3 |
Current Liabilities (a) Trade Payables 4 (b) Other Current Liabilities 5 (c) Short Term Provisions |
4
5 6 |
60,000 48,000 12,000
|
|
|
TOTAL |
|
9,70,000 |
| II | ASSETS | |||
| 1 |
Non-Current Assets Fixed Assets |
7,30,000 | ||
| 2 |
Current Assets (a) Inventories (b) Trade Receivables (c) Cash and Bank Balances |
50,000 20,000 1,70,000
|
||
| TOTAL | 9,70,000 |
Notes
Notes to Accounts:
| Particulars | 31.03.2017 | 31.03.2016 |
|
1. Share Capital Authorized Capital .... Equity Shares @ 100 ....... Issued Capital (—) .... Equity Shares @ 100 (—) ....... Subscribed Capital Subscribed and fully paid up 5000 Equity Shares @ ` 100 |
(—) (—) |
... ...
5,00,000 |
|
2. Reserves and Surplus Less Under writing commission |
2,00,000 (10,000) |
1,90,000 |
| 3. Long term borrowings 5% Debentures | 1,60,000 | |
|
4. Trade Payable Creditors Bills Payable |
40,000 20,000 |
|
|
5. Other Current Liabilities Current Maturity of Long Term Debts -5% Debentures Interest Accrued and Due on 5% Debentures |
40,000 8,000
|
|
|
6. Short Term Provisions Proposed Dividend |
12,000 |
APPEARS IN
संबंधित प्रश्न
Pass necessary journal entries for the following transactions in the books of Rajan Ltd.:
(a) Rajan Ltd. purchased machinery of Rs.7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of Rs.100 each at 10% discount.
(b) Rajan Ltd purchased a running business from Vikas Ltd. for a sum of Rs.2,50,000 payable as Rs.2,20,000 in fully paid equity shares of Rs.10 each and balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery Rs.90,000; Building Rs.90,000; Sundry Debtors Rs.30,000; Stock Rs.50,000; Cash Rs.20,000; Sundry Creditors Rs.20,000.
For issuing shares at discount a company has to fulfil many conditions. State any three such conditions
What is the basis of preparing Receipt and Payment Account?
Answer briefly of the following question :
What is the minimum price at which a company can reissue its forfeited shares which were originally issued
at par?
Saturn Ltd. was registered with an authorized capital of ` 12,00,000. "divided into" ` 1,20,000 :equity shares of ` 10
"each. It issued "40,000" equity shares to the public at a premium of" ` 5 "per share, payable as follows": [12]
"On application" ` 6
"On allotment" ` 9 (including premium of 5)
All the shares were applied for and allotted. One shareholder holding 500 shares did not pay the allotment money
and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at 7 per share fully
called up.
You are required to:
(a) Pass journal entries in the books of the company.
(b) Prepare :
(i) Securities Premium Reserve Account,
(ii) Share Capital Account.
Modern Chemicals Co. Ltd. made an issue of 60,000 shares of Rs. 20 each payable as follows :
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On first call Rs. 4 per share
On second call Rs. 3 per share
The company received applications for 65,000 shares of which applications for 5,000 shares were
rejected and money refunded.
All the shareholders paid up to second call except one shareholder, Mr. Bhupendra, the allotee of
100 shares, who did not pay the amount of the second call.
Give Journal Entries in the books of Modern Chemicals Co., Ltd.
Answer in one Sentence only :
Define securities premium.
State, whether the following statements is True or False.
Shares are issued for cash only.
What is meant by the issue of shares for consideration other than cash?
An extract of the Balance Sheet of Nova Ltd. shows:
| Particulars | 31.03.2023 (₹) | 31.03.2022 (₹) |
| Share Capital (Equity shares @ ₹ 10 each) | 8,00,000 | 5,00,000 |
| Securities Premium | 70,000 | 1,70,000 |
During the year 2022-23, the company raised its share capital by issuing bonus shares to the shareholders at the beginning of the year in the ratio of 1 : 5 (one bonus share was issued for every five equity shares). The balance shares were issued for cash to the public.
How many shares were issued for cash by the company?
