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प्रश्न
U.P. Sugar Works Ltd. was registered on 1st January, 2019 with an authorised capital of ₹ 15,00,000 divided into 15,000 shares of ₹ 100 each. The company issued on 1st April, 2019, 5,000 shares of ₹ 100 each at a premium of ₹ 5 per share payable ₹ 25 per share on application , ₹ 30 (including premium) on allotment and the balance in two equal installments of ₹ 25 each on 1st July and 1st October respectively. All the allotments and call moneys were paid when due, except in case of one shareholder who failed to pay the final call on 100 shares held by him. His shares were forfeited on 1st November after giving him a due notice. Show necessary entries in the books of the company to record these transactions.
उत्तर
Authorised capital 15,000 shares of 100 each
Issued and applied capital 5,000 shares of ₹ 100 each at a premium ₹ 5
|
Application |
= |
₹ 25 |
|
|
Allotment |
= |
₹ 30 |
(25+5) |
|
First Call |
= |
₹ 25 |
|
|
Final Call |
= |
₹ 25 |
|
|
|
|
105 |
(100+5) |
Books of U.P. Sugar Works Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
2019 |
|
|
|
|
|
|
Apr. 01 |
Bank A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Application A/c |
|
|
1,25,000 |
|
|
|
(Share application money received for 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
Apr. 01 |
Share Application A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
Apr. 01 |
Share Allotment A/c |
Dr. |
|
1,50,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
To Securities Premium A/c |
|
|
25,000 |
|
|
|
(Share allotment due on 5,000 shares at ₹ 30 each including ₹ 5 premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,50,000 |
|
|
|
To Share Allotment |
|
|
1,50,000 |
|
|
|
(Share allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
Jul. 01 |
Share First Call A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share first call due on 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share First Call A/c |
|
|
1,25,000 |
|
|
|
(Share first call money received) |
|
|
|
|
|
|
|
|
|
|
|
|
Oct 01 |
Share Final Call A/c |
Dr. |
|
1,25,000 |
|
|
|
To Share Capital A/c |
|
|
1,25,000 |
|
|
|
(Share final call due on 5,000 shares at ₹ 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,22,500 |
|
|
|
Calls-in-Arrear A/c |
Dr. |
|
2,500 |
|
|
|
To Share Final Call A/c |
|
|
1,25,000 |
|
|
|
(Share final call ₹ 25 each received for 4,900 shares and a holder of 100 share failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
|
Nov. 01 |
Share Capital A/c (100 × 100) |
Dr. |
|
10,000 |
|
|
|
To Share Forfeiture A/c (100 × 75) |
|
|
7,500 |
|
|
|
To Calls-in-Arrear A/c (100 × 25) |
|
|
2,500 |
|
|
|
(100 shares forfeited for the non-payment of final call) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
State the preliminary steps in the issue of shares
Life machine tools Limited, issued 50,000 equity shares of Rs 10 each at Rs 12 per share, payable at to Rs 5 on application (including premium), Rs 4 on allotment and the balance on the first and final call.
Applications for 70,000 shares had been received. Of the cash received, Rs 40,000 was returned and Rs 60,000 was applied to the amount due on allotment, the balance of which was paid. All shareholders paid the call due, with the exception of one share holder of 500 shares. These shares were forfeited and reissued as fully paid at Rs 8 per share. Journalise the transactions.
The Orient Company Limited offered for public subscription 20,000 equity shares of Rs 10 each at a premium of 10% payable at Rs 2 on application; Rs 4 on allotment including premium; Rs 3 on First Call and Rs 2 on Second and Final call. Applications for 26,000 shares were received. Applications for 4,000 shares were rejected. Pro-rata allotment was made to the remaining applicants. Both the calls were made and all the money were received except the final call on 500 shares which were forfeited. 300 of the forfeited shares were later on issued as fully paid at Rs 9 per share. Give journal entries and prepare the balance sheet.
A company invited applications for 75,000 equity shares of ₹ 100 each. The application money received @ ₹ 30 per share was ₹ 27,00,000. Name the kind of subscription. List the three alternatives for allotting these shares.
Eastern Company Limited, having an authorised capital of ₹ 10,00,000 divided into shares of ₹ 10 each, issued 50,000 shares at a premium of ₹ 3 per share payable as follows:
| On Application | ₹ 3 per share; |
| On Allotment (including premium) | ₹ 5 per share; |
| On first call (due three months after allotment) and the balance as when required. | ₹ 3 per share; |
Applications were received for 60,000 shares and the directors allotted the shares as follows:
(i) Applicants for 40,000 shares received in full.
(ii) Applicants for 15,000 shares received an allotment of 8,000 shares.
(iii) Applicants for 5,000 shares received 2,000 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was made and the money was received except on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Varun Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:
₹ 40 per share and ₹ 10 premium on allotment, and
₹ 50 per share and ₹ 10 premium on final payment.
Over-payments on application were to be applied towards amount due on allotment and over-payments on application exceeding amount due on allotment was to be returned. Issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received.
Pass necessary entries in the company's books to record the above transactions. Also, prepare company's Balance Sheet on completion of the above transactions.
Ghosh Ltd. made the second and final call on its 50,000 Equity Shares @ ₹ 2 per share on 1st January, 2016. The entire amount was received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money due and received by opening Calls-in-Arrears Account.
Better Prospect Ltd. acquired land costing ₹ 1,00,000 and in payment allotted 1,000 Equity Shares of ₹ 100 each as fully paid. Further, the company issued 4,000 Equity Shares to public . The shares were payable as: ₹ 30 on application ; ₹ 30 on allotment; ₹ 40 on first and final call.
Applications were received for all shares which were allotted . All the money was received except the call on 200 shares.
Pass journal entries and prepare Balance Sheet of the company.
New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased , 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application , ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call . The amounts received in respect of these shares were:
| On 6,000 shares | Full amount called, |
| On 1,250 shares | ₹ 4 per share, |
| On 500 shares | ₹ 3 per share, |
| On 250 shares | ₹ 2 per share. |
The Directors forfeited the 750 shares on which less than ₹ 4 had been paid . The shares were subsequently reissued at ₹ 3 per share .
Pass journal entries recording the above transactions and prepare the company's Balance Sheet.
Kamal Ltd. was formed on 1st April, 2010 with an authorised capital of ₹ 2,00,000 , divided into 2,000 Equity Shares of ₹ 100 each. 1,000 shares were issued as fully paid to the vendors of building for payment of the purchase consideration. The remaining 1,000 shares were offered or public subscription at a premium of ₹ 5 per share payable as:
| On application | ₹ 10 per share, |
| On allotment | ₹ 25 per share(including premium), |
| On first call | ₹ 40 per share, |
| On final call | ₹ 30 per share. |
Applications were received for 900 shares which were duly allotted and the allotment money was received in full . At the time of the first call, a shareholder who held 100 shares failed to pay the first call money and his shares were forfeited. These shares were reissued @ ₹ 60 per share , ₹ 70 per share paid-up.
Final call has not been made.
You are required to
(i) give necessary journal entries to record the above transactions and
(ii) show how share capital would appear in the Balance Sheet of the company.
A Ltd. invited applications for issuing 1,00,000 shares of ₹ 10 each at a premium of ₹ 1 per share. The amount was payable as follows:
| On Application | – | 3 per share; |
| On Allotment | – | 3 per share (including premium); |
| On First Call | – | 3 per share; |
| On Second and Final Call | – | Balance amount. |
Applications for 1,60,000 shares were received. Allotment was made on the following basis:
| (i) | To applicants for 90,000 shares | – | 40,000 shares; |
| (ii) | To applicants for 50,000 shares | – | 40,000 shares; |
| (iii) | To applicants for 20,000 shares | – | Full shares. |
Excess money paid on application is to be adjusted against the amount due on allotment and calls.
Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money.
Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money.
All the shares of Rishabh and Sudha were forfeited and were subsequently reissued at ₹ 7 per share fully paid.
Pass the necessary Journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required.
Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of ₹ 10 each, payable ₹ 5 as per application (including ₹ 2 as premium), ₹ 4 as per allotment and the balance towards first and final call.
Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment.
Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money.
All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for ₹ 9 per share.
You are required to set out the Journal entries and the relevant entries in the Cash Book.
XYZ Ltd. invited applications for issuing 50,000 Equity Shares of ₹10 each . The amount was payable as:
| On application | --- | ₹ 3 per share, |
| On allotment | --- | ₹ 4 per share, |
| On first and final call | --- | ₹ 3 per share. |
Applications were received for 75,000 shares and pro rata allotment was made as:
Applicants for 40,000 shares were allotted 30,000 shares on pro rata basis.
Applicants for 35,000 shares were allotted 30,000 shares on pro rata basis.
Ramu, to whom 1,200 shares were allotted out of the group applying for 40,000 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment .
Shamu, who had applied for 700 shares out of the group applying for 35,000 shares , failed to pay the first and final call . His shares were also forfeited. Out of the forfeited shares, 1,000 shares were reissued @ Applicants for 40,000 shares were allotted 30,000 shares on pro rata basis. 8 per share as fully paid-up. The reissued shares included all the forfeited shares of Shamu.
Pass necessary Journal entries to record the above transactions.
Write short note on procedure for transfer of shares
Explain the secretarial procedure involved in the allotment of shares.
Minimum directors a public company can have compulsorily ________.
Which type of capital will be written after the authorized capital in the balance sheet?
