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प्रश्न
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.
उत्तर
Amount payable as:
|
Application |
₹ |
10 |
|
|
Allotment |
₹ |
50 |
(40 + 10) |
|
First and Final Call |
₹ |
60 |
(50 + 10) |
|
|
|
120 |
(100 + 20) |
Books of Varun Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
Bank A/c |
Dr. |
|
2,30,000 |
|
|
|
To Share Application A/c |
|
|
2,30,000 |
|
|
|
(Share application money received for 23,000 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
2,30,000 |
|
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
|
To Share Allotment A/c |
|
|
50,000 |
|
|
|
To Bank A/c |
|
|
80,000 |
|
|
|
(Share application of 10,000 shares transferred to Share Capital, Rs 50,000 adjusted on allotment and remaining amount returned) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
|
To Share Capital A/c |
|
|
4,00,000 |
|
|
|
To Securities Premium A/c |
|
|
1,00,000 |
|
|
|
(Share allotment due on 10,000 shares at Rs 50 each including Rs 10 premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,50,000 |
|
|
|
To Share Allotment A/c |
|
|
4,50,000 |
|
|
|
(Share allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
Dr. |
|
6,00,000 |
|
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
|
To Securities Premium A/c |
|
|
1,00,000 |
|
|
|
(First and final call due on 10,000 shares at Rs 60 each including Rs 10 premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,00,000 |
|
|
|
To Share First and Final Call A/c |
|
|
6,00,000 |
|
|
|
(Share first and final call money received) |
|
|
|
|
Posting in the Company's Balance Sheet
Varun Limited
Balance Sheet
|
Particulars |
Note No. |
Amount (₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
10,00,000 |
|
b. Reserves and Surplus |
2 |
2,00,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
12,00,000 |
|
II. Assets |
|
|
|
1.Non-Current Assets |
|
|
|
2.Current Assets |
|
|
|
a. Cash and Cash Equivalents |
3 |
12,00,000 |
|
Total |
|
12,00,000 |
NOTES TO ACCOUNTS
|
Note No. |
Particulars |
Amount (₹) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
…… shares of Rs 100 each |
- |
|
|
Issued Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
|
Subscribed, Called up and Paid up Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
2 |
Reserves and Surplus |
|
|
Securities Premium |
2,00,000 |
|
|
3 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
12,00,000 |
Working Notes:
|
Applied Shares |
Issued Shares |
Money received on Application @ ₹ 10 each |
Money transferred to Share Capital @ ₹ 10 each |
Excess |
Allotment due @ ₹ 50 each |
Excess money adjusted on Allotment |
Excess money after Allotment |
|
12,000
|
1,000
|
1,20,000
|
10,000
|
1,10,000
|
50,000
|
50,000
|
60,000 (return) |
|
2,000 |
NIL |
20,000 |
– |
20,000 (return) |
|
|
|
|
9,000 |
9,000 |
90,000 |
90,000 |
– |
4,50,000 |
– |
– |
|
23,000 |
10,000 |
2,30,000 |
1,00,000 |
|
5,00,000 |
50,000 |
60,000 |
Share Allotment due (10,000 share × ₹ 50) 5,00,000
Less: Excess application money
adjusted on allotment 50,000
Money received on Allotment 4,50,000
APPEARS IN
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