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प्रश्न
Viswanath Furniture Ltd. invited applications for 20,000 shares of ₹ 10 each at a premium of 2 per share payable?
₹ 2 On application
₹ 5 (including premium) on the allotment
₹ 5 On the first and final call
There were oversubscription and applications were received for 30,000 shares and the excess applications were rejected by the directors. Pass the journal entries.
उत्तर
| Rs. | |
| Application money received (30,000 × Rs. 2) | 60,000 |
| Less: Actual application money due (20,000 × Rs. 2) | 40,000 |
| Refund on rejected application (10,000 × Rs. 2) | 20,000 |
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| (1) | Bank A/c (30,000 x Rs. 2) Dr. To Share Application A/c [Applicaiton money received] |
60,000 | 60,000 | |
| (2) | Share application A/c Dr. To Share capital A/c To Bank A/c [Application money tranferred & refund on rejected application] |
60,000 | 40,000 20,000 |
|
| (3) | Share Allotment A/c (20,000 x Rs.5) Dr. To share capital A/c (20,000 x Rs. 2) To Securities premium A/c (20,000 x Rs.2) [Allotment money due including premium] |
1,00,000 | 60,000 40,000 |
|
| (4) | Bank A/c Dr. To Share allotment A/c [Allotment money received] |
1,00,000 | 1,00,000 | |
| (5) | Share I & final call A/c (20,000 x Rs.5) Dr. To Share capital A/c [call money due] |
1,00,000 | 1,00,000 | |
| (6) | Bank A/c Dr. To share I & final call A/c [call money received] |
1,00,000 | 1,00,000 |
APPEARS IN
संबंधित प्रश्न
The amount received over and above the par value is credited to
Saranya Ltd. issued 20,000 equity shares of ₹ 10 each to the public at par. The details of the amount payable on the shares are as follows:
On application – ₹ 3 per share
On allotment – ₹ 4 per share
On first and final call – ₹ 3 per share
Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
What is Over-Subscription?
What is meant by calls in arrear?
Why are the shares forfeited?
What is a reissue of forfeited shares?
Anjali Flour Ltd. with a registered capital of ₹ 4,00,000 in equity shares of ₹ 10 each, issued 30,0 of such shares; payable ₹ 2 per share on the application, ₹ 5 per share on the allotment, and ₹ 3 shares on the first call. The issue was duly subscribed.
All the money payable was duly received but on the allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the I transactions.
Arjun was holding 1,000 shares ₹ 10 each of Vanavill Electronics Ltd, issued at par. He paid ₹ 3 on the application, ₹ 4 on the allotment but could not pay the first and final call of ₹ 3. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.
Goutham Ltd. forfeited 500 equity shares of ₹ 10 each issued at par held by Ragav for nonpayment of the final call of ₹ 2 per share. The shares were forfeited and reissued to Madhan at ₹ 8 per share. Show the journal entries for forfeiture and reissue.
Vairam Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:
On application ₹ 6
On allotment ₹ 4 (including premium)
On the first and final call ₹ 2
The issue was fully subscribed and the amount due was received except Saritha to whom 1,000 shares were allotted who failed to pay the allotment money and first and final call money. Her shares were forfeited. All the forfeited shares were reissued to Parimala at ₹ 7 per share.
