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प्रश्न
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:
On Allotment Rs 4 per share.
On First and Final Call Rs 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
CategoryNo. of Shares AppliedNo. of Shares Allotted
I 1,60,000 80,000
ii 80,000 20,000
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required.
उत्तर
|
Journal |
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|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Bank A/c (3,00,000 × 3) |
Dr. |
|
9,00,000 |
|
|
|
To Share Application A/c |
|
|
|
9,00,000 |
|
|
(Received application money on 3,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
9,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
|
To Share Allotment A/c (2,40,000 + 80,000) |
|
|
|
3,20,000 |
|
|
To Calls-in-Advance A/c |
|
|
|
60,000 |
|
|
To Bank A/c (60,000 × 3) + 40,000) |
|
|
|
2,20,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (1,00,000 × 4) |
|
|
4,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
4,00,000 |
|
|
(Allotment due on 1,00,000 shares ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
80,000 |
|
|
|
To Share Allotment A/c (4,00,000 − 3,20,000) |
|
|
|
80,000 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (1,00,000 × 3) |
Dr. |
|
3,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
|
(Call money due on 1,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,39,520 |
|
|
|
Calls-in-Advance A/c |
Dr. |
|
60,000 |
|
|
|
Calls-in-Arrears A/c (160 × 3) |
|
|
480 |
|
|
|
To Share First and Final Call A/c |
|
|
|
3,00,000 |
|
|
(Received call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (160 × 10) |
Dr. |
|
1,600 |
|
|
|
To Share First Call A/c (160 × 3) |
|
|
|
480 |
|
|
To Share Forfeiture A/c (160 × 7) |
|
|
|
1,120 |
|
|
(Forfeiture of 300 shares for non-payment of call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (160 × 15) |
Dr. |
|
2,400 |
|
|
|
To Share Capital A/c |
|
|
|
1,600 |
|
|
To Security Premium Reserve A/c |
|
|
|
800 |
|
|
(Reissue of 160 shares at Rs 15 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
1,120 |
|
|
|
To Capital Reserve A/c |
|
|
|
1,120 |
|
|
(Profit on re-issue transferred to Capital Reserve Account) |
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Notes
Computation Table
|
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 3 each |
Money transferred to Share Capital @ Rs 3 each |
Excess Application money |
Amount adjusted on Allotment |
Amount adjusted on Call |
Money refunded |
|
I |
1,60,000 |
80,000 |
4,80,000 |
2,40,000 |
2,40,000 |
2,40,000 |
- | - |
|
II |
80,000 |
20,000 |
2,40,000 |
60,000 |
1,80,000 |
80,000 |
60,000 |
40,000 |
|
III |
60,000 |
- |
1,80,000 |
- | - | - |
|
1,80,000 |
|
|
3,00,000 |
1,00,000 |
9,00,000 |
3,00,000 |
4,20,000 |
3,20,000 |
60,000 |
2,20,000 |
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APPEARS IN
संबंधित प्रश्न
The proprietary ratio of M Ltd. is 0.80:1 State with reasons whether the following transactions will increase, decrease or not change the proprietary ratio:
1) Obtained a loan from bank Rs 2, 00,000 payable after five years.
2) Purchased machinery for cash Rs 75,000
3) Redeemed 5% redeemable preference shares Rs 1,00,000
Issued equity shares to the vendors of machinery purchased for Rs 4,00,000.
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of favourable market conditions, the issue was over-subscribed and applications for 15,00,000 shares were received
Suggest the alternatives available to the Board of Directors for the allotment of shares.
'Samta Limited' invited applications for issuing 6,750 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share
On first and final call - Rs 2 per share
The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with an application. The amount received with applications was:
(a) Rs 16,750
(b) Rs 16,000
(c) Rs 19,250
(d) Rs 22,875
Pass necessary journal entries in the given case
Pharma Ltd. redeemed 2,500, 12% debentures of Rs 100 each issued at a discount of 6% by converting them into equity shares of Rs 100 each issued at a premium of 25%.
On 1st April 2012; Janta Ltd. Was formed with an authorized capital of `50,00,000 divided into 1,00,000 equity shares of Rs 50 each. The company issued the prospectus inviting applications for 90,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
b. Also, prepare 'Notes to Accounts' for the same
Pass necessary journal entries for the following transactions in the books of Gopal Ltd:
Purchased furniture for Rs 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of Rs 10 each at a premium of 25%.
Madhav Ltd. issued fully paid equity shares of Rs 80 each at a discount of Rs 5 per share for the purchase of a running business from Gupta Bros. for a sum of Rs 15,00,000. The assets and liabilities consisted of the following : Plant Rs 5,00,000; Trucks Rs 7,00,000; Stock Rs 3,00,000; Machinery Rs 6,00,000 and Sundry Creditors Rs 5,00,000. You are required to pass necessary journal entries for the above transactions in the books of Madhav Ltd.
On 1st April, 2012, Khanna Ltd. was formed with an authorised capital of Rs 20,00,000 divided into 2,00,000 equity shares of Rs 10 each. The company issued prospectus inviting applications for 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, Rs 8 per share were called, Shikha holding 2,000 share and Poonam holding 4,000 shares did not pay the first call of Rs 2 per share. Poonam's shares were forfeited after the first call and later on 3,000 of the forfeited shares re-issued at Rs 6 per share, Rs 8 called up.
Show the following:
(a) 'Share Capital' in the Balance sheet of the company as per revised Schedule VI Part I of the Companies Act, 1956.
(b) Also prepare 'Notes to Accounts'.
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
HCF Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On application and allotment – 4 per share
On first and final call – the balance amount.
Applications for 2,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made and was duly received except on 1,500 share applied by Raja. His share were forfeited. The forfeited shares were re-issued at maximum discount permissible under law.
Pass necessary journal entries for the above transactions in the books of the company.
Ashish Ltd. Invited applications for issuing 75,000 Equity Shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share.
On Allotment Rs 2 per share
On First and Final Call − Balance
Applications for 1,50,000 shares were received. Applications for 25,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 1250 shares failed to pay allotment and first and final call money. Dev did not pay the first and final call on his 100 shares. All these share were forfeited and later on 1000 of these share were re-issued at Rs 17 per shares fully paid up. The re-issued shares included all the shares of Suman.
Pass necessary Journal Entries for the above transactions in the books of Ashish Ltd.
Janta Ltd., invited application for issuing 2,00,000 equity share of Rs 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs 2 per share
On Allotment Rs 3 per share
On First and final call-balance amount
The issue was undersubscribed to the extent of 20,000 shares. Shares were allotted to all the application. All calls were made and were dully received. ‘A’ to whom 1,500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1,200 share were allotted paid the full amount due at the time of allotment. The share on which allotment and call money was not received were forfeited. The forfeited shares were re-issued at Rs 8 per share fully paid up.
Pass necessary journal entries in the books of Janta Ltd., for the above transaction.
Assuming that the Debt-Equity ratio is 2. State giving reasons whether this ratio would increase, decrease or remain unchanged in the following cases (Any Four)
(a) Purchase of fixed assets on a credit of 2 months
(b) Purchase of fixed assets on a long term deferred payment basis.
(c) Issue of New shares for cash
(d) Issued of Bonus shares
(e) Sale of fixed asset at a loss of Rs 3,000
Bandekar Industries Co. Ltd. Issued 60,000 equity shares of Rs. 100 each, payable as follows :
On application - Rs. 20
On allotment - Rs. 30
On First Call - Rs. 25
On Second call and Final Call - Rs. 25
The company received applications for 48,000 equity shares. All the applications were accepted and shares alloted. The company made both the calls.
One shareholder Mr. Ramesh holding 1,600 shares failed to pay the final call. His shares were forfeited.
Pass Journal entries in the books of Bandekar Industries Co. Ltd.
How will you calculate the no. of shares issued for consideration other than cash?
HR Limited issued 10,000 equity shares @ ₹ 10 each at 10% premium. All shares were subscribed and amount was received. Identity the amount to be transferred to Securities Premium Reserve A/c.
Based on the below information, you are required to answer the following question:
|
Nidiya Limited was incorporated on 1st April 2017 with a registered office in Mumbai. The capital clause of the memorandum of Association reflected a registered capital of 8,00,000 equity shares of ₹ 10 each and 1,00,000 preference shares of ₹ 50 each. Since some large investments were required for building and machinery the company in consultation with vendors, M/s VPS Enterprises, issued 1,00,000 equity shares and 20,000 preference shares at par with them in full consideration of assets acquired. Besides this, the company issued 2,00,000 equity shares for cash at par payable as ₹ 3 on application, 2 on the allotment, 3 on the first call and 2 on the second call. Till date, the second call has not yet been made and all the shareholders have paid except Mr. Ajay who did not pay allotment and calls on his 300 shares and Mr. Vipul who did not pay the first call on his 200 shares. Shares of Mr. Ajay were then forfeited and out of the 100 shares were reissued at ₹ 12 per share. |
How many equity shares of the company have been subscribed?
Based on the below information you are required to answer the following question:
| The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money. |
How much money is still not paid up on the allotted shares?
Rancho Ltd. took over assets worth ₹ 20,00,000 from PK Ltd. by paying 30% through bank draft and balance by issue of shares of ₹ 100 each at a premium of 10%. The entry to be passed by Rancho Ltd for settlement will be:
Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 divided into 2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on allotment (including ₹ 1 premium) and balance on call. The company offered 80,000 shares for public subscription. All the money has been duly called and received except allotment and call money on 5,000 shares held by Manish and call money on 4,000 shares held by Alok. Manish’s shares were forfeited and out of these 3,000 shares were re-issued ₹ 9 per share as fully paid up. Show share capital in the books of the company. Also prepare notes to accounts.
