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1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium. - Book Keeping and Accountancy

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Question

1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium.

Sum

Solution

Premium = `(1000 xx 10 xx 10)/100`

= ₹ 1,000

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Accounting for Share Capital
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2024-2025 (March) Model set 2 by shaalaa.com

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'Telecom Limited' is registered with an authorized capital of Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each. The company issued 1,00,000 shares at a premium of Rs 2 per share. The amount was payable as follows :

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On 1st April 2012, Mayank Ltd. was formed with an authorised capital of  Rs 25,00,000 divided into 50,000 equity shares of Rs 50 each. The company issued a prospectus inviting applications for 45,000 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:

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Y Ltd. forteited 100 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made.
 

Calculate the maximum amount of discount at which these shares can be re-issued

Following is the Balance Sheet of J.M. Ltd. as at 31.3.2016:   

                         J.M. Ltd. Balance Sheet as at 31.3.2016

                Particulars

NoteNo.

31.03.2016

(Rs)

31.03.2015

(Rs)

I. Equity and Liabilities :

(1) Shareholder's Funds:

     

(a) Share Capital

 

2,25,000

1,75,000

(b) Reserves and Surplus

1

62,500

25,000

       

(2) Non-current Liabilities:

     

Long-Term Borrowings

2

1,12,500

87,500

       

(3) Current Liabilities:

     

(a) Short-term Borrowings

3

37,500

18,750

(b) Short-term Provisions

4

50,000

31,250

Total

  4,87,500

3,37,500

II. Assets:

     

(1) Non-current Assets:

     

(a) Fixed Assets:

     

(i) Tangible

5

3,66,250

2,28,750

(ii) Intangible

6

25,000

37,500

       

(b) Non-current Investments

 

37,500

25,000

       

(2) Current Assets:

     

(a) Current Investments

 

10,000

17,500

(b) Inventories

7

30,500

18,000

(c) Cash and Cash Equivalents

 

18,250

10,750

Total

 

4,87,500

3,37,500

 

            Notes to Accounts :

 

Note

No.

                          Particulars

31.03.2016

(Rs)

31.03.2015

(Rs)

(1)

Reserves and Surplus

 

 

 

(Surplus i.e. Balance in the Statement of Profit and Loss)

62,500 25,000

 

 

62,500 25,000

 

 

 

 

(2)

Long-term Borrowings

 

 

 

12% Debentures

1,12,500

87,500

 

 

1,12,500

87,500

 

 

 

 

(3)

Short-term Borrowings

 

 

 

Bank overdraft

37,500 18,750

 

 

37,500 18,750

 

 

 

 

(4)

Short-term Provisions

 

 

 

Proposed Dividend

50,000 31,250

 

 

50,000 31,250

 

 

 

 

(5)

Tangible Assets

 

 

 

Machinery

4,18,750 2,63,750

 

Accumulated Depreciation

(52,500) (35,000)

 

 

3,66,250 2,28,750

 

 

 

 

(6)

Intangible Assets

 

 

 

Goodwill

25,000 37,500

 

 

25,000

37,500

 

 

 

 

(7)

Inventories

 

 

 

Stock in Trade

30,500 18,000

 

 

30,500 18,000

 

 

Additional Information :
 
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