Question 9: East
India Hotels Ltd. was registered with authorised
capital of ₹25,00,000 divided into 2,50,000 Equity
Shares of ₹10 each. It issued 1,50,000 Equity Shares to public for subscription. The shares
were subscribed and calls were made and received. First and final call of
₹3 was not made. Paresh holder of 5,000 shares
paid the call money along with the allotment money.
Prepare
Balance Sheet of the company showing Share Capital.
Answer:
|
Balance Sheet of East
India |
||
|
Particulars |
Note No. |
(₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
1 |
10,50,000 |
|
|
|
|
|
2. Current Liabilities Other Current Liabilities |
2 |
15,000 |
|
Notes
to Accounts |
|
||
|
Particulars |
(₹) |
||
|
1. Share Capital |
|
||
|
Authorised Share Capital |
|
||
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2,50,000 Equity Shares of ₹10 each |
25,00,000 |
||
|
|
|
||
|
|
25,00,000 |
||
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Issued
Share Capital |
|
||
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1,50,000 Equity Shares of ₹10 each |
1,50,000 |
||
|
|
|
1,50,000 |
|
|
Subscribed
Share Capital Subscribed
and But not Fully Paid-up Share Capital |
|
||
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1,50,000 Equity Shares of 100 each
(Called-up ₹7) |
10,50,000 |
||
|
|
|
||
|
|
|
10,50,000 |
|
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Other Current Liabilities |
|
||
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2.Calls in Advance |
15,000 |
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|
|
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Question
10: Shuchi
Ltd. was registered with a capital of ₹5,00,000
in shares of ₹10
each and issued 20,000 such shares at a premium of ₹2
per share, payable at ₹2 per share on
application, ₹10 per share on allotment
(including premium) and ₹2 per share on first
call made three months later. All the money payable on application and
allotment was duly received but when the first call was made, one shareholder
paid the entire balance on his holding of 300 shares and another shareholder
holding 1,000 shares failed to pay the first call money.
Pass Journal entries to record the above
transactions and show how they will be shown in the company's Balance Sheet.
Answer:
|
Balance Sheet of Amit Ltd. |
||
|
Particulars |
Note No. |
(₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
1 |
1,38,000 |
|
Reserve and Surplus |
2 |
40,000 |
|
2. Other Current Liabilities |
3 |
900 |
|
Total |
|
1,78,900 |
|
|
|
|
|
Notes
to Accounts |
|
|
|||
|
Particulars |
|
(₹) |
|||
|
1. Share Capital |
|
|
|||
|
Authorised Share Capital |
|
|
|||
|
50,000 Equity Shares of ₹10 each |
|
5,00,000 |
|||
|
|
|
|
|||
|
|
|
5,00,000 |
|||
|
Issued
Share Capital |
|
|
|||
|
20,000 Equity Shares of ₹10 each |
|
2,00,000 |
|||
|
|
|
|
2,00,000 |
||
|
Subscribed
Share Capital |
|
|
|||
|
Subscribed and Fully Paid-up Share Capital |
|
|
|||
|
19,000
Equity Shares of 10 each (Called-up ₹7) |
|
1,33,000 |
|||
|
Subscribed and But not Fully Paid-up Share
Capital |
|
||||
|
1,000 Equity Shares of 10 each (Called-up ₹7) |
7,000 |
|
|||
|
Less: Call-in-arrears 1,000×2 |
|
(2,000) |
5,000 |
||
|
|
|
|
1,38,000 |
||
|
2.
Reserve and Surplus |
|
|
|||
|
Securities Premium Reserve
20,000×2 |
|
40,000 |
|||
|
|
|
40,000 |
|||
|
Other Current Liabilities |
|
|
|||
|
3.Calls
in Advance (300×3) |
|
900 |
|||
Issue
of Shares for Cash at Par
Question 11: Global Sales
Ltd. issued 2,50,000 Equity Shares of 10 each to public at par for subscription,
amount being payable as application money.
Pass
necessary Journal entries in the books of the company.
Answer:
|
In the books of Global Sales Ltd. |
||||
|
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share Application A/c |
|
|
25,00,000 |
|
|
(Share
application money received for 2,50,000 equity shares of ₹10 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity
Share Application A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share Capital A/c |
|
|
25,00,000 |
|
|
(Share
application of 2,50,000 equity shares
of ₹10 each transferred to Equity Share Capital Account ) |
|
|
|
|
|
|
|
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Question
12:
The authorised
capital of ₹16,00,000 of Bharat Ltd. is divide into 1,60,000 Equity
Shares of ₹10 each. Out of these shares, 80,000 Equity Shares
were issued at par to public for subscription. The full nominal value is
payable on application. All the shares were subscribed by the public and total
amount was paid for. Pass necessary journal entries in the books of the company.
Answer:
Authorised Capital 1,60,000 equity shares of ₹10 each
Issued and Subscribed Capital 80,000
equity shares
|
Books
of Bharat Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Application A/c |
|
|
8,00,000 |
|
|
|
(Share application money received
for 80,000 Equity Shares of ₹10 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
8,00,000 |
|
|
|
(Share application of 80,000 shares of ₹10 each
transferred to Equity Share Capital Accounts) |
|
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Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – 2
Chapter 9- Company Accounts- Accounting for Share Capital
Question No. 1 To 4
Question No. 5 To 8
Question No. 9 To 12
Question No. 13 To 16
Question No. 17 To 20
Question No. 21 To 24
Question No. 25 To 28
Question No. 29 To 32
Question No. 33 To 36
Question No. 37 To 40
Question No. 41 To 44
Question No. 45 To 48
Question No. 49 To 52
Question No. 53 To 56
Question No. 57 To 60
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Question No. 65 To 68
Question No. 69 To 72
Question No. 73 To 76
Question No. 77 To 80
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Question No. 97 To 100
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Question No. 105 To 108
Question No. 109 To 112
Question No. 113