Question 33:
Ghosh Ltd. made the second and final call on its 50,000 Equity
Shares @ ` 2 per share on 1st January, 2016. The entire amount was
received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money
due and received by opening Calls-in-Arrears Account. (CBSE 2006 C, Modified)
Answer:
|
Books
of Ghosh
Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
2016 |
|
|
|
|
|
|
Jan. 01 |
Share Second and Final Call A/c |
Dr. |
|
1,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
|
(Share second and final call due
on 50,000 shares at ` 2 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 15 |
Bank A/c |
Dr. |
|
99,800 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
200 |
|
|
|
To Share Second and Final Call A/c |
|
|
1,00,000 |
|
|
|
(Share second and final call
received from 49,900 shares and 100 shares failed to pay the it) |
|
|
|
|
|
|
|
|
|
|
|
Question 34:
Avon
Ltd. issued for subscription 10,000 shares of `25 each, payable `5 per share on
application, `10 per share on
allotment (including `5 per share as
premium), `5 per share as
first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied and
allotted.
Due
amount was received except the second call and final call on 200 and 400 shares
respectively.
Pass
the entries in the company's Journal, Cash Book and the Ledger. Also show the
company's Balance Sheet on completion of the above transactions.
Answer:
Issued and Subscribed Capital 10,000
shares of `25 each at `5 Premium
Payable as:
|
` |
5 |
On application |
|
` |
10 |
On allotment (including 5 Premium) |
|
` |
5 |
On first call |
|
` |
5 |
On Second call |
|
` |
5 |
On Third and final call |
|
|
30 |
|
|
Books
of Avon Ltd. Journal |
|
|||||||||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Application A/c |
|
|
50,000 |
|
|||||||
|
|
(Share application money received
for 10,000 shares at` 5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Application A/c |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share application Money
transferred to Share Capital) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Allotment A/c (10,000×10) |
Dr. |
|
1,00,000 |
|
|
||||||
|
|
To Share Capital A/c
(10,000×5) |
|
|
50,000 |
|
|||||||
|
|
To Securities Premium Reserves A/c (10,000×5) |
|
|
50,000 |
|
|||||||
|
|
(Share allotment due on 10,000
shares at` 5 with premium of `5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
||||||
|
|
To Share Allotment A/c |
|
|
1,00,000 |
|
|||||||
|
|
(Share allotment money received) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share First Call A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share first call due on 10,000
shares at`5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share First and Final call A/c |
|
|
50,000 |
|
|||||||
|
|
(Share first call received on
10,000 shares at`5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Second Call A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share Second call due on 10,000
shares at`5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (9,800×5) |
Dr. |
|
49,000 |
|
|
||||||
|
|
Calls-in-Arrears A/c (200×5) |
|
|
1,000 |
|
|
||||||
|
|
To Share Second call A/c |
|
|
50,000 |
|
|||||||
|
|
(Share Second call received on 10,000
shares at`5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
||||||||
|
|
Share third and final Call A/c
(10,000×5) |
Dr. |
|
50,000 |
|
|
|||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
||||||||
|
|
(Share third and final call due on
10,000 shares at`5 per share) |
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||
|
|
Bank A/c (9,600×5) |
Dr. |
|
48,000 |
|
|
|||||||
|
|
Calls-in-Arrears A/c (400×5) |
|
|
2,000 |
|
|
|||||||
|
|
To Share third and final call A/c |
|
|
50,000 |
|
||||||||
|
|
(Share third and final call
received on 10,000 shares at`5
per share) |
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||
|
Cash Book |
|||
|
Particulars |
` |
Particulars |
` |
|
To Share
Application A/c |
50,000 |
By
Balance C/d |
2,97,000 |
|
To Share
Allotment A/c |
1,00,000 |
|
|
|
To Share
First Call A/c |
50,000 |
|
|
|
To Share
Second Call A/c |
49,000 |
|
|
|
To Share
Third and Final Call A/c |
48,000 |
|
|
|
|
|
|
|
|
|
2,97,000 |
|
2,97,000 |
|
Share
Application Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(`) |
Date |
Particulars |
L.F. |
(`) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
Share
Allotment Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(`) |
Date |
Particulars |
L.F. |
(`) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
1,00,000 |
|
|
To Securities Premium |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,00,000 |
|
|
|
1,00,000 |
|
|
|
|
|
|
|
|
|
|
Share
First Call Account |
|
|||||||
|
Dr. |
|
Cr. |
|
|||||
|
Date |
Particulars |
L.F. |
(`) |
Date |
Particulars |
L.F. |
(`) |
|
|
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Share
Second Call Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(`) |
Date |
Particulars |
L.F. |
(`) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
49,000 |
|
|
|
|
|
|
By Calls-in-Arrears |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
Share
Final Call Account |
|
|||||||||||||||||||||||||
|
Dr. |
|
Cr. |
|
|||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (`) |
Date |
Particulars |
L.F. |
Amount (`) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
48,000 |
|
||||||||||||||||||
|
|
|
|
|
|
By Calls-in-Arrears |
|
2,000 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
50,000 |
|
|
|
50,000 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Call-in-Arrears
Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (`) |
Date |
Particulars |
L.F. |
Amount (`) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
To Share Second Call |
|
1,000 |
|
By Balance c/d |
|
3,000 |
|||||||||||||||||||
|
|
To Share Final Call |
|
2,000 |
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
3,000 |
|
|
|
3,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Share
Capital Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (`) |
Date |
Particulars |
L.F. |
Amount (`) |
|||||||||||||||||||
|
|
To Balance c/d |
|
2,50,000 |
|
By Share Application |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Allotment |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share First Call |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Second |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Final Call |
|
50,000 |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
|
|
|
2,50,000 |
|
|
|
2,50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Securities
Premium Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (`) |
Date |
Particulars |
L.F. |
Amount (`) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
To Balance c/d |
|
50,000 |
|
By Share Allotment |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
50,000 |
|
|
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Balance
Sheet |
||
|
Particulars |
Note
No. |
Amount (`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
2,47,000 |
|
b. Reserves and Surplus |
2 |
50,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
2,97,000 |
|
|
|
|
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash Equivalents |
3 |
2,97,000 |
|
Total |
|
2,97,000 |
|
|
|
|
Notes to Accounts
|
|
|
|||||
|
Particulars |
|
(`) |
||||
|
1. Share Capital |
|
|
||||
|
Authorised Share Capital |
|
|
||||
|
………. Equity Shares of ` 25 each |
|
… |
||||
|
|
|
|
||||
|
|
|
… |
||||
|
Issued
Share Capital |
|
|
||||
|
10,000 Equity Shares of ` 25 each |
|
2,50,000 |
||||
|
|
|
|
2,50,000 |
|||
|
Subscribed Share Capital |
|
|
||||
|
Subscribed and Fully Paid-up Share Capital |
|
|
||||
|
9,400
Equity Shares of 25 each |
|
235,000 |
||||
|
Subscribed and But not Fully Paid-up Share
Capital |
|
|||||
|
600 Equity Shares of 25 each |
15,000 |
|
||||
|
Less: Call-in-arrears (200×5)+(400×5) |
|
(3,000) |
12,000 |
|||
|
|
|
|
2,47,000 |
|||
|
2.
Reserve and Surplus |
|
|
||||
|
Securities Premium Reserve
(10,000×5) |
|
50,000 |
||||
|
|
|
50,000 |
||||
|
|
|
|
||||
|
3.
Cash and Cash Equivalents
Bank |
|
2,97,000 |
||||
|
|
|
2,97,000 |
||||
Question
35: Usha
Ltd. was formed with a capital of `10,00,000
divided into shares of `100 each. It of fered 90% sharesto
public for subscription. The amount per share was payable as 40% on
application, 20% on allotment andthe balance on first
and final call. The applicants paid `3,60,000 on
application and `1,69,000
on allotment.
The call has not yet been made. Calculate:
(a) Authorised Capital,
(b) Issued Capital, (c) Subscribed Capital, (d) Called-up Capital, (e) Paid-up Capitaland (f) Calls-in-Arrears.
Answer:
|
|
|||
|
Particulars |
(`) |
||
|
Share Capital |
|
||
|
A |
Authorised Share Capital |
|
|
|
|
10,000 shares of ` 100 each |
10,00,000 |
|
|
B |
Issued Share Capital |
|
|
|
|
9,000 shares of ` 100 each |
9,00,000 |
|
|
C |
Subscribed Share Capital |
|
|
|
|
9,000 shares of ` 100 each, |
9,00,000 |
|
|
D |
Called-up share capital |
|
|
|
|
9,000
shares of `60
each |
5,40,000 |
|
|
E |
Paid – up share capital
9,000 shares of `60
each
5,40,000 Less:
Calls-in-arrears (550×20) 11,000 |
5,39,000 |
|
|
F |
Calls-in-arrears
Money received on Allotment `1,69,000 No. of shares on allotment money received= = 1,69,000/20= 8,450 No. of shares on allotment money have not been
received =9,000-8,450=550 Allotment money not received= 550×20 |
11,000 |
|
Issue
of Shares for
Consideration other than Cash
Question
36:
Random Ltd. took over running business of Mature Ltd. comprising of Assets of `45,00,000
and Liabilities of `6,40,000 for a purchase
consideration of `36,00,000. The amount was settled
by bank draft of `1,50,000
and balance by issuing 12% Preference Shares of `100 each
at 15% premium.
Pass entries in the books of Random Ltd.
(CBSE Sample Paper 2023)
Answer:
|
Mangla Cortubi Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (`) |
Credit Amount (`) |
|
|
|
|
|
|
|
|
|
(i) |
Assets
A/c |
Dr. |
|
45,00,000 |
|
|
|
To Sundry Liabilities A/c |
|
|
|
6,40,000 |
|
|
To Mature Ltd. |
|
|
|
36,00,000 |
|
|
To Capital Reserve A/c |
|
|
|
2,60,000 |
|
|
(Purchase of assets and liabilities of Mangla Tubes Ltd.) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Mangla Tubes
Ltd. |
Dr. |
|
36,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
30,00,000 |
|
|
To Securities Premium A/c |
|
|
|
4,50,000 |
|
|
To Bank A/c |
|
|
|
1,50,000 |
|
|
(30,000Equity Shares issued of ` 100 each at a premium of Re 115 per share and shares `
1,50,000 by bank
draft) |
|
|
|
|
|
|
|
|
|
|
|
Working
notes:
No. of Preference Shares issued =34,50,000
+115 = 30,000 shares.]
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II