Question 25:
Sugandh Ltd. issued 60,000 shares of
` 10 each at a premium of ` 2 per share payable as `
3 on application, ` 5(including premium) on allotment and the balance on first
and final call. Applications were received for 92,000 shares. The Directors
resolved to allot as:
|
(i) |
Applicants of
40,000 shares |
30,000 shares, |
|
(ii) |
Applicants of 50,000 shares |
30,000 shares, |
|
(iii) |
Applicants of 2,000 shares |
Nil. |
Mohan, who had applied for 800 shares in Category
(i) and Sohan, who was allotted 600 shares in Category
(ii) failed to pay the allotment money. Calculate amount received on allotment.
Answer:
|
Issued Shares |
60,000 |
|
Less:
Applied Shares |
92,000 |
|
Over-subscribed Shares |
32,000 |
Payable as:
|
` |
3 |
on Application |
|
||||
|
` |
5 |
on Allotment (Including ` 2 premium) |
|
||||
|
` |
4 |
on First and Final Call |
|
||||
|
` |
12 |
(10 + 2) |
|
||||
|
|
|
|
|
|
|
|
|
|
Applied |
Allotted |
Money
Received on Application @
` 3 |
Money
adjusted on Appliction @
` 3 |
Excess |
Allotment
due @
` 5 |
Excess
money adjusted on Allotment @
` 5 |
|
|
40,000 |
30,000 |
1,20,000 |
90,000 |
30,000 |
1,50,000 |
30,000 |
|
|
50,000 |
30,000 |
1,50,000 |
90,000 |
60,000 |
1,50,000 |
60,000 |
|
|
2,000 |
NIL |
6,000 |
– |
6,000 |
|
|
|
|
|
|
|
|
(Bank) |
|
|
|
|
92,000 |
60,000 |
2,76,000 |
1,80,000 |
|
3,00,000 |
90,000 |
|
|
|
|||||||
Mohan
Number of shares allotted to Mohan=30,000/40,000×800=
600 shares
|
Money Received on Application
800×3 |
= |
2,400 |
|
Application money adjusted to
Share Capital 600×3 |
= |
1,800 |
|
Execs Money on Application |
= |
600 |
|
|
|
|
|
Allotment due on 600 shares × ` 5 |
= |
3,000 |
|
Less:
Adjustment of excess money on
application |
= |
600 |
|
Calls-in-Arrears by Mohan |
|
2,400 |
Sohan
Number of shares allotted to Sohan=50,000/30,000×600=
1000 shares
|
Money received on Application
1,000×3 |
= |
3,000 |
|
Application money adjusted to
Share Capital 600×3 |
= |
1,800 |
|
Excess money on application |
= |
1,200 |
|
|
|
|
|
Allotment due on 600 Shares × ` 5 |
= |
3,000 |
|
Less:
Adjustment of excess money on
application |
= |
1,200 |
|
Calls-in-Arrears by Sohan |
= |
1,800 |
|
|
|
|
|
Allotment due on 60,000 shares × ` 5 |
= |
3,00,000 |
|
Less: Excess
Application money adjusted on Allotment |
= |
90,000 |
|
|
|
2,10,000 |
|
Less:
Calls-in-Arrears by Mohan |
= |
2,400 |
|
Less:
Calls-in-Arrears by Sohan |
= |
1,800 |
|
Money received on allotment |
= |
2,05,800 |
Question 26:
Sony Media Ltd.issued 50,000
shares of ` 10 each payable `
3 on application , ` 4 on allotment and balance on first and final call .
Applications were received for 1,00,000 shares and allotment was made as
follows :
(i) Applicants for 60,000 shares were allotted 30,000 shares,
(ii) Applicants for 40,000 shares were allotted 20,000 shares,
Anupam to whom 1,000 shares were allotted from category
(i) failed to pay the allotment money.
Pass journal entries up to allotment .
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
Bank A/c (1,00,000 × 3) |
Dr. |
|
3,00,000 |
|
|
|
To Share Application A/c |
|
|
|
3,00,000 |
|
|
(Received application money on
1,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
3,00,000 |
|
|
|
To Share Capital A/c
(50,000 × 3) |
|
|
|
1,50,000 |
|
|
To Share Allotment A/c |
|
|
|
1,50,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (50,000 × 4) |
Dr. |
|
2,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
|
Allotment due on 50,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (W.N. 1) |
Dr. |
|
49,000 |
|
|
|
To Share Allotment A/c |
|
|
|
49,000 |
|
|
(Allotment money received after
adjustment of excess on application
and arrears) |
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
1) Computation of amount received on
allotment:
|
Allotment due (50,000 × 4) |
= |
`.
2,00,000 |
|
Less: Amount
received on application in excess (on 50,000 shares @ ` . 3 each) |
= |
`.
1,50,000 |
|
|
|
`.
50,000 |
|
Less: Amount due but
not received on shares of Anupam |
|
1,000 |
|
|
|
`.
49,000 |
2) Calculation of Amount not Received on the shares of Anupam
Shares allotted to Anupam=1,000
Shares applied by Anupam=1,000×60,000/30,000=2,000
|
Amount due on allotment of Anupam's Share (4 × 1,000) |
= |
4,000 |
|
Less: Excess received on application (3 × 2,000 – 3 × 1,000) |
= |
3,000 |
Question
27:
Quality Stationers Ltd. registered with authorised
capital of `20,00.000 divided into
1,00,000 equity shares of `20 each. 50,000 Equity
Shares were issued for subscription at par, issue price being payable along
with application. It received application money of `4,40,000.
You are required to pass the necessary Journal
entries and show share capital in the Balance Sheet of the company.
Answer:
Issued 50,000 and Subscribed Capital
22,000 shares of `20 each
Payable as: ` 20 on application
|
Books
of Quality Stationers Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,40,000 |
|
|
|
To Share Application A/c |
|
|
4,40,000 |
|
|
|
(Share application money received
for 22,000 shares at` 20 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
4,40,000 |
|
|
|
To Share Capital A/c |
|
|
4,40,000 |
|
|
|
(Share application money received
for 22,000 shares at` 20 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet of Books of Quality Stationers Ltd. |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
|
4,40,000 |
|
Total |
|
4,40,000 |
|
|
|
|
|
Notes
to Accounts |
|
|
|
Particulars |
(`) |
|
|
Share
Capital |
|
|
|
Authorised Share Capital |
|
|
|
1,00,000 Equity Shares of ` 20 each |
20,00,000 |
|
|
|
20,00,000 |
|
|
Issued
Share Capital |
|
|
|
50,000 Equity Shares of ` 20 each |
10,00,000 |
|
|
|
10,00,000 |
|
|
Subscribed
Share Capital |
|
|
|
Subscribed and Fully Paid-up Share Capital |
|
|
|
22,000
Equity Shares of `20 each |
4,40,000 |
|
|
|
4,40,000 |
|
|
|
|
|
Question
28:
A-one Product Ltd. is registered with authorised
capital of `10,00,000 divided into
50,000 equity shares of `20 each. It issued
25,000 Equity Shares for subscription at premium of `2 per share, issue price being payable
along with application. It received `5,17,000 towards application money.
You are required to prepare the Balance Sheet
showing Share Capital.
Answer:
|
Balance Sheet of A-One
Product Ltd. |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
1 |
4,70,000 |
|
Reserve and Surplus |
2 |
47,000 |
|
Total |
|
5,17,000 |
|
|
|
|
|
Notes
to Accounts |
|
|
|
Particulars |
(`) |
|
|
1. Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
50,000 Equity Shares of ` 20 each |
10,00,000 |
|
|
|
|
|
|
|
10,00,000 |
|
|
Issued
Share Capital |
|
|
|
25,000 Equity Shares of ` 20 each |
5,00,000 |
|
|
|
5,00,000 |
|
|
Subscribed
Share Capital |
|
|
|
Subscribed and Fully Paid-up Share Capital |
|
|
|
23,500
Equity Shares of 20 each |
4,70,000 |
|
|
|
4,70,000 |
|
|
2.
Reserve and Surplus |
|
|
|
Securities Premium Reserve
(23,500×2) |
47,000 |
|
|
|
47,000 |
|
|
|
|
|
Working
Notes:
Issue Price 20+2=`22
Application Money Received =5,17,000
Hence, no. of
shares issued = 5,17,000÷22=23,500
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II