Question 45:
Sandesh Ltd. took over the assets of ` 7,00,000 and
liabilities of `
2,00,000 from Sanchar Ltd. for a purchase consideration of ` 4,59,500. `
8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and
the balance was paid by issue of equity
shares of ` 10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Answer:
|
Sandesh Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
|
|
|
|
|
|
(i) |
Sundry Assets A/c |
Dr. |
|
7,00,000 |
|
|
|
To Sundry Liabilities A/c |
|
|
|
2,00,000 |
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|
To Sanchar Ltd. |
|
|
|
4,59,500 |
|
|
To Capital Reserve A/c |
|
|
|
40,500 |
|
|
(Purchase of assets and liabilities of Sanchar Ltd.) |
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(ii) |
Sanchar Ltd. |
Dr. |
|
4,59,500 |
|
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To Equity Share Capital A/c |
|
|
|
4,10,000 |
|
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To Securities Premium A/c |
|
|
|
41,000 |
|
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To Bank A/c |
|
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|
8,500 |
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|
(41,000 Equity Shares issued of ` 10 each at a premium of Re 1 per share and ` 8,500 by bank draft) |
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Working Notes:
WN1: Calculation of Number of Equity Shares
Number of shares issued= Purchase
consideration/issue price=4,51,000/11=41,000
Question
46: Sandesh
Ltd. purchased a running business from Sanchar Ltd. for `15,00,000 payable 10% by cheque andthe balance by the
issue of fully paid Equity Shares of `100
each at a premium of 20%. The assets andliabilities consisted of the following:
|
Particulars |
Book Value (`) |
Agreed Value (`) |
|
Building |
5,00,000 |
6,50,000 |
|
Plant and Machinery |
3,00,000 |
2,50,000 |
|
Stock |
6,00,000 |
5,00,000 |
|
Trade Receivables |
2,80,000 |
2,50,000 |
|
Trade Payables |
1,80,000 |
2,00,000 |
Pass the necessary Journal entries in
the books of Sandesh Ltd.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
Goodwill A/c |
Dr. |
|
50,000 |
|
|
|
Building A/c |
Dr. |
|
6,50,000 |
|
|
|
Plant and Machinery A/c |
Dr. |
|
2,50,000 |
|
|
|
Stock A/c |
Dr. |
|
5,00,000 |
|
|
|
Trade Receivables A/c |
Dr. |
|
2,50,000 |
|
|
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To Trade Payables A/c |
|
|
|
2,00,000 |
|
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To Sandesh Ltd. |
|
|
|
15,00,000 |
|
|
(Being Business of Sanchar Ltd at agreed values) |
|
|
|
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Sandesh Ltd. |
Dr. |
|
15,00,000 |
|
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To Bank A/c |
|
|
|
1,50,000 |
|
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To Share capital A/c |
|
|
|
11,25,000 |
|
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To Securities Premium Reserve |
|
|
|
2,25,000 |
|
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(Being Shares issued for purchase
consideration of
business by issuing shares of `100 each at a premium of 20%) |
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Question 47:
Light Lamps Ltd. issued 50,000 shares of `10
each as fully paid-up to the promoters for their services to set-up the
company. It also issued 2,000 shares of `10
each credited as fully paid-up to the underwriters of shares for their services. Journalise these transactions.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
|
|
|
|
|
|
|
Incorporation Expenses A/c |
Dr. |
|
5,00,000 |
|
|
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To Share Capital A/c (50,000×10) |
|
|
|
5,00,000 |
|
|
(Shares issued to promoters) |
|
|
|
|
|
|
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|
|
|
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Underwriting Commission A/c |
Dr. |
|
20,000 |
|
|
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To Underwriters’ A/c |
|
|
|
20,000 |
|
|
(Underwriting commission due) |
|
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Underwriters’ A/c |
Dr. |
|
20,000 |
|
|
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To Share Capital A/c (2,000×10) |
|
|
|
20,000 |
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|
(Shares issued to underwriters) |
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Forfeiture of Shares which were Issued at Par
Question 48:
Vikram Ltd. forfeited 5,000 shares of Rahul, who
had applied for 6,000 shares for non-payment of
allotment money of `5 per share and first and final call of `2
per share. Only application money of `3
was paid by him. Out of these, 3,000 shares were reissued `12 per share as fully paid.
Pass entries for forfeiture and reissue of shares. (CBSE Sample Paper 2023)
Answer:
|
Books
of Vikram Ltd. Journal |
|
|||||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|||
|
|
Share capital A/c (5,000×10) |
Dr. |
|
50,000 |
|
|
||
|
|
To Share forfeited A/c
(6,000×3) |
|
|
18,000 |
|
|||
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To Share Allotment A/c
|
|
|
32,000 |
|
|||
|
|
(Being share forfeited for non-payment) |
|
|
|
|
|||
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Bank A/c |
Dr. |
|
36,000 |
|
|
||
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To Share capital A/c |
|
|
36,000 |
|
|||
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To Securities Premium Reserve A/c |
|
|
6,000 |
|
|||
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(Being shares reissued) |
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Share forfeited A/c |
Dr. |
|
10,800 |
|
|
||
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To Capital Reserve A/c |
|
|
10,800 |
|
|||
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(Being balance in Share forfeited
account of reissued share transferred) |
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Working notes:
Amount paid-up 18,000
Amount to be transferred to capital reserve = 18,000÷5000×3,000
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II