Question
13:
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) |
|
|
|
|
|
|
|
|
|
|
|
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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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Question
14:
Ashok Leather Ltd. invited
applications for 10,000 shares of `100
each payable as follows:
`30 on application, `30
on allotment,` 20 on first call and the balance on final call.
All the shares were applied and allotted. All the money was duly received.
You are required to Journalise these transactions and show share Capital in the
balance sheet.
Answer:
Issued and Subscribed Capital 10,000
shares of `100
each
Payable as:
|
` |
30 |
on application |
|
` |
30 |
on
allotment |
|
` |
20 |
on
first call |
|
` |
20 |
on
final call |
|
|
100 |
|
|
Books
of Ashok Leather Ltd. Journal |
||||||
|
Date |
Particulars |
L.F. |
Debit Amount (`) |
Credit Amount (`) |
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Application A/c |
|
|
3,00,000 |
||
|
|
(Share application money received
for 10,000 shares at` 30 per share) |
|
|
|
||
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|
|
|
|
|
||
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|
Share Application A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
3,00,000 |
||
|
|
(Share application of 10,000 shares of ` 20 each transferred to Share Capital) |
|
|
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||
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|
|
|
|
|
||
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|
Share Allotment A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
3,00,000 |
||
|
|
(Share allotment due on 10,000
shares at` 30 per share) |
|
|
|
||
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|
|
|
|
|
||
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|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
3,00000 |
||
|
|
(Share allotment money received
for 10,000 Shares at` 30 per share) |
|
|
|
||
|
|
|
|
|
|
||
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Share First Call A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
2,00,000 |
||
|
|
(Share first call due on 10,000
shares at` 20 per share) |
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|
|
||
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Bank A/c |
Dr. |
|
2,00,000 |
|
|
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To Share First call A/c |
|
|
2,00,000 |
||
|
|
(Share first call received on
10,000 shares at` 20 per share) |
|
|
|
||
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|
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|
|
|
||
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|
Share Final Call A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
2,00,000 |
||
|
|
(Share Final call due on 10,000
shares at`30 per shares) |
|
|
|
||
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|
|
|
||
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|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Final Call A/c |
|
|
2,00,000 |
||
|
|
(Share final call received on
10,000 shares at` 30 per share) |
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||
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Balance Sheet of Ashok
Leather Ltd. |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
|
10,00,000 |
|
Total |
|
10,00,000 |
|
|
|
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|
Notes
to Accounts |
|
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|
Particulars |
(`) |
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|
Share
Capital |
|
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Authorised Share Capital |
|
|
|
……. Equity Shares of ` 100 each |
- |
|
|
|
- |
|
|
Issued
Share Capital |
|
|
|
10,000 Equity Shares of ` 100 each |
10,00,000 |
|
|
|
10,00,000 |
|
|
Subscribed
Share Capital |
|
|
|
Subscribed and Fully Paid-up Share Capital |
|
|
|
10,000
Equity Shares of 100 each |
10,00,000 |
|
|
|
10,00,000 |
|
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Question 15:
National Textiles Ltd . was
registered with the authorized capital of `3,00,000
divided into 3,000 shares of `100
each, which were of fered to the public . Amount payable as `30 per share on application , `40 per share on allotment and `30 per share on first and final call . These shares were
fully subscribed and all money was dully received . Prepare journal and
Cash Book.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
Share Application A/c |
Dr. |
|
90,000 |
|
|
|
To Share Capital |
|
|
|
90,000 |
|
|
(Share application money
transferred) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
|
To Share Capital A/c |
|
|
|
1,20,000 |
|
|
(Share allotment money
transferred) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
Dr. |
|
90,000 |
|
|
|
To Share Capital A/c |
|
|
|
90,000 |
|
|
(Share first and final call money
transferred) |
|
|
|
|
|
Cash
Book |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Share Application A/c |
90,000 |
Balance c/d |
3,00,000 |
||
|
Share Allotment A/c |
1,20,000 |
|
|
||
|
Share First and Final Call A/c |
90,000 |
|
|
||
|
|
3,00,000 |
|
3,00,000 |
||
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|
|
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Question 16:
Modern Dairies Ltd. was registered
with an authorised capital of `10,00,000
divided into 7,500 Equity Shares of `
100 each and, 2,500 Preference Shares of `100
each. 1,000 Equity Shares and 500; 9% Preference Shares were of fered to public
on the following terms – Equity Shares payable `10
on application, `40 on allotment and the balance in two calls of ` 25 each. Preference Shares are payable ` 25 on application, ` 25
on allotment and `50 on first and final call. All the shares were applied for
and allotted . Amount due was duly received. Prepare Cash Book and pass
necessary Journal entries to record the above issue of shares and show how the Share Capital will
appear in the Balance Sheet.
Answer:
Authorised Capital:
Equity Shares 7,500 of `
100 each.
9% Preference Shares 2,500 of `
100 each.
Issued Capital:
Equity Shares 1,000 of `
100 each.
Payable as
` 10 on Application
` 40 on Allotment
` 25 on First Call
` 25 on Final Call
Preference Shares 500 of `
100 each.
Payable as
` 25 on application
` 25 on allotment
` 50 on first and final call
|
Books
of Modern Marbles Limited |
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|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
Bank (`) |
Date |
Particulars |
L.F. |
Bank (`) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application |
|
10,000 |
|
|
|
|
|
|
Preference Share Application |
|
12,500 |
|
|
|
|
|
|
Equity Share Allotment |
|
40,000 |
|
|
|
|
|
|
Preference Share Allotment |
|
12,500 |
|
|
|
|
|
|
Equity Share First Call |
|
25,000 |
|
|
|
|
|
|
Preference Share First and Final
Call |
|
25,000 |
|
|
|
|
|
|
Equity Share Final Call |
|
25,000 |
|
Balance c/d |
|
1,50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,50,000 |
|
|
|
1,50,000 |
|
|
|
|
|
|
|
|
|
|
Journal |
|
||||||
|
|
Particulars |
L.F. |
Debit (`) |
Credit
(`) |
|
||
|
|
|
|
|
|
|
||
|
|
Equity Share Application A/c |
Dr. |
|
10,000 |
|
|
|
|
|
To Equity Share Capital A/c |
|
|
10,000 |
|
||
|
|
(Equity share application of 1,000 shares of `
10 each transferred to Equity Share Capital Account) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Preference Share Application A/c |
Dr. |
|
12,500 |
|
|
|
|
|
To 9% Preference Share Capital A/c |
|
|
12,500 |
|
||
|
|
(Preference share applications of 500 shares ` 25 each transferred to 9% Preference Share Capital
Account) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Equity Share Allotment A/c |
Dr. |
|
40,000 |
|
|
|
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
||
|
|
(Equity share allotment due on
1,000 shares at ` 40 each) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Preference Share Allotment A/c |
Dr. |
|
12,500 |
|
|
|
|
|
To 9% Preference Share Capital A/c |
|
|
12,500 |
|
||
|
|
(Preference share allotment due on
500 shares at ` 25 each) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Equity Share First Call A/c |
Dr. |
|
25,000 |
|
|
|
|
|
To Equity Share Capital A/c |
|
|
25,000 |
|
||
|
|
(Equity share first call due on
1,000 shares at ` 25 each) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Preference Share First and Final
Call A/c |
Dr. |
|
25,000 |
|
|
|
|
|
To 9% Preference Share Capital A/c |
|
|
25,000 |
|
||
|
|
(Preference share first and final
call due on 500 shares at `
50 each) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Equity Share Final Call A/c |
Dr. |
|
25,000 |
|
|
|
|
|
To Equity Share Capital A/c |
|
|
25,000 |
|
||
|
|
(Equity share final call due on
1,000 shares at ` 25 each) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|||||||
|
Particulars |
Note
No. |
(`) |
|||||
|
I. Equity and Liabilities |
|
|
|||||
|
1. Shareholders’ Funds |
|
|
|||||
|
a. Share Capital |
1 |
1,50,000 |
|||||
|
2. Non-Current Liabilities |
|
|
|||||
|
3. Current Liabilities |
|
|
|||||
|
Total |
|
1,50,000 |
|||||
|
|
|
|
|||||
|
II. Assets |
|
|
|||||
|
1. Non-Current Assets |
|
|
|||||
|
2. Current Assets |
|
|
|||||
|
a. Cash and Cash Equivalents |
2 |
1,50,000 |
|||||
|
Total |
|
1,50,000 |
|||||
|
|
|
|
|||||
NOTES TO ACCOUNTS
|
|
|||
|
Note
No. |
Particulars |
(`) |
|
|
1 |
Share Capital |
|
|
|
|
Authorised Share Capital |
|
|
|
|
75,000 Equity Shares of `
100 each |
7,50,000 |
|
|
|
25,000 9% Preference Shares of `
100 each |
2,50,000 |
10,00,000 |
|
|
Issued Share Capital |
|
|
|
|
1,000 Equity Shares of `
100 each |
1,00,000 |
|
|
|
500 9% Preference Shares of `
100 each |
50,000 |
1,50,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
|
1,000 Equity Shares of `
100 each |
1,00,000 |
|
|
|
500 9% Preference Shares of `
100 each |
50,000 |
1,50,000 |
|
|
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
|
Cash at Bank |
1,50,000 |
|
|
|
|
|
|
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II