Question 17:Premio Ltd. issued 50,000 Equity Shares of `100 each at a premium of `50 per share, payable as follows:
`100 per share on
application; and
Balance on
Allotment.
The issue was subscribed and shares were issued to the applicants. Pass the
necessary Journal entries.
Answer:
|
Books of Premio Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
50,00,000 |
|
|
|
To Share Application A/c |
|
|
50,00,000 |
|
|
|
(Application
money received for 50,000 shares at `
5 per shares) |
|
|
|
|
|
|
|
|
|
|
|
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|
Share
Application A/c |
Dr. |
|
50,00,000 |
|
|
|
To Share Capital A/c |
|
|
50,00,000 |
|
|
|
(Application
money of 50,000 share transferred to
Share Capital at ` 100 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Allotment A/c |
Dr. |
|
25,00,000 |
|
|
|
To Securities Premium A/c |
|
|
25,00,000 |
|
|
|
(Share
allotment due on 50,000 shares `
50 securities premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
25,00,000 |
|
|
|
To Share Allotment A/c |
|
|
25,00,000 |
|
|
|
(Share
Allotment money received) |
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Question 18:
Bharat Ltd. was incorporated with a
capital of ` 20,00,000 divided into shares of ` 10 each. 20,000 shares were of fered for subscription and
out of these, 18,000 shares were applied
for and allotted. ` 3 per share (including `
1 premium) was payable on application, `
4 per share (including `
1 premium) on allotment, ` 2 per share on first call and ` 3 per share on final call. All the money was received. Give
necessary Journal entries and show share capital in the Balance Sheet.
Answer:
Authorised Capital 20,000 shares of `
10 each
Issued Capital 2,000 shares
Applied 18,000 shares
|
Payable as: |
|
|
|
|
Application |
` |
3 |
(2+1) |
|
Allotment |
` |
4 |
(3+1) |
|
First Call |
` |
2 |
|
|
Final Call |
` |
3 |
|
|
|
|
12 |
(10+2) |
|
Books of Bharat Limited Journal |
|
||||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
||
|
|
|
|
|
|
|
||
|
|
Bank
A/c |
Dr. |
|
54,000 |
|
|
|
|
|
To Share Application A/c |
|
|
54,000 |
|
||
|
|
(Application
money received for 1,800 shares at `
3 per shares) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Share
Application A/c |
Dr. |
|
54,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
36,000 |
|
||
|
|
To Securities Premium A/c |
|
|
18,000 |
|
||
|
|
(Application
money of 18,000 share transferred to
Share Capital at ` 2 per share and Securities Premium Re 1 per share) |
|
|
|
|
||
|
|
|
|
|
|
|
||
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|
Share
Allotment A/c |
Dr. |
|
72000 |
|
|
|
|
|
To Share Capital A/c |
|
|
54,000 |
|
||
|
|
To Securities Premium A/c |
|
|
18,000 |
|
||
|
|
(Share
allotment due on 18,000 shares at `
4 per share including Re 1 securities premium) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Bank
A/c |
Dr. |
|
72,000 |
|
|
|
|
|
To Share Allotment A/c |
|
|
72,000 |
|
||
|
|
(Share
Allotment money received) |
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|
|
|
||
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|
|
|
|
|
|
||
|
|
Share
First Call A/c |
Dr. |
|
36,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
36,000 |
|
||
|
|
(Share
first call due on 18,000 shares at `
2 per shares) |
|
|
|
|
||
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|
|
|
|
|
|
||
|
|
Bank
A/c |
Dr. |
|
36,000 |
|
|
|
|
|
To Share First Call A/c |
|
|
36,000 |
|
||
|
|
(Share
first call money received) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Share
Final Call A/c |
Dr. |
|
54,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
54,000 |
|
||
|
|
(Share
final call due on 18,000 shares at `
3 per share) |
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Bank
A/c |
|
54,000 |
|
|
||
|
|
To Share Final Call A/c |
Dr. |
|
|
54,000 |
|
|
|
|
(Share
final call money received) |
|
|
|
|
||
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As per the Schedule III of
Companies Act, 2013, the Company's
Balance Sheet is presented as follows.
|
Bharat
Limited |
||
|
An
extract of Balance Sheet |
||
|
Particulars |
Note
No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
1,80,000 |
|
|
|
|
NOTES TO ACCOUNTS
|
|
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|
Note
No. |
Particulars |
(`) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
20,000 shares of ` 10 each |
2,00,000 |
|
|
Issued Share Capital |
|
|
|
2,000 shares of `
10 each |
20,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
18,000 shares of ` 10 each |
1,80,000 |
|
|
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Question 19:
Authorized capital of Suhani Ltd . is ` 45,00,000 divided into 30,000 shares of ` 150 each . Out of these company issued 15,000 shares of ` 150 each at a premium of ` 10 per share . the amount was payable as follows:
` 50 per share on application , ` 40 per share on allotment (including premium ), ` 30 per share on firs t call and balance on final call .
Public applied for 14,000 shares. All the money was duly received .
Prepare an extract of Balance Sheet of Suhani Ltd . as per Schedule III , Part I of the companies Act, 2013 disclosing the above
information . Also prepare 'Notes to Accounts ' for the same.
Answer:
|
Suhani
Ltd. |
||
|
Balance
Sheet |
||
|
Particulars |
Note
No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
21,00,000 |
|
b. Reserves and Surplus |
2 |
1,40,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
22,40,000 |
|
|
|
|
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash Equivalents |
3 |
22,40,000 |
|
Total |
|
22,40,000 |
|
|
|
|
NOTES TO ACCOUNTS
|
|
||
|
Note
No. |
Particulars |
(`) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
30,000 shares of ` 150 each |
45,00,000 |
|
|
Issued Share Capital |
|
|
|
15,000 shares of ` 150 each |
22,50,000 |
|
|
Subscribed, Called-up and Paid-up
Share Capital |
|
|
|
14,000 shares of ` 150 each |
21,00,000 |
|
|
|
|
|
2 |
Reserves and Surplus |
|
|
|
Securities Premium |
1,40,000 |
|
|
|
|
|
3 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
22,40,000 |
|
|
|
|
Over Subscription
Question
20:
Pragati Ltd. issued 80,000 Equity Shares of 10 each against which it received applications
for 1,20,000 Shares. Application Money was 4, Allotment Money and First and
Final Call was of 3 each.
Pass the Journal entry for allotment of shares in each of the following cases:
Case 1: Excess Applications were rejected.
Case 2: Pro rata allotment is made.
Case 3: Applications for 20,000 Shares were refused
allotment and pro rata allotment was made to remaining.
Case 4: Applications for 10,000 Shares were refused
allotment, applications for 10,000 shares were allotted the shares applied and
pro rata allotment was made to the remaining.
Answer:
|
In
the books of Pragati Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit
(`) |
Credit
(`) |
|
|
Share Application A/c (1,20,000
×4) |
Dr. |
|
4,80,000 |
|
|
|
To Share Capital A/c
(80,000 × 4) |
|
|
|
3,20,000 |
|
|
To Bank A/c (40,000 × 4) |
|
|
|
1,60,000 |
|
|
(Being application money
transferred to share capital and excess application money refunded) |
|
|
|
|
Case II:
|
In
the books of Pragati Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit
(`) |
Credit
(`) |
|
|
Share Application A/c (1,20,000
×4) |
Dr. |
|
4,80,000 |
|
|
|
To Share Capital A/c
(80,000 × 4) |
|
|
|
3,20,000 |
|
|
To Share Allotment A/c
(40,000 × 4) |
|
|
|
1,60,000 |
|
|
(Being application money
transferred to share capital and excess application money transferred to
share allotment) |
|
|
|
|
Case III:
|
In
the books of Pragati Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit
(`) |
Credit
(`) |
|
|
Share Application A/c (1,20,000
×4) |
Dr. |
|
4,80,000 |
|
|
|
To Share Capital A/c
(80,000 × 4) |
|
|
|
3,20,000 |
|
|
To Share Allotment A/c |
|
|
|
80,000 |
|
|
To Bank A/c (20,000 × 4) |
|
|
|
80,000 |
|
|
(Being application money
transferred to share capital and application money transferred to share
allotment and excess refunded) |
|
|
|
|
Case IV:
|
In
the books of Pragati Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit
(`) |
Credit
(`) |
|
|
Share Application A/c (1,20,000
×4) |
Dr. |
|
4,80,000 |
|
|
|
To Share Capital A/c
(80,000 × 4) |
|
|
|
3,20,000 |
|
|
To Share Allotment A/c
(40,000 × 3) |
|
|
|
1,20,000 |
|
|
To Bank A/c (10,000 × 4) |
|
|
|
40,000 |
|
|
(Being application money
transferred to share capital and application money transferred to share
allotment and excess refunded) |
|
|
|
|
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II