Question
9: Red
Roses Ltd. was registered with capital of `25,00,000
divided into 25,000 Equity Shares of `100 each. It issued
15,000 Equity Shares to public for subscription. The shares were subscribed and
calls were made and received except allotment money of `40
on 100 shares held by Parul and first and final call of
`20 on 500 shares, including shares held
by Parul.
Prepare Balance Sheet of the company showing Share Capital.
Answer:
|
Balance Sheet of Red
Roses Ltd. |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
|
14,86,000 |
|
Notes
to Accounts |
|
||
|
Particulars |
(`) |
||
|
1. Share Capital |
|
||
|
Authorised Share Capital |
|
||
|
25,000 Equity Shares of ` 100 each |
25,00,000 |
||
|
|
|
||
|
|
25,00,000 |
||
|
Issued
Share Capital |
|
||
|
15,000 Equity Shares of ` 100 each |
2,00,000 |
||
|
|
|
2,00,000 |
|
|
Subscribed
Share Capital Subscribed
and Fully Paid-up Share Capital 14,500 Equity Shares of ` 100 each Subscribed
and But not Fully Paid-up Share Capital |
14,50,000 |
||
|
500 Equity Shares of 100 each |
50,000 |
|
|
|
Less: Calls-in-Arrears [100×40]+[500×20] |
(14,000) |
36,000 |
|
|
|
|
14,86,000 |
|
|
|
|
||
Question
10: East
India Hotels Ltd. was registered with authorised
capital of `25,00,000
divided into 2,50,000 Equíty Shares of `10 each. It issued 1,50,000
Equity Shares to public for subscription. The shares were subscribed and calls
were made and received. First and final call of `3
was not made. Paresh holder of 5,000 shares paid the call money along
with the allotment money.
Prepare Balance Sheet of the company showing Share Capital.
Answer:
|
Balance Sheet of East
India |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
1 |
10,50,000 |
|
|
|
|
|
2. Current Liabilities Other Current Liabilities |
2 |
15,000 |
|
Notes
to Accounts |
|
||
|
Particulars |
(`) |
||
|
1. Share Capital |
|
||
|
Authorised Share Capital |
|
||
|
2,50,000 Equity Shares of ` 10 each |
25,00,000 |
||
|
|
|
||
|
|
25,00,000 |
||
|
Issued
Share Capital |
|
||
|
1,50,000 Equity Shares of ` 10 each |
1,50,000 |
||
|
|
|
1,50,000 |
|
|
Subscribed
Share Capital Subscribed
and But not Fully Paid-up Share Capital |
|
||
|
1,50,000 Equity Shares of 100 each
(Called-up ` 7) |
10,50,000 |
||
|
|
|
||
|
|
|
10,50,000 |
|
|
Other Current Liabilities |
|
||
|
2.Calls in Advance |
15,000 |
||
|
|
|
||
Question
11: Amit
Ltd. was registered with a capital of `5,00,000 in shares of `10 each and issued 20,000 such shares at
a premium of `2 per share, payable at
`2 per share on
application, `10
per share on allotment (including premium) and `2 per share on first call made three
months later. All the money payable on application and allotment was duly
received but when the first call was made, one shareholder paid the entire
balance on his holding of 300 shares and another shareholder
holding 1,000 shares failed to pay the first call money.
Pass Journal entries to record the above
transactions and show how they will be shown in the company's Balance Sheet.
Answer:
|
Balance Sheet of Amit Ltd. |
||
|
Particulars |
Note No. |
(`) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
Share Capital |
1 |
1,38,000 |
|
Reserve and Surplus |
2 |
40,000 |
|
2. Other Current Liabilities |
3 |
900 |
|
Total |
|
1,78,900 |
|
|
|
|
|
Notes
to Accounts |
|
|
||||
|
Particulars |
|
(`) |
||||
|
1. Share Capital |
|
|
||||
|
Authorised Share Capital |
|
|
||||
|
50,000 Equity Shares of ` 10 each |
|
5,00,000 |
||||
|
|
|
|
||||
|
|
|
5,00,000 |
||||
|
Issued
Share Capital |
|
|
||||
|
20,000 Equity Shares of ` 10 each |
|
2,00,000 |
||||
|
|
|
|
2,00,000 |
|||
|
Subscribed
Share Capital |
|
|
||||
|
Subscribed and Fully Paid-up Share Capital |
|
|
||||
|
19,000
Equity Shares of 10 each (Called-up `7) |
|
1,33,000 |
||||
|
Subscribed and But not Fully Paid-up Share
Capital |
|
|||||
|
1,000 Equity Shares of 10 each (Called-up `7) |
7,000 |
|
||||
|
Less: Call-in-arrears 1,000×2 |
|
(2,000) |
5,000 |
|||
|
|
|
|
1,38,000 |
|||
|
2.
Reserve and Surplus |
|
|
||||
|
Securities Premium Reserve
20,000×2 |
|
40,000 |
||||
|
|
|
40,000 |
||||
|
Other Current Liabilities |
|
|
||||
|
3.Calls
in Advance (300×3) |
|
900 |
||||
Issue of Shares for Cash at Par
Question 12: Global Sales
Ltd. issued 2,50,000 Equity Shares of 10 each to public at par for subscription,
amount being payable as application money.
Pass
necessary Journal entries in the books of the company.
Answer:
|
In the books of Global Sales Ltd. |
||||
|
Particulars |
L.F. |
Debit Amount (`) |
Credit Amount (`) |
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share Application A/c |
|
|
25,00,000 |
|
|
(Share
application money received for 2,50,000 equity shares of ` 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity
Share Application A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share Capital A/c |
|
|
25,00,000 |
|
|
(Share
application of 2,50,000 equity shares of
` 10 each transferred to Equity Share Capital Account ) |
|
|
|
|
|
|
|
|
|
|
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II