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Pragya Shree
Subject: Accountancy
, asked on 28/12/17
Q.63
Whats wrong in this working note??
Amount of capital reseve is not coming.
Q63. X Ltd. issued 10,000 Equity Shares of Rs.10 each, payable Rs. 3 on application, Rs.3 on allotment and the balance on two calls. All the calls were duly made and the amount so realised with the exception of the following :-
(i) Mr. A holding 100 shares did not pay the amount due on first and final call, and
(ii) Mr. B holding 100 shares did not pay the amount due on final call.
All the shares were forfeited and reissued only 150 shares (all of a and balance of B) to Mr. D@ Rs. 8 share. Show the forfeiture and reissue entries.
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 27/12/17
Please explain the.whole concept of called up and paid up capital during reissue of shares with proper examples.
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 27/12/17
Whats the meaning of fully paid up ot similar terms during reissue of shares?
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 26/12/17
Share to be forfeited should be 1000 i think... Then how it comes to be 2000?
Answer
3
Pragya Shree
Subject: Accountancy
, asked on 26/12/17
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Answer
4
Arunima Jalali
Subject: Accountancy
, asked on 25/12/17
Please answer ques no 101
Answer
4
Tejasvita Goel
Subject: Accountancy
, asked on 24/12/17
plz give the solution of question no 9 and 14 so that i can check my solution
Answer
1
Tejasvita Goel
Subject: Accountancy
, asked on 24/12/17
sir/maam can you explain me first two enteries which are given in the solution with respect of question
10. Vats Ltd. purchased machinery from Anupam Ltd. Vats Ltd. paid Anupam Ltd. as follows :
(i) By issuing 2,500 equity shares of Rs 10 each at a premium of 30%
(ii) By issuing 500, 9% Debentures of 100 each at a discount of 10%
(iii) Balance by giving a promissory note of Rs 24,000 payable after two months
Pass necessary journal entries for the purchase of machinery and payment to Anupam Ltd. in the books of
Vats Ltd.
Answer
1
Harsh
Subject: Accountancy
, asked on 9/12/17
Q no.19
Answer
1
Arunima Jalali
Subject: Accountancy
, asked on 5/12/17
Please answer this ques as soon as possible
Answer
1
Sneha Maria
Subject: Accountancy
, asked on 4/12/17
A company issued 1,00,000 of rs.100 shares for public subscription. A shareholder holding 100 shares failed to pay the final call of rs.20 per share. His shares were forfeited. The forfeited shares were re-issued at rs. 90 pershare fully paid up. Present share capital in balance sheet and not to accounts
Answer
2
Pragya Shree
Subject: Accountancy
, asked on 17/11/17
Q. (Comprehensive Illustration). A company invited applications for 50,000 Equity
Shares of 10 each payable as follows:
On application Rs. 3 On allotment Rs. 3;
On first and final call 4.
Applications were received for l, 10,000 shares. It was decided
(i) to allotment to the applicants for 10,000 shares,
(ii) to allot to Mr. X who has applied for 20,000 shares,
(iii) to allot in full to Mr. Y who has applied for 10,000 shares,
(iv) to allot balance of the available shares on pro rata basis among the other applicants and
(v) to utilise excess application money in part payment of allotment and final call.
Pass Journal entries till the stage of allotment assuming that the total amount due on allotment is received.
Is there any other way of doing this...
In the form of statement or something....?
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 17/11/17
Q.
Amount payable on application is 2
On allotment, it is 4
60,000 shares of 10 each were issued
92000 shares were subscribed.
Applicants for 40000 shares -- Full
Applicants for 50000 shares - 40%
Applicants for 2000 shares - Nil
Rs. 172000 were realsied on account of allotment money (including the amount carried from application money)
Is this working correct
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 17/11/17
13. To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the decided to issue 850,000 equity shares of 10 each at a premium of 3 per share. The amount was payable on application. Applications for shares were received. Appucations for shares were rejected and shares were allotted to the remaining
applicants on pro-rata basis.
Pass necessary' Joumal entries for the above transactions in the books of the company
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 17/11/17
According to Section 39(2) of the Companies Act, 201 3, minimum application money
should be 5% of the nominal (face) value of the share or such other percentage or
amount as may be prescribed by Securities and Exchange Board of India (SEBI).
prescribes that application money should not be less than 25% of the issue price.
Is it 25% or 90%?
Answer
1
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What are you looking for?
Whats wrong in this working note??
Amount of capital reseve is not coming.
Q63. X Ltd. issued 10,000 Equity Shares of Rs.10 each, payable Rs. 3 on application, Rs.3 on allotment and the balance on two calls. All the calls were duly made and the amount so realised with the exception of the following :-
(i) Mr. A holding 100 shares did not pay the amount due on first and final call, and
(ii) Mr. B holding 100 shares did not pay the amount due on final call.
All the shares were forfeited and reissued only 150 shares (all of a and balance of B) to Mr. D@ Rs. 8 share. Show the forfeiture and reissue entries.
10. Vats Ltd. purchased machinery from Anupam Ltd. Vats Ltd. paid Anupam Ltd. as follows :
(i) By issuing 2,500 equity shares of Rs 10 each at a premium of 30%
(ii) By issuing 500, 9% Debentures of 100 each at a discount of 10%
(iii) Balance by giving a promissory note of Rs 24,000 payable after two months
Pass necessary journal entries for the purchase of machinery and payment to Anupam Ltd. in the books of
Vats Ltd.
Shares of 10 each payable as follows:
On application Rs. 3 On allotment Rs. 3;
On first and final call 4.
Applications were received for l, 10,000 shares. It was decided
(i) to allotment to the applicants for 10,000 shares,
(ii) to allot to Mr. X who has applied for 20,000 shares,
(iii) to allot in full to Mr. Y who has applied for 10,000 shares,
(iv) to allot balance of the available shares on pro rata basis among the other applicants and
(v) to utilise excess application money in part payment of allotment and final call.
Pass Journal entries till the stage of allotment assuming that the total amount due on allotment is received.
Is there any other way of doing this... In the form of statement or something....?
Q.
- Amount payable on application is 2
- On allotment, it is 4
- 60,000 shares of 10 each were issued
- 92000 shares were subscribed.
Applicants for 40000 shares -- FullApplicants for 50000 shares - 40%
Applicants for 2000 shares - Nil
Rs. 172000 were realsied on account of allotment money (including the amount carried from application money)
Is this working correct
applicants on pro-rata basis.
Pass necessary' Joumal entries for the above transactions in the books of the company
should be 5% of the nominal (face) value of the share or such other percentage or
amount as may be prescribed by Securities and Exchange Board of India (SEBI).
prescribes that application money should not be less than 25% of the issue price.
Is it 25% or 90%?