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Ipsita Chakravarty
Subject: Accountancy
, asked on 16/3/18
Experts in 2018 solution of accountancy paper2018 of set 1 you have not uploaded the solution of of question 17 option part please upload it
Answer
1
Aziz Numan
Subject: Accountancy
, asked on 14/3/18
I have a Doubt in share forfeiture entry, sometimes in this entry the security premium received is subtracted with excess security premium received on app money and sometimes the forfeiture is subtracted with the premium received on app. The best example of this could be illustration 66 and 67. Pls help me how to identify wht to do..
Answer
1
Nandu
Subject: Accountancy
, asked on 14/3/18
Q. ZX Limited invited applications for issuing Equity shares of Rs. 10 each payable at a
premium of Rs. 10 each payable with Final call. Amount per share was payable as follows:
On Application Rs. 2
On Allotment Rs. 3
On First Call Rs. 2
On Second & Final Call Balance
Applications for shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Allotment was made to the remaining applicants as follows:
Category Number of shares applied Number of shares allotted
I 2,00,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category l, to whom 1,500 shares were allotted paid his entire share money with application.
Manohar belonging to category II had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at
Rs. 10 per share as Rs. 7 paid up.
Assuming that the company maintains "Calls in Advance Account' and "Calls in Arrears Account", pass necessary Journal entries for the above transactions in the books of ZX Limited.
Answer
1
Nandu
Subject: Accountancy
, asked on 14/3/18
16 ques fast
Answer
1
Aziz Numan
Subject: Accountancy
, asked on 14/3/18
I have a Doubt in share forfeiture entry, sometimes in this entry the security premium received is subtracted with excess security premium received on app money and sometimes the forfeiture is subtracted with the premium received on app. The best example of this could be illustration 66 and 67. Pls help me how to identify wht to do
Answer
1
Ambareesh
Subject: Accountancy
, asked on 14/3/18
please explain the forfeiture alone :)
Q. Kansa Ltd. offered 32,000 equity shares of Rs. 100 each to the public at a premium of Rs. 20 per share. The amount was payable as : Rs. 20 on application; Rs. 40 (including premium) on allotment; and the balance on first and final call. 30,000 shares were subscribed by the public.
All the money was duly received except from a shareholder holding 4,000 shares who failed to pay the first and final call money. His shares were forfeited. Show 'Share Capital' in the Balance Sheet of Kansa Ltd. Also prepare 'Notes to Accounts'.
Answer
2
Pragya Shree
Subject: Accountancy
, asked on 14/3/18
Give balance sheet and explain the amounts.
Q. Illustration 54
( Forfeiture of Shares Originally issued at Premium and reissued at Discount ). X Ltd. issued 10,000 Equity Shares of Rs.100 each at a premium of Rs.20 per share payable as Rs.30 per share on application, Rs.50 per share on allotment including premium and Rs.40 per share on first and final call.
All the shares were subscribed, money due on all shares was received except from Asha, holding 100 shares who failed to pay allotment and call money and Neeru holding 200 shares failed to pay the first and final call money. These 300 shares were forfeited. Out of the shares forfeited, 150 shares (including all shares of Asha) were reissued to Raja @ Rs. 80 per share as fully paid-up.
Pass Journal entries in the books of the company to record the forfeiture and reissue only. Also, show Shareholders' Funds in the Balance Sheet before and after forfeiture and reissue.
Answer
1
Riya
Subject: Accountancy
, asked on 13/3/18
Question 23
Answer
2
Ambareesh
Subject: Accountancy
, asked on 13/3/18
aradhana ltd. issued 50000 equity shares of rs.10 each payable rs.4 on application and allotement , rs.3 on first call and rs.3 on second and final call
all the shares were subscibed for by the public and dult alloted .
when the first call was made , one shareholder holding 250 shares failed to pay the call money whereas , another shareholder holding 1200 shares paid the entire balance along with the first call . journalise as the company maintains call in arreas and call in advance
Answer
1
Indu Nair
Subject: Accountancy
, asked on 13/3/18
why does this purchase consideration entry seem different and why hasn't JSS Ltd been credited as the vendor?
Illustration 15. Lemon Tree Ltd. Purchased a piece of land from JSS Ltd. and paid the consideration as follows:
(i) Issued a cheque for Rs. 10,00,000:
(ii) Issued a Bill of Exchange for 3 Months for Rs. 5,00,000;\
(iii) Issued 5,000; 9% Debentures of Rs. 100 each at per redeemable at 10 % premium after 5 years. Pass the Journal entry.
Solution.
I the Books of lemon tree Ltd.
JOURNAL
Date
Particulars
L.F.
Dr. (Rs.)
Cr. (Rs)
Land A/c
Loss on issue of Debentures A/c
To Bank A/c
To Bank A/c
To 9% Debentures A/c
To Premium of Redemption of Debentures A/c
(Being the land purchased and consideration paid)
20,00,000
50,000
10,00,000
5,00,000
5,00,000
50,000
Answer
2
Achint Agarwal
Subject: Accountancy
, asked on 12/3/18
is writiing of loss on issue of debenture and redemption by conversion is there in session 2018 cbse accountancy
Answer
3
Somnath Sharma
Subject: Accountancy
, asked on 10/3/18
Only from forefeiture to capital reserve only not whole
Answer
2
Somnath Sharma
Subject: Accountancy
, asked on 10/3/18
Pls explain all must but please mainly the forefiture entry how to measure amount
Answer
2
Ambareesh
Subject: Accountancy
, asked on 1/3/18
please explain me the calls in arrears and calls in advance part
Break up
application - 2
allotement - 3
first call - 2
final call - remaining
f.v = 10 , premium @ rs.10 in the final call :)
Category Number of Shares Applied Number of Shares Allotted
I 2,00,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted, paid his entire share money with allotment. Manohar belonging to category II, who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as fully paid up.
Answer
1
Ambareesh
Subject: Accountancy
, asked on 1/3/18
please explain me the calls in advance part alone :)
Category Number of Shares Applied Number of Shares Allotted
I 2,20,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted, paid his entire share money with allotment. Manohar belonging to category II, who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as fully paid up.
Answer
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What are you looking for?
Q. ZX Limited invited applications for issuing Equity shares of Rs. 10 each payable at a
premium of Rs. 10 each payable with Final call. Amount per share was payable as follows:
On Application Rs. 2
On Allotment Rs. 3
On First Call Rs. 2
On Second & Final Call Balance
Applications for shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Allotment was made to the remaining applicants as follows:
Category Number of shares applied Number of shares allotted
I 2,00,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category l, to whom 1,500 shares were allotted paid his entire share money with application.
Manohar belonging to category II had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at
Rs. 10 per share as Rs. 7 paid up.
Assuming that the company maintains "Calls in Advance Account' and "Calls in Arrears Account", pass necessary Journal entries for the above transactions in the books of ZX Limited.
Q. Kansa Ltd. offered 32,000 equity shares of Rs. 100 each to the public at a premium of Rs. 20 per share. The amount was payable as : Rs. 20 on application; Rs. 40 (including premium) on allotment; and the balance on first and final call. 30,000 shares were subscribed by the public.
All the money was duly received except from a shareholder holding 4,000 shares who failed to pay the first and final call money. His shares were forfeited. Show 'Share Capital' in the Balance Sheet of Kansa Ltd. Also prepare 'Notes to Accounts'.
Q. Illustration 54 ( Forfeiture of Shares Originally issued at Premium and reissued at Discount ). X Ltd. issued 10,000 Equity Shares of Rs.100 each at a premium of Rs.20 per share payable as Rs.30 per share on application, Rs.50 per share on allotment including premium and Rs.40 per share on first and final call.
All the shares were subscribed, money due on all shares was received except from Asha, holding 100 shares who failed to pay allotment and call money and Neeru holding 200 shares failed to pay the first and final call money. These 300 shares were forfeited. Out of the shares forfeited, 150 shares (including all shares of Asha) were reissued to Raja @ Rs. 80 per share as fully paid-up.
Pass Journal entries in the books of the company to record the forfeiture and reissue only. Also, show Shareholders' Funds in the Balance Sheet before and after forfeiture and reissue.
all the shares were subscibed for by the public and dult alloted .
when the first call was made , one shareholder holding 250 shares failed to pay the call money whereas , another shareholder holding 1200 shares paid the entire balance along with the first call . journalise as the company maintains call in arreas and call in advance
Illustration 15. Lemon Tree Ltd. Purchased a piece of land from JSS Ltd. and paid the consideration as follows:
(i) Issued a cheque for Rs. 10,00,000:
(ii) Issued a Bill of Exchange for 3 Months for Rs. 5,00,000;\
(iii) Issued 5,000; 9% Debentures of Rs. 100 each at per redeemable at 10 % premium after 5 years. Pass the Journal entry.
Solution.
JOURNAL
Loss on issue of Debentures A/c
To Bank A/c
To Bank A/c
To 9% Debentures A/c
To Premium of Redemption of Debentures A/c
(Being the land purchased and consideration paid)
50,000
5,00,000
5,00,000
Break up
application - 2
allotement - 3
first call - 2
final call - remaining
f.v = 10 , premium @ rs.10 in the final call :)
Category Number of Shares Applied Number of Shares Allotted
I 2,00,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted, paid his entire share money with allotment. Manohar belonging to category II, who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as fully paid up.
Category Number of Shares Applied Number of Shares Allotted
I 2,20,000 1,50,000
II 5,50,000 3,50,000
Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted, paid his entire share money with allotment. Manohar belonging to category II, who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as fully paid up.