Janta Ltd. had an authorised capital of rs. 2,00,000 divided into equity shares of rs. 10 each. The company offered for subscription rs. 1,00,000 shares. The issue was fully subscribed. The amount payable on application was rs. 2 per share. Rs. 4 per share was payable each on allotment and first and final call. A shareholder holding 100 shares failed to pay the allotment money. His shares were forfeited. The company did not make the final call.
Show how the SHARE CAPITAL will be shown in the company's balance sheet. Also prepare Notes to Accounts for the same.
What is the nature(Real/Personal?Nominal) Please justify why:
share capita A/C
Share allot ac
share forfeiture ac
capital reserve ac
securities premium account
Can anyone explain how to calculate capital reserve amount when all forfeited shares are not reissued?
I want solutions of T.S.Grewal's double entry book keeping solutions for class 12th..plys help me ,,
What is the new format of the balance sheet(company) prfrd by cbse.
X ltd. has an authorised capital of rs. 10,00,000 divided into equity shares of rs. 10 each. The company invited applications for 50,000 shares. Applications for 45,000 shares were received. All calls were duly received except the final call of rs. 2 per share on 1,000 shares. 500 of the shares on which the final call was not received were forfeited. Show how share capital will appear in the company balance sheet of the company as per schedule vi, Part i of the companies act,1956.
(Pro-rata Allotment of Shares Issued at Premium, Non-Payment of Allotment and Calls, Forfeiture and Reissue).
A limited company issued a prospectus inviting applications for 2,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
On application Rs.2 per share
On allotment Rs.5 per share (including premium)
On 1st call Rs.3 per share
On 2nd call Rs2 per share
Application were received for 3,000 shares and allotment made pro-rata to the applicants of 2,400 shares, the remaining applications being refused. Money over-paid on application was employed on account of sums due on allotment. Rajesh, to whom 40 shares were allotted failed to pay allotment money and on his subsequent failure to the 1st call, his shares were forfeited. Madan, the holder of 60 shares, failed to pay the two calls and so his shares were also forfeited.
All these shares were sold to Kadam credited as fully paid for Rs.9 per share.
Show the Journal and Cash Book entries in the books of the company.
please also show the working notes.
A Company forfeited 100 equity shares of Rs 100 each issued at a premium of 50% ( to be paid at the time of allotment) on which first call money of Rs 30 per equity share was not recieved, final call of Rs 20 is yet to be made. These shares were subsequenttly reissued at Rs 70 per equity share at Rs 80 paid up.
Give the necessary Journal entries regarding forfeiture and reissue of shares.
Where are ts grewal solution
PetromaxLtd., issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as Rs.8 on application,Rs.5 including premium on allotment and the balance in equal installment over two calls applications were received for 92,000 shares and the allotment was done as under :
A. Applications of 40,000 shares allotted 30,000 shares
B. Applicants of 40,000 shares allotted 20,000 shares
C. Applicants of 12,000 shares nil
Suresh who had applied for 2,000 shares (category A) did not pay any money other than application money. Chandar who allotted 800 shares (category B) paid the call money due along with allotment. All other allottees paid their dues as per schedule.
Pass necessary journal entries in the books of Petromax Ltd. to record the above transactions.
What is the difference between over subscription and under subscription of shares?
while making payment to vendor through shares if shares comes in decimal then how we will balance the journal entry or what the entry should be passed
O Limited issued a prospectus offering 2,00,000 equity shares of Rs. 10 each, @ a premium of Rs. 2 per share, payable as follows:On application Rs. 2.50 per shareOn allotment Rs 4.50 per share (including premium)On first call (three months from allotment) Rs. 2.50 per shareOn second call (three months after call) Rs. 2.50 per share
Subscriptions were received for 3,17,000 shares on April 23, 2002 and the allotment made on April 30, was as under:
1. Allotment in full (two applicants paid in full on allotment in respect of 4,000 shares each)38,0002. Allotment of two shares for every three shares applied for 1,60,0003. Allotment for one share for every four shares applied for 2,000
Cash amounting to Rs. 77,500 (being application money received with applications on 31,000 shares upon which no allotments were made) was returned to applicants on May 6, 2002.
The amounts called from the allottees were received on the due dates with the exception of the final call on 100 shares. These shares were forfeited on November 15, 2002 and reissued to A on November 16 for payment of Rs. 9 per share.
Record journal entries other than those relating to cash, in the books of O Limited, and also show how the transactions would appear in the balance sheet, assuming that the Company paid interest due from it on October 31, 2002
what is the difference between bank rate and repo rate?
meena Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable at Rs 3 on application, Rs 5 (including premium) on allotment and the balance on 1st and final call. Application were recieved or 1,02,000 shares. The directors resolved to allot as follows:
A) applicants of 60,000 shares were given 30,000 shares
B) Applicants of 40,000 shares were given 30,000 sjares
C) Applicants of 2,000 shares were given no share
Nikhil who had applied for 1,000 shares in category A and Vishnu who was alloted 600 shares in category B failed to pay the allotment money. Calculate the amount recieved on allotment
what are sweat equity shares
H Ltd issued a prospectus inviting applications for 20,000 shares of Rs. 10 each at a premium of
A company invited applications for 50,000 equity shares of Rs. 10 each. Rs 3 on application, 3 on allotment and 4 on first and final call.
Applications were received for 1,10,000 shares. It was decided(i) to refuse allotment to applicants of 10,000 shares,(ii)to allot 50% to Mr. X who has applied for 20,000 shares,(iii)to allot full to Mr. Y who has applied for 10,000 shares,(iv) to allot balance of available shares on pro rata basis among other applicants,(v) to utilise excess application money in part payment of allotment and final call. Give journal entries.
bharat tires limited invited applications for 100000 equity shares of rs 10 each issued at a premium of rs 4 per share. the amount was payble as follows: on application rs 6 (including premium rs 2) on allotmentrs 6 (including premium rs 2), applications for 150000 shares were recieved. allotment was made to all the applications on pro-rata basis. subodh, to whom 200 shares were alloted, failed to pay allotment and call money. vikram , to whom 100 shares were alloted, failed to pay the call money. their shares were forfeited and after wards re-issued @ rs 10 per share fully paid up.
pass neccessary journal entries with working notes
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