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.
ts grewal solutons company issue of shares,question no 7 solution
can u tell me how to solve pro rata questions..???/
(Pro-rata allotment in different ratio).
ABC Ltd., issued a prospectus inviting applications for 1,00,000 shares of Rs.10 each. These shares were issued at par on the following terms:
On applicatio Rs.3
On allotment Rs.4
On 1st call Rs.2 and
On final call the balance.
applications were received for 1,20,000 shares. Allotments were made on the following basis:
All excess amount paid on application is to be adjusted against amount due on allotment.
The shares were fully called and paid up except amount of allotment, 1stand final call not paid by those who applied for 4,000 shares out of the group applying for 40,000 shares.
All the shares on which calls were not paid were forfeited by the Board of Directors.
2,000 forfeited shares were reissued as fully paid on receipt of Rs.8 per share.
Show the Journal Entries in the books of ABC Ltd.
Please also show the working notes of it.
how is share capital shown in company's balance-sheet?
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.
On application Rs. 2.50, on allotment Rs. 2.50, on first call Rs. 3 and on final call the balance. Applications were received for 1,35,000 shares. Allotments were made on the following basis :
(i) To applicants for 25,000 shares— in full;
(ii) To applicants for 60,000 shares — 45,000 shares
(iii) To applicants for 50,000 shares — 30,000 shares.
All excess amount paid on application is to be adjusted against amount due on allotment.
The shares were fully called and paid-up except the amount of allotment, first and final call not paid by those who applied for 4,000 shares of the group applying for 50,000 shares.
All the shares on which calls were not paid were forfeited by the Board of Directors. 1,800 forfeited shares were re-issued as fully paid on receipt of Rs. 9 per share.
Prepare Cash Book and Journal entries to record the above.
(Ans. Cash received on Allotment Rs. 1,60,500; Bank Balance Rs. 10,02,200; Capital Reserve Rs. 5700)
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.
inviting applications for 2,00,000 shares
of Rs.10 each at a premium of Rs. 6 per share, payable as follows:
On Application Rs. 5(including premium Rs.2)
on Allotment Rs. 5(including premium Rs.2_
on 1st Call Rs. 3(including premium Rs. 1)
On IInd & Final Call Rs. 3(including premium Rs.1)
Applications were received for 2,60,000 shares and pro-rata allotment was made
the applicants for shares. Excess money paid on applications for these
shares was utilised towards allotment.
A, who applied for 1,000 shares, failed to pay the allotment money and his shares
were forfeited after allotment.
B, who applied for 1,500 shares, failed to pay the two calls and his shares were
also forfeited.
Of the shares forfeited, 1,800 shares were re-issued as fully paid up for per
share, the whole of B's share being included. Prepare Cash Book and Journal.
₹3 on Application
₹ 4 on Allotment (including premium)
₹ 2 on Ist Call
ts grewal solutons company issue of shares,question no 7 solution
company offered to the public for subscription 80,000 equity shares
payable per share as : 3 on application, 2 on allotment, 3 on first call and the balance on second and final call. The issue was fully
subscribed and all amounts due were received except the first and final
call money on 2,000 shares allotted to Chavi. Her shares were forfeited.
Present the "Share Capital' in the Balance Sheet of the company as per
Schedule III, Part I of the Companies Act, 2013. Also prepare "Notes to
Accounts'.?
can u tell me how to solve pro rata questions..???/
(Pro-rata allotment in different ratio).
ABC Ltd., issued a prospectus inviting applications for 1,00,000 shares of Rs.10 each. These shares were issued at par on the following terms:
On applicatio Rs.3
On allotment Rs.4
On 1st call Rs.2 and
On final call the balance.
applications were received for 1,20,000 shares. Allotments were made on the following basis:
All excess amount paid on application is to be adjusted against amount due on allotment.
The shares were fully called and paid up except amount of allotment, 1stand final call not paid by those who applied for 4,000 shares out of the group applying for 40,000 shares.
All the shares on which calls were not paid were forfeited by the Board of Directors.
2,000 forfeited shares were reissued as fully paid on receipt of Rs.8 per share.
Show the Journal Entries in the books of ABC Ltd.
Please also show the working notes of it.
how is share capital shown in company's balance-sheet?
can anyone explain me example 3??
how the amount of share capital amount rs.300 is multiplied by 32??
(i) A Ltd. forfeited 100 shares of Rs. 10 each fully called-up for non-payment of first call of Rs. 3 per share and final call of Rs. 3 per share. All of these shares were re-issued as fully paid for Rs. 10 per share.
(ii) B Ltd. forfeited 400 shares of Rs. 10 each fully called-up for non-payment of final call of Rs. 3 per share. 300 of these shares were re-issued as fully paid for Rs. 8 per share.
iii) C Ltd. forfeited 700 shares of Rs. 10 each fully called-up on which the holder has paid application money @Rs. 3 and allotment money@ Rs. 2 per share. Out of these, 600 shares were re-issued as fully paid@ Rs. 7 per share.
iv) D Ltd. forfeited 1,000 shares of Rs. 10 each fully called-up on which the holder has paid only the application money @ Rs 3 per share. Out of these, 600 shares were re-issued at 10.50 per share, fully paid up.
Q. 39. Pass journal entries for the forfeiture and re-issue in the following cases :
(a) X Ltd. forfeited 700 shares of Ashok of Rs. 10 each Rs. 8 called-up, on which he had paid Rs. 5 per share. Out of these, 500 shares were re-issued for Rs 9 per share as fully paid.
(b) Y Ltd. forfeited 400 shares of Rs. 10 each, Rs. 6 called-up, for non-payment of first call of Rs. 2 per share. Out of these, 300 shares were immediately re-issued at Rs. 5 per share.
(c) Z Ltd. forfeited 300 shares of Rs. 100 each on which first call of Rs. 20 per share was not received, the second and final call of Rs. 30 per share has not yet been called. Out of these, 200 shares were re-issued as Rs 70 paid-up for Rs.55 per share.
All calls were made and were duly received except the final call of Rs 3 per share on 2,000 shares. These shares were forfeited.
(a) Present the share capital in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.
(b) Also prepare 'Note to Accounts' for the same.
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.