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.
pass the necessary journal entries for the following transactions on the dissolution of the firm of sudha and shiva after the various assets (other than cash and outside liabilities have been transferred to realisation account
1. sudha agreed to pay off her husband's loan Rs.19000
2 a debtor who oews a debt of Rs.9000 was written off inthe books paid Rs.7500 in full settlement
3.realisation expenses Rs.3400 were paid by sudha for which she was allowed Rs.3000
4. sundry creditors took stock worth Rs.10000
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