Apollo Ltd. issued for public subscription 40,000 equity shares of rs. 10 each at a premium of rs. 2 per share payable as under:
applications were received for 60,000 shares. Allotment was made on pro-rata basis to the applicants of 48,000 shares, the remaining applications were being refused. Money overpaid on application was utilised towards sum due on allotment.
Ram to whom 1,600 share were allotted failed to pay the allotment and shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second call was made. All the forfeited shares were reissued as fully paid-up at Rs. 8 per share.
Give the necessary journal entries for the above transactions.
which value has been affected by rejecting the applications of the applicants who had applied for 12,000 shares? suggest an alternative for the same.
H Ltd issued a prospectus inviting applications for 20,000 shares of Rs. 10 each at a premium of
Meaning of Undervalued and Overvalued (in case of an asset) and its treatment. Also are liabilities undervalued, overvalued too?
From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended December 31, 2013 and the Balance Sheet as on that date.
Receipt and Payment Account
for the year ending December 31, 2013
Sale of old Books
(Costing Rs 3,200)
Rent from use of hall
Sale of newspapers
Profit from entertainment
The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on December 31, 2012 were Rs 3,600.
On December 31, 2013 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012.
On January 1, 2013 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.
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