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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.
(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.
Where are ts grewal solution
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
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what are sweat equity shares
H Ltd issued a prospectus inviting applications for 20,000 shares of Rs. 10 each at a premium of
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
why goodwill account is debited while issuing shares to promoters ?
shiva Ltd. invited application for issuing 2,00,000 Equity shares of Rs.100 each ta a premium of Rs. 60 per share. The amount was payable as follows:
On application Rs.30 per share (including premium Rs. 10)
On allotment Rs. 70 per share (including premium Rs. 50)
On first & final call and balance amont
Application for 1,90,000 shares were received . Shares were alloted to all the applicants & the company received all money due on alloment except Jain who had been alloted 1,000 shares, and his shares were immediately forfeited . Afterwards first &final call was made. Gupta did not pay the first & final call on his 2,000 alloted shares. His shares were also forfeited . 50% of the forfeited shares of both Jain & Gupta were re-issued for Rs.90 per share fully paid up.
Pass the journal entries in the books of Shiva Ltd. for the above transactions.
Shakti Ltd. invited applications for issuing 1,00,000 equity shares of Rs.10 each. The amount was payable as follows:
On application-Rs.3 per share
On allotment-Rs.2 per share
On First and Final Call-Rs.5 per share.
Applications were received for 2,20,000 shares. Applications for 20,000 shares were rejected and their application money was refunded. Shares were alloted to the remaining applicants as follows:
(i) Alloted 50% shares to Raman who had applied for 40,000 shares.
(ii) To allot in full to Akbar who had applied for 20,000 shares.
(iii) To allot balance of shares in pro-rata basis to the other applicants.
Excess apllication money was utilized in payment of allotment and final call. All calls were made and were duly received except the first and final call in 600 shares alloted to an applicant in (iii) category. His shares were forfeited.
The forfeited shares were re-issued for Rs.9 per share fully paid up.
How to calculate forfeiture of shares under prorata category including premium?
X Ltd. issued 40,000 equity shares of Rs.10 each at a premium of Rs.2.50 per share. The amount was payable as follows :Application - Rs.2 per shareAllotment - Rs. 4.50 per share (including premium)and on Call - Rs.6 per shareOwing to heaving subscription, the allotment was made on pro rata basis as follows :(i) Applicant for 20,000 shares were allotted 10,000 shares.(ii) Applicants for 56,000 shares were allotted 14,000 shares.(iii) Applicants for 48,000 shares were allotted 16,000 shares.It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.Ram, to whom 1000 shares were allotted, who belongs to category (i), failed to pay allotment money. His shares were forgeited after the call.Pass the necessary journal entries.How to make the Analysis table for this?
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.
ts grewal solutons company issue of shares,question no 7 solution
can u tell me how to solve pro rata questions..???/
Hema Ltd. invited applications for issung 30,000 equity shares of Rs.100 each at a premium of Rs.20 each. The amount was payable as follows:
(i) On application and allotment-Rs.40(including premium Rs.10) per share.
(ii) On first call-Rs.50(including premium Rs.10) per share.
(iii) On second and final call-balance.
Applications for 75,000 shares were received. Applications for 15,000 shares were rejected and the money received from them was refunded. Shares were alloted on pro-rata basis to the remianing applicants. All calls were made. "A" who had applied for 2,000 shares failed to pay the first call and second and final call on the shares alloted to him. "B" who was alloted 1,000 shares failed to pay the second and final call. The shares of both "A" and "B" were forfeited. The forfeited shares were re-issued at Rs.160 fully paid.
Pass the necessary journal entries in the books of the company for the above transactions.
how is share capital shown in company's balance-sheet?
(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.
solution of qwes no 115 of ts grewal....(share capital)
Meena ltd.issued 60000 shares of Rs.10 each at a premium of Rs. 2 per share payable as Rs.3 on application, Rs. 59(including premium0 on allotment and the balance on first and final call.Applications were received for 1,02,000 shares.The Directors resolved to allot as follows:
A.Applicants of 60000 shares - 30000 shares
B.Applicants of 40000 shares - 30000 shares
C.Applicants of 2000 shares - Nil
Nikhil, who had applied for 1,000 shares in category A and Vish who was allotted 600 shares in category B failed to pay allotment money.
calculate the amount received on allotment.
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.
what are the similarities between calls in arrear and calls in advance accounts?
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.
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(Pro-rata Allotment to Different Categories of Applicants, Calculation of Shares Allotted to pro-rata allottees, Partial Forfeiture and Reissue). Nav Lakshmi Ltd., issued a prospectus inviting applications for 50,000 shares of Rs 10 each. These shares were issued at par on the following terms:
On application, Rs 3 on allotment Rs 4 on first call Rs 2 and on final call the balance.
Applications were received for 60,000 shares. Allotments were made on the following basis:
(i) To applicants for 10,000 shares-in full;
(ii) To applicants for 20,000 shares-15,000 shares;
(iii) To applicants for 30,000 shares-25,000 shares;
The shares were fully called and paid up except amount of allotment, first and final call not paid by those who applied for 2,000 shares out of the grpup applying for 20,000 shares.
1,000 forfeited shares were reissued as fully paidon receipt of Rs 8 per share.
Show the Journal Entries in the books of Nav Lakshmi Ltd.
please also show the working notes of it .
Can a company issue debentures for consideration other than cash? If so, what accounting journal entries must such a company pass?
what are the journal entries for interest on calls in arrears and calls in advance????
there are three entries for each i guess: 1.for interest due 2.for receipt or payment of interest 3.for transfer of interest to profit and loss A/c.
do we have to pass all the three entries every time or only the entry for receipt or payment of interest as the case may be??????????????
please answer this at the earliest have a test in school...pls its important......!!!!
Moti Ltd invited applications for issuing 10,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:
On application Rs 5(Including premium)
On Allotment Rs 4
On First and Final Call Rs 3
Applications for 15,00,000 shares were received. Applications for 3,00,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess application money was utilized towards sums due on allotment. Giri who had applied for 24,000 shares failed to pay the allotment and call money. His shaares were forfeited. Out of the forfeited shares 10,000 shares were reissued for Rs 8 per share fuly paid up. Pass necessary journal entries in the books of Moti Ltd.
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