Double Entry Book Keeping Ts Grewal (2016) Solutions for Class 12 Commerce Accountancy Chapter 8 Joint Stock Company Accounts Issue Of Shares are provided here with simple step-by-step explanations. These solutions for Joint Stock Company Accounts Issue Of Shares are extremely popular among class 12 Commerce students for Accountancy Joint Stock Company Accounts Issue Of Shares Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal (2016) Book of class 12 Commerce Accountancy Chapter 8 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal (2016) Solutions. All Double Entry Book Keeping Ts Grewal (2016) Solutions for class 12 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 8.108:
Question 1:
Answer:
Balance Sheet of Gopal Ltd.
as at ……
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
45,00,000 |
Total
|
|
45,00,000
|
Notes to Accounts | ||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital
|
||
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
Issued Share Capital
|
||
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
Subscribed Capital
|
||
Subscribed and fully paid-up
|
||
4,50,000 Equity Shares of Rs 10 each
|
45,00,000
|
|
Page No 8.108:
Question 2:
Balance Sheet of Gopal Ltd.
as at ……
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
45,00,000 |
Total
|
|
45,00,000
|
Notes to Accounts | ||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital
|
||
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
Issued Share Capital
|
||
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
Subscribed Capital
|
||
Subscribed and fully paid-up
|
||
4,50,000 Equity Shares of Rs 10 each
|
45,00,000
|
|
Answer:
Balance Sheet of Daily Needs Stores Ltd
as at …..
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
13,00,000
|
Total
|
13,00,000
|
|
Notes to Accounts |
|
|
Particulars |
Amount
(Rs)
|
|
1. Share Capital
|
|
|
Authorised Share Capital
|
|
|
1,00,000 Equity Shares of Rs 10 each
|
10,00,000
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
Issued Share Capital
|
|
|
75,000, Equity Shares of Rs 10 each
|
7,50,000
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
Subscribed Capital
|
|
|
Subscribed and fully paid-up
|
|
|
50,000, Equity Shares of Rs 10 each
|
5,00,000
|
|
Subscribed but not fully paid-up
|
|
|
10,000, 10% Preference Shares of Rs 100 each, Rs 80 called up
|
8,00,000
|
|
13,00,000
|
||
|
Page No 8.108:
Question 3:
Balance Sheet of Daily Needs Stores Ltd
as at …..
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
13,00,000
|
Total
|
13,00,000
|
|
Notes to Accounts |
|
|
Particulars |
Amount
(Rs)
|
|
1. Share Capital
|
|
|
Authorised Share Capital
|
|
|
1,00,000 Equity Shares of Rs 10 each
|
10,00,000
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
Issued Share Capital
|
|
|
75,000, Equity Shares of Rs 10 each
|
7,50,000
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
Subscribed Capital
|
|
|
Subscribed and fully paid-up
|
|
|
50,000, Equity Shares of Rs 10 each
|
5,00,000
|
|
Subscribed but not fully paid-up
|
|
|
10,000, 10% Preference Shares of Rs 100 each, Rs 80 called up
|
8,00,000
|
|
13,00,000
|
||
|
Answer:
Balance Sheet of Moon Ltd.
as at ……
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
19,40,000
|
Total |
19,40,000
|
|
Notes to Accounts
|
|||
Particulars
|
Amount
(Rs)
|
||
1. Share Capital | |||
Authorised Share Capital
|
|||
3,00,000 Equity Shares of Rs 10 each
|
30,00,000
|
||
Issued Share Capital
|
|
||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
Subscribed Share Capital
|
|||
Subscribed and fully paid-up
|
|
||
1,70,000 Equity Shares of Rs 10 each
|
17,00,000
|
||
Subscribed but not fully paid-up
|
|||
30,000 Equity Shares of Rs 10 each
|
3,00,000 |
2,40,000
|
|
Less: Calls-in-arrears
|
60,000
|
||
19,40,000
|
|||
Page No 8.108:
Question 4:
Balance Sheet of Moon Ltd.
as at ……
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
19,40,000
|
Total |
19,40,000
|
|
Notes to Accounts
|
|||
Particulars
|
Amount
(Rs)
|
||
1. Share Capital | |||
Authorised Share Capital
|
|||
3,00,000 Equity Shares of Rs 10 each
|
30,00,000
|
||
Issued Share Capital
|
|
||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
Subscribed Share Capital
|
|||
Subscribed and fully paid-up
|
|
||
1,70,000 Equity Shares of Rs 10 each
|
17,00,000
|
||
Subscribed but not fully paid-up
|
|||
30,000 Equity Shares of Rs 10 each
|
3,00,000 |
2,40,000
|
|
Less: Calls-in-arrears
|
60,000
|
||
19,40,000
|
|||
Answer:
Journal
|
||||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
||
2016
|
||||||
Apr. 30
|
Bank A/c |
Dr.
|
20,00,000
|
|||
|
To Equity Share Application & Allotment A/c |
20,00,000
|
||||
|
(Application money received on 2,00,000 shares) | |||||
|
||||||
May 15
|
Equity Share Application & Allotment A/c |
Dr.
|
20,00,000
|
|||
|
To Equity Share Capital A/c |
20,00,000
|
||||
|
(Application money transferred to share capital account) | |||||
Page No 8.108:
Question 5:
Journal
|
||||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
||
2016
|
||||||
Apr. 30
|
Bank A/c |
Dr.
|
20,00,000
|
|||
|
To Equity Share Application & Allotment A/c |
20,00,000
|
||||
|
(Application money received on 2,00,000 shares) | |||||
|
||||||
May 15
|
Equity Share Application & Allotment A/c |
Dr.
|
20,00,000
|
|||
|
To Equity Share Capital A/c |
20,00,000
|
||||
|
(Application money transferred to share capital account) | |||||
Answer:
Cash Book (With Bank Column Only) | ||||||||
Dr. | Cr. | |||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c |
|
60,000
|
Balance c/d |
|
1,62,000
|
|||
Equity Share Allotment A/c |
|
60,000
|
|
|
||||
Equity Share Calls-in-Advance A/c |
|
4,000
|
|
|
||||
Equity Share First Call A/c |
|
38,000
|
|
|
||||
|
1,62,000
|
|
1,62,000
|
|||||
|
|
|
|
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
60,000
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
(Application money transferred to share capital) |
|
|
|
|
|
|
|
|
||
|
Equity Share Allotment A/c |
Dr.
|
60,000
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
||
|
Equity Share First Call A/c |
Dr.
|
40,000
|
|
|
To Equity Share Capital A/c | 40,000 | ||||
(First call money due on 19,000 shares) | |||||
|
Calls-in-Advance A/c |
Dr.
|
2,000
|
|
|
|
To Equity Share First Call A/c |
|
|
2,000
|
|
(First call amount is received in advance on 1,000 shares) | |||||
|
|
Balance Sheet of C Ltd.
as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital
|
1
|
1,60,000
|
2. Current Liabilities
|
|
|
Other Current Liabilities
|
2
|
2,000
|
Total |
|
1,62,000
|
II. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
1,62,000
|
Total |
|
1,62,000
|
|
|
Notes to Accounts
|
||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital
|
||
xxx Equity Shares of Rs 10 each
|
xxx
|
|
Issued Share Capital
|
|
|
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
|
Subscribed Share Capital
|
||
Subscribed but not fully paid-up
|
||
20,000 shares of Rs 10 each, Rs 8 called-up
|
1,60,000
|
|
2. Other Current Liabilities | ||
Calls-in-advance
|
2,000
|
|
3. Cash and Cash Equivalents | ||
Cash at Bank
|
1,62,000
|
|
Page No 8.108:
Question 6:
Cash Book (With Bank Column Only) | ||||||||
Dr. | Cr. | |||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c |
|
60,000
|
Balance c/d |
|
1,62,000
|
|||
Equity Share Allotment A/c |
|
60,000
|
|
|
||||
Equity Share Calls-in-Advance A/c |
|
4,000
|
|
|
||||
Equity Share First Call A/c |
|
38,000
|
|
|
||||
|
1,62,000
|
|
1,62,000
|
|||||
|
|
|
|
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
60,000
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
(Application money transferred to share capital) |
|
|
|
|
|
|
|
|
||
|
Equity Share Allotment A/c |
Dr.
|
60,000
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
||
|
Equity Share First Call A/c |
Dr.
|
40,000
|
|
|
To Equity Share Capital A/c | 40,000 | ||||
(First call money due on 19,000 shares) | |||||
|
Calls-in-Advance A/c |
Dr.
|
2,000
|
|
|
|
To Equity Share First Call A/c |
|
|
2,000
|
|
(First call amount is received in advance on 1,000 shares) | |||||
|
|
Balance Sheet of C Ltd.
as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital
|
1
|
1,60,000
|
2. Current Liabilities
|
|
|
Other Current Liabilities
|
2
|
2,000
|
Total |
|
1,62,000
|
II. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
1,62,000
|
Total |
|
1,62,000
|
|
|
Notes to Accounts
|
||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital
|
||
xxx Equity Shares of Rs 10 each
|
xxx
|
|
Issued Share Capital
|
|
|
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
|
Subscribed Share Capital
|
||
Subscribed but not fully paid-up
|
||
20,000 shares of Rs 10 each, Rs 8 called-up
|
1,60,000
|
|
2. Other Current Liabilities | ||
Calls-in-advance
|
2,000
|
|
3. Cash and Cash Equivalents | ||
Cash at Bank
|
1,62,000
|
|
Answer:
Cash Book (Bank Column) |
|||||||
Dr. |
Cr. |
||||||
Date |
Particulars |
L.F. |
Bank (Rs) |
Date |
Particulars |
L.F. |
Bank (Rs) |
Equity Share Application A/c |
|
1,60,000 |
Balance c/d |
|
3,95,500 |
||
|
Equity Share Allotment A/c |
|
1,20,000 |
|
|
|
|
|
Equity Share First & Final Call A/c |
|
1,15,500 |
|
|
|
|
|
|
|
3,95,500 |
|
|
|
3,95,500 |
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Equity Share Application A/c |
Dr. |
|
1,60,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,60,000 |
|
(Application money transferred to share capital account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
(Allotment amount due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
(First and final call due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,500 |
|
|
To Equity Share First and Final Call A/c |
|
|
4,500 |
|
|
|
|
|
|
Balance Sheet as at ... |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
3,95,500 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
3,95,500 |
|
|
|
II Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
|
2 |
3,95,500 |
Total |
|
3,95,500 |
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
40,000 Equity Shares of Rs 10 each |
4,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
40,000 shares of Rs 10 each |
4,00,000 |
|
|
Less: Calls-in-Arrears |
4,500 |
3,95,500 |
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
3,95,500 |
|
|
|
|
|
|
|
|
Page No 8.108:
Question 7:
Cash Book (Bank Column) |
|||||||
Dr. |
Cr. |
||||||
Date |
Particulars |
L.F. |
Bank (Rs) |
Date |
Particulars |
L.F. |
Bank (Rs) |
Equity Share Application A/c |
|
1,60,000 |
Balance c/d |
|
3,95,500 |
||
|
Equity Share Allotment A/c |
|
1,20,000 |
|
|
|
|
|
Equity Share First & Final Call A/c |
|
1,15,500 |
|
|
|
|
|
|
|
3,95,500 |
|
|
|
3,95,500 |
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Equity Share Application A/c |
Dr. |
|
1,60,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,60,000 |
|
(Application money transferred to share capital account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
(Allotment amount due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
(First and final call due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,500 |
|
|
To Equity Share First and Final Call A/c |
|
|
4,500 |
|
|
|
|
|
|
Balance Sheet as at ... |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
3,95,500 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
3,95,500 |
|
|
|
II Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
|
2 |
3,95,500 |
Total |
|
3,95,500 |
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
40,000 Equity Shares of Rs 10 each |
4,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
40,000 shares of Rs 10 each |
4,00,000 |
|
|
Less: Calls-in-Arrears |
4,500 |
3,95,500 |
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
3,95,500 |
|
|
|
|
|
|
|
|
Answer:
Authorised Capital:
Equity Shares 7,50,000 of Rs 100 each
9% Preference Shares 2,50,000 of Rs 100 each
Issued Capital:
Equity Shares 1,00,000 of Rs 100 each
Payable as
Rs 10 on Application
Rs 40 on Allotment
Rs 25 on First Call
Rs 25 on Final Call
Preference Shares 50,000 of Rs 100 each
Payable as
Rs 25 on application
Rs 25 on allotment
Rs 50 on first and final call
Cash Book
|
|||||||
Dr.
|
|
Cr.
|
|||||
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
|
|
|
|
|
|
|
|
|
Equity Share Application
|
|
10,00,000
|
|
|
|
|
|
Preference Share Application
|
|
12,50,000
|
|
|
|
|
|
Equity Share Allotment
|
|
40,00,000
|
|
|
|
|
|
Preference Share Allotment
|
|
12,50,000
|
|
|
|
|
|
Equity Share First Call
|
|
25,00,000
|
|
|
|
|
|
Preference Share First and Final Call
|
|
25,00,000
|
|
|
|
|
|
Equity Share Final Call
|
|
25,00,000
|
|
Balance c/d
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
|
|
|
1,50,00,000
|
|
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
Journal
|
|||||
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Equity Share Application A/c
|
Dr.
|
|
10,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
10,00,000
|
|
|
(Equity share application of 1,00,000 shares of Rs 10 each transferred to Equity Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Application A/c
|
Dr.
|
|
12,50,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
(Preference share applications of 50,000 shares Rs 25 each transferred to 9% Preference Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c
|
Dr.
|
|
40,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
40,00,000
|
|
|
(Equity share allotment due on 1,00,000 shares at Rs 40 each)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Allotment A/c
|
Dr.
|
|
12,50,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
(Preference share allotment due on 50,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
(Equity share first call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share First and Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
25,00,000
|
|
|
(Preference share first and final call due on 50,000 shares at Rs 50 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
(Equity share final call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
1,50,00,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
1,50,00,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
2
|
1,50,00,000
|
Total
|
|
1,50,00,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
|||
1
|
Share Capital
|
|
|||
|
Authorised Share Capital
|
|
|||
|
7,50,000 Equity Shares of Rs 100 each
|
7,50,00,000
|
|||
|
2,50,000 9% Preference Shares of Rs 100 each
|
2,50,00,000
|
10,00,00,000
|
||
|
Issued Share Capital
|
|
|||
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|||
|
50,000 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|||
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|
||
|
500 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
|
|
|||
2
|
Cash and Cash Equivalents
|
|
|||
|
Cash at Bank
|
1,50,00,000
|
|||
|
|
|
Page No 8.109:
Question 8:
Authorised Capital:
Equity Shares 7,50,000 of Rs 100 each
9% Preference Shares 2,50,000 of Rs 100 each
Issued Capital:
Equity Shares 1,00,000 of Rs 100 each
Payable as
Rs 10 on Application
Rs 40 on Allotment
Rs 25 on First Call
Rs 25 on Final Call
Preference Shares 50,000 of Rs 100 each
Payable as
Rs 25 on application
Rs 25 on allotment
Rs 50 on first and final call
Cash Book
|
|||||||
Dr.
|
|
Cr.
|
|||||
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
|
|
|
|
|
|
|
|
|
Equity Share Application
|
|
10,00,000
|
|
|
|
|
|
Preference Share Application
|
|
12,50,000
|
|
|
|
|
|
Equity Share Allotment
|
|
40,00,000
|
|
|
|
|
|
Preference Share Allotment
|
|
12,50,000
|
|
|
|
|
|
Equity Share First Call
|
|
25,00,000
|
|
|
|
|
|
Preference Share First and Final Call
|
|
25,00,000
|
|
|
|
|
|
Equity Share Final Call
|
|
25,00,000
|
|
Balance c/d
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
|
|
|
1,50,00,000
|
|
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
Journal
|
|||||
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Equity Share Application A/c
|
Dr.
|
|
10,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
10,00,000
|
|
|
(Equity share application of 1,00,000 shares of Rs 10 each transferred to Equity Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Application A/c
|
Dr.
|
|
12,50,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
(Preference share applications of 50,000 shares Rs 25 each transferred to 9% Preference Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c
|
Dr.
|
|
40,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
40,00,000
|
|
|
(Equity share allotment due on 1,00,000 shares at Rs 40 each)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Allotment A/c
|
Dr.
|
|
12,50,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
(Preference share allotment due on 50,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
(Equity share first call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share First and Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To 9% Preference Share Capital A/c
|
|
|
25,00,000
|
|
|
(Preference share first and final call due on 50,000 shares at Rs 50 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
(Equity share final call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
1,50,00,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
1,50,00,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
2
|
1,50,00,000
|
Total
|
|
1,50,00,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
|||
1
|
Share Capital
|
|
|||
|
Authorised Share Capital
|
|
|||
|
7,50,000 Equity Shares of Rs 100 each
|
7,50,00,000
|
|||
|
2,50,000 9% Preference Shares of Rs 100 each
|
2,50,00,000
|
10,00,00,000
|
||
|
Issued Share Capital
|
|
|||
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|||
|
50,000 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|||
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|
||
|
500 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
|
|
|||
2
|
Cash and Cash Equivalents
|
|
|||
|
Cash at Bank
|
1,50,00,000
|
|||
|
|
|
Answer:
Authorised capital 1,00,000 shares of Rs 10 each
Issued Shares
|
40,000
|
Less: Applied Shares
|
60,000
|
Over-subscribed Shares
|
(20,000)
|
Payable as:
Application
|
Rs
|
2
|
|
Allotment
|
Rs
|
5
|
(3 + 2)
|
First Call
|
Rs
|
3
|
|
Final Call
|
Rs
|
2
|
|
|
|
12
|
(10 + 2) per share
|
Books of ABC Ltd.
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Application A/c
|
|
|
1,20,000
|
|
|
(Share application money received for 60,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Capital A/c
|
|
|
80,000
|
|
|
To Bank A/c
|
|
|
40,000
|
|
|
(Share application of 4,000 shares transferred to Share Capital and money of 20,000 over-subscribed shares refunded)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
2,00,000
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
To Securities Premium A/c
|
|
|
80,000
|
|
|
(Allotment due on 40,000 shares at Rs 5 per share including Rs 2 securities premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,00,000
|
|
|
To Share Allotment A/c
|
|
|
2,00,000
|
|
|
(Allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
(First call due on 40,000 shares at Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share First Call A/c
|
|
|
1,20,000
|
|
|
(First call money received )
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c
|
Dr.
|
|
80,000
|
|
|
To Share Capital
|
|
|
80,000
|
|
|
(Final call due on 40,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
80,000
|
|
|
To Share Final Call A/c
|
|
|
80,000
|
|
|
(Final call money received)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of Companies Act 2013, the Company's Balance Sheet is presented as follows.
ABC Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
4,00,000
|
b. Reserves and Surplus
|
2
|
80,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
4,80,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
4,80,000
|
Total
|
|
4,80,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
1,00,000 shares of Rs 10 each
|
10,00,000
|
|
Issued Share Capital
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
|
|
2
|
Reserves and Surplus
|
|
Securities Premium
|
80,000
|
|
|
||
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
4,80,000
|
|
|
|
Page No 8.109:
Question 9:
Authorised capital 1,00,000 shares of Rs 10 each
Issued Shares
|
40,000
|
Less: Applied Shares
|
60,000
|
Over-subscribed Shares
|
(20,000)
|
Payable as:
Application
|
Rs
|
2
|
|
Allotment
|
Rs
|
5
|
(3 + 2)
|
First Call
|
Rs
|
3
|
|
Final Call
|
Rs
|
2
|
|
|
|
12
|
(10 + 2) per share
|
Books of ABC Ltd.
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Application A/c
|
|
|
1,20,000
|
|
|
(Share application money received for 60,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Capital A/c
|
|
|
80,000
|
|
|
To Bank A/c
|
|
|
40,000
|
|
|
(Share application of 4,000 shares transferred to Share Capital and money of 20,000 over-subscribed shares refunded)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
2,00,000
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
To Securities Premium A/c
|
|
|
80,000
|
|
|
(Allotment due on 40,000 shares at Rs 5 per share including Rs 2 securities premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,00,000
|
|
|
To Share Allotment A/c
|
|
|
2,00,000
|
|
|
(Allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
(First call due on 40,000 shares at Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
To Share First Call A/c
|
|
|
1,20,000
|
|
|
(First call money received )
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c
|
Dr.
|
|
80,000
|
|
|
To Share Capital
|
|
|
80,000
|
|
|
(Final call due on 40,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
80,000
|
|
|
To Share Final Call A/c
|
|
|
80,000
|
|
|
(Final call money received)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of Companies Act 2013, the Company's Balance Sheet is presented as follows.
ABC Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
4,00,000
|
b. Reserves and Surplus
|
2
|
80,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
4,80,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
4,80,000
|
Total
|
|
4,80,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
1,00,000 shares of Rs 10 each
|
10,00,000
|
|
Issued Share Capital
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
|
|
2
|
Reserves and Surplus
|
|
Securities Premium
|
80,000
|
|
|
||
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
4,80,000
|
|
|
|
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (63,000 × 4) |
Dr.
|
2,52,000
|
|||
To Equity Share Application A/c |
2,52,000
|
||||
(Application money received on 63,000 shares) | |||||
Equity Share Application A/c |
Dr.
|
2,52,000
|
|||
To Bank A/c (WN) |
46,000
|
||||
To Equity Share Capital A/c (WN) |
2,00,000
|
||||
To Equity Share Allotment A/c (WN) |
6,000
|
||||
(Application money adjusted) | |||||
Equity Share Allotment A/c (50,000 × 6) |
Dr.
|
3,00,000
|
|||
To Equity Share Capital A/c (50,000 × 4) |
2,00,000
|
||||
To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
(Allotment money due on 50,000 shares) | |||||
Bank A/c |
Dr.
|
2,94,000
|
|||
To Equity Share Allotment A/c (3,00,000 – 6,000) |
2,94,000
|
||||
(Allotment money received) | |||||
Equity Share Final Call A/c (50,000 × 4) |
Dr.
|
2,00,000
|
|||
To Equity Share Capital A/c (50,000 × 2) |
1,00,000
|
||||
To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
(First call money due on 50,000 shares) | |||||
Bank A/c |
Dr.
|
2,00,000
|
|||
To Equity Share Final call A/c |
2,00,000
|
||||
(Final call money received) | |||||
Working Notes: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 4 each
|
Amount trsfd. to Share Capital Account @ Rs 4 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
12,000
|
1,000
|
48,000
|
4,000
|
44,000
|
6,000
|
38,000
|
II
|
2,000
|
– |
8,000
|
– |
8,000
|
– |
8,000
|
III
|
49,000
|
49,000
|
1,96,000
|
1,96,000
|
– | – | – |
Total
|
63,000
|
50,000
|
2,52,000
|
2,00,000
|
52,000
|
6,000
|
46,000
|
Page No 8.109:
Question 10:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (63,000 × 4) |
Dr.
|
2,52,000
|
|||
To Equity Share Application A/c |
2,52,000
|
||||
(Application money received on 63,000 shares) | |||||
Equity Share Application A/c |
Dr.
|
2,52,000
|
|||
To Bank A/c (WN) |
46,000
|
||||
To Equity Share Capital A/c (WN) |
2,00,000
|
||||
To Equity Share Allotment A/c (WN) |
6,000
|
||||
(Application money adjusted) | |||||
Equity Share Allotment A/c (50,000 × 6) |
Dr.
|
3,00,000
|
|||
To Equity Share Capital A/c (50,000 × 4) |
2,00,000
|
||||
To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
(Allotment money due on 50,000 shares) | |||||
Bank A/c |
Dr.
|
2,94,000
|
|||
To Equity Share Allotment A/c (3,00,000 – 6,000) |
2,94,000
|
||||
(Allotment money received) | |||||
Equity Share Final Call A/c (50,000 × 4) |
Dr.
|
2,00,000
|
|||
To Equity Share Capital A/c (50,000 × 2) |
1,00,000
|
||||
To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
(First call money due on 50,000 shares) | |||||
Bank A/c |
Dr.
|
2,00,000
|
|||
To Equity Share Final call A/c |
2,00,000
|
||||
(Final call money received) | |||||
Working Notes: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 4 each
|
Amount trsfd. to Share Capital Account @ Rs 4 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
12,000
|
1,000
|
48,000
|
4,000
|
44,000
|
6,000
|
38,000
|
II
|
2,000
|
– |
8,000
|
– |
8,000
|
– |
8,000
|
III
|
49,000
|
49,000
|
1,96,000
|
1,96,000
|
– | – | – |
Total
|
63,000
|
50,000
|
2,52,000
|
2,00,000
|
52,000
|
6,000
|
46,000
|
Answer:
Amount payable as:
Application
|
Rs
|
10
|
|
Allotment
|
Rs
|
50
|
(40 + 10)
|
First and Final Call
|
Rs
|
60
|
(50 + 10)
|
|
|
120
|
(100 + 20)
|
Books of X Company
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,30,000
|
|
|
To Share Application A/c
|
|
|
2,30,000
|
|
|
(Share application money received for 23,000 shares at Rs 10 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
2,30,000
|
|
|
To Share Capital A/c
|
|
|
1,00,000
|
|
|
To Share Allotment A/c
|
|
|
50,000
|
|
|
To Bank A/c
|
|
|
80,000
|
|
|
(Share application of 10,000 shares transferred to Share Capital, Rs 50,000 adjusted on allotment and remaining amount returned)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
5,00,000
|
|
|
To Share Capital A/c
|
|
|
4,00,000
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
(Share allotment due on 10,000 shares at Rs 50 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
4,50,000
|
|
|
To Share Allotment A/c
|
|
|
4,50,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c
|
Dr.
|
|
6,00,000
|
|
|
To Share Capital A/c
|
|
|
5,00,000
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
(First and final call due on 10,000 shares at Rs 60 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,00,000
|
|
|
To Share First and Final Call A/c
|
|
|
6,00,000
|
|
|
(Share first and final call money received)
|
|
|
|
|
|
|
|
|
|
Posting in the Company's Balance Sheet
X Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
10,00,000
|
b. Reserves and Surplus
|
2
|
2,00,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
12,00,000
|
|
|
|
II. Assets
|
|
|
1.Non-Current Assets
|
|
|
2.Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
12,00,000
|
Total
|
|
12,00,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
…… shares of Rs 100 each
|
-
|
|
Issued Share Capital
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
Subscribed, Called up and Paid up Share Capital
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
|
|
2
|
Reserves and Surplus
|
|
Securities Premium
|
2,00,000
|
|
|
||
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
12,00,000
|
|
|
|
Working Notes:
Applied
Shares
|
Issued
Shares
|
Money received on Application
@ Rs 10 each
|
Money transferred to Share Capital
@ Rs 10 each
|
Excess
|
Allotment due
@ Rs 50 each
|
Excess money adjusted on Allotment
|
Excess money after Allotment
|
12,000
|
1,000
|
1,20,000
|
10,000
|
1,10,000
|
50,000
|
50,000
|
60,000 (return)
|
2,000
|
NIL
|
20,000
|
–
|
20,000 (return)
|
|
|
|
9,000
|
9,000
|
90,000
|
90,000
|
–
|
4,50,000
|
–
|
–
|
23,000
|
10,000
|
2,30,000
|
1,00,000
|
|
5,00,000
|
50,000
|
60,000
|
|
Share Allotment due (10,000 share × Rs 50)
|
5,00,000
|
Less: Excess application money adjusted on allotment
|
50,000
|
Money received on Allotment
|
4,50,000
|
Page No 8.109:
Question 11:
Amount payable as:
Application
|
Rs
|
10
|
|
Allotment
|
Rs
|
50
|
(40 + 10)
|
First and Final Call
|
Rs
|
60
|
(50 + 10)
|
|
|
120
|
(100 + 20)
|
Books of X Company
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,30,000
|
|
|
To Share Application A/c
|
|
|
2,30,000
|
|
|
(Share application money received for 23,000 shares at Rs 10 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
2,30,000
|
|
|
To Share Capital A/c
|
|
|
1,00,000
|
|
|
To Share Allotment A/c
|
|
|
50,000
|
|
|
To Bank A/c
|
|
|
80,000
|
|
|
(Share application of 10,000 shares transferred to Share Capital, Rs 50,000 adjusted on allotment and remaining amount returned)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
5,00,000
|
|
|
To Share Capital A/c
|
|
|
4,00,000
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
(Share allotment due on 10,000 shares at Rs 50 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
4,50,000
|
|
|
To Share Allotment A/c
|
|
|
4,50,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c
|
Dr.
|
|
6,00,000
|
|
|
To Share Capital A/c
|
|
|
5,00,000
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
(First and final call due on 10,000 shares at Rs 60 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,00,000
|
|
|
To Share First and Final Call A/c
|
|
|
6,00,000
|
|
|
(Share first and final call money received)
|
|
|
|
|
|
|
|
|
|
Posting in the Company's Balance Sheet
X Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
10,00,000
|
b. Reserves and Surplus
|
2
|
2,00,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
12,00,000
|
|
|
|
II. Assets
|
|
|
1.Non-Current Assets
|
|
|
2.Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
12,00,000
|
Total
|
|
12,00,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
…… shares of Rs 100 each
|
-
|
|
Issued Share Capital
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
Subscribed, Called up and Paid up Share Capital
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
|
|
2
|
Reserves and Surplus
|
|
Securities Premium
|
2,00,000
|
|
|
||
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
12,00,000
|
|
|
|
Working Notes:
Applied
Shares
|
Issued
Shares
|
Money received on Application
@ Rs 10 each
|
Money transferred to Share Capital
@ Rs 10 each
|
Excess
|
Allotment due
@ Rs 50 each
|
Excess money adjusted on Allotment
|
Excess money after Allotment
|
12,000
|
1,000
|
1,20,000
|
10,000
|
1,10,000
|
50,000
|
50,000
|
60,000 (return)
|
2,000
|
NIL
|
20,000
|
–
|
20,000 (return)
|
|
|
|
9,000
|
9,000
|
90,000
|
90,000
|
–
|
4,50,000
|
–
|
–
|
23,000
|
10,000
|
2,30,000
|
1,00,000
|
|
5,00,000
|
50,000
|
60,000
|
|
Share Allotment due (10,000 share × Rs 50)
|
5,00,000
|
Less: Excess application money adjusted on allotment
|
50,000
|
Money received on Allotment
|
4,50,000
|
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Bank A/c |
Dr. |
|
12,50,000 |
|
|
To Share Application A/c |
|
|
|
12,50,000 |
|
(Application money received on 2,50,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
12,50,000 |
|
|
To Share Capital A/c |
|
|
|
5,00,000 |
|
To Share Allotment A/c |
|
|
|
5,00,000 |
|
To Share First and Final Call A/c |
|
|
|
1,50,000 |
|
To Bank A/c |
|
|
|
1,00,000 |
|
(Application money transferred to Share Capital Account along with adjustment and refund of excess money) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Allotment money due on 1,00,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share First & Final Call A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
(Amount due on first and final call @ Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
To Share First & Final Call A/c |
|
|
|
50,000 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
Working Notes:
Computation Table
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 5 each |
Money transferred to Share Capital @ Rs 5 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 5 |
Amount adjusted on First and Final Call |
Money refunded |
I |
2,30,000 |
1,00,000 |
11,50,000 |
5,00,000 |
6,50,000 |
5,00,000 |
1,50,000 |
Nil |
II |
20,000 |
Nil |
1,00,000 |
Nil |
1,00,000 |
|
1,00,000 |
|
|
2,50,000 |
1,00,000 |
12,50,000 |
5,00,000 |
7,50,000 |
5,00,000 |
1,50,000 |
1,00,000 |
|
|
|
|
|
|
|
|
|
Page No 8.109:
Question 12:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Bank A/c |
Dr. |
|
12,50,000 |
|
|
To Share Application A/c |
|
|
|
12,50,000 |
|
(Application money received on 2,50,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
12,50,000 |
|
|
To Share Capital A/c |
|
|
|
5,00,000 |
|
To Share Allotment A/c |
|
|
|
5,00,000 |
|
To Share First and Final Call A/c |
|
|
|
1,50,000 |
|
To Bank A/c |
|
|
|
1,00,000 |
|
(Application money transferred to Share Capital Account along with adjustment and refund of excess money) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Allotment money due on 1,00,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share First & Final Call A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
(Amount due on first and final call @ Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
To Share First & Final Call A/c |
|
|
|
50,000 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
Working Notes:
Computation Table
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 5 each |
Money transferred to Share Capital @ Rs 5 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 5 |
Amount adjusted on First and Final Call |
Money refunded |
I |
2,30,000 |
1,00,000 |
11,50,000 |
5,00,000 |
6,50,000 |
5,00,000 |
1,50,000 |
Nil |
II |
20,000 |
Nil |
1,00,000 |
Nil |
1,00,000 |
|
1,00,000 |
|
|
2,50,000 |
1,00,000 |
12,50,000 |
5,00,000 |
7,50,000 |
5,00,000 |
1,50,000 |
1,00,000 |
|
|
|
|
|
|
|
|
|
Answer:
Balance Sheet of Herbal Ltd.
as at ...
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
8,00,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
8,00,000
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
Total
|
|
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
Authorised Share Capital | |||
1,25,000 Equity Shares of Rs 10 each |
12,50,000
|
||
Issued Share Capital | |||
80,000 Equity Shares of Rs 10 each | |||
(It includes 40,000 already issued shares and 40,000 issued for consideration other than cash) |
8,00,000
|
||
Subscribed, Called-up and Paid-up Share Capital | |||
80,000 Equity Shares of Rs 10 each, fully called up and paid up (Including already issued and issued for consideration other than cash) |
8,00,000
|
||
|
Page No 8.109:
Question 13:
Balance Sheet of Herbal Ltd.
as at ...
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
8,00,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
8,00,000
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
Total
|
|
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
Authorised Share Capital | |||
1,25,000 Equity Shares of Rs 10 each |
12,50,000
|
||
Issued Share Capital | |||
80,000 Equity Shares of Rs 10 each | |||
(It includes 40,000 already issued shares and 40,000 issued for consideration other than cash) |
8,00,000
|
||
Subscribed, Called-up and Paid-up Share Capital | |||
80,000 Equity Shares of Rs 10 each, fully called up and paid up (Including already issued and issued for consideration other than cash) |
8,00,000
|
||
|
Answer:
Journal | |||||
In the books of Rajat Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Common entry for all cases
|
||||
|
Sundry Assets A/c |
Dr.
|
10,00,000
|
||
|
To Modern Stores |
10,00,000
|
|||
|
(Business of Modern Stores taken over by Rajat Ltd.) | ||||
|
|||||
Case a)
|
Shares issued at par
|
||||
|
Modern Stores |
Dr.
|
10,00,000
|
||
|
To Equity Share Capital A/c |
10,00,000
|
|||
|
(10,000 shares issued at par) | ||||
|
|||||
Case b)
|
Shares issued at premium
|
||||
|
Modern Stores |
Dr.
|
10,00,000
|
||
|
To Equity Share Capital A/c (8,333 × 100) |
8,33,300
|
|||
|
To Securities Premium Reserve A/c (8,333 × 20) |
1,66,660
|
|||
|
To Cash A/c |
40
|
|||
|
(8,333 shares issued at premium) | ||||
|
Working Notes: Calculation of number of shares issued to Modern Stores
Page No 8.110:
Question 14:
Journal | |||||
In the books of Rajat Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Common entry for all cases
|
||||
|
Sundry Assets A/c |
Dr.
|
10,00,000
|
||
|
To Modern Stores |
10,00,000
|
|||
|
(Business of Modern Stores taken over by Rajat Ltd.) | ||||
|
|||||
Case a)
|
Shares issued at par
|
||||
|
Modern Stores |
Dr.
|
10,00,000
|
||
|
To Equity Share Capital A/c |
10,00,000
|
|||
|
(10,000 shares issued at par) | ||||
|
|||||
Case b)
|
Shares issued at premium
|
||||
|
Modern Stores |
Dr.
|
10,00,000
|
||
|
To Equity Share Capital A/c (8,333 × 100) |
8,33,300
|
|||
|
To Securities Premium Reserve A/c (8,333 × 20) |
1,66,660
|
|||
|
To Cash A/c |
40
|
|||
|
(8,333 shares issued at premium) | ||||
|
Working Notes: Calculation of number of shares issued to Modern Stores
Answer:
Books of Rajan Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Assets A/c |
Dr. |
|
5,00,000 |
|
|
To Geeta & Co. |
|
|
5,00,000 |
|
|
(Assets purchased from Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
Geeta & Co. |
Dr. |
|
1,00,000 |
|
|
To Bank A/c |
|
|
1,00,000 |
|
|
(Payment made to Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
Geeta & Co. |
Dr. |
|
4,00,000 |
|
|
To Equity Share Capital A/c |
|
|
3,20,000 |
|
|
To Securities Premium A/c |
|
|
80,000 |
|
|
(32,000 equity shares of Rs 10 issued at 25% premium) |
|
|
|
|
|
|
|
|
|
Working Note-
Page No 8.110:
Question 15:
Books of Rajan Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Assets A/c |
Dr. |
|
5,00,000 |
|
|
To Geeta & Co. |
|
|
5,00,000 |
|
|
(Assets purchased from Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
Geeta & Co. |
Dr. |
|
1,00,000 |
|
|
To Bank A/c |
|
|
1,00,000 |
|
|
(Payment made to Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
Geeta & Co. |
Dr. |
|
4,00,000 |
|
|
To Equity Share Capital A/c |
|
|
3,20,000 |
|
|
To Securities Premium A/c |
|
|
80,000 |
|
|
(32,000 equity shares of Rs 10 issued at 25% premium) |
|
|
|
|
|
|
|
|
|
Working Note-
Answer:
Journal
|
|||||
In the books of …..
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Plant & Machinery A/c |
Dr.
|
6,00,000
|
||
|
Building A/c |
Dr.
|
4,00,000
|
||
|
Sundry Debtors A/c |
Dr.
|
1,00,000
|
||
|
Stock A/c |
Dr.
|
2,00,000
|
||
|
Cash A/c |
Dr.
|
3,00,000
|
||
|
To M/s Rai Brothers A/c |
15,00,000
|
|||
|
To Capital Reserve A/c |
1,00,000
|
|||
|
(Business taken over) | ||||
|
|||||
|
M/s Rai Brothers A/c |
Dr.
|
15,00,000
|
||
|
To Equity Share Capital A/c |
12,00,000
|
|||
|
To Bank A/c |
3,00,000
|
|||
|
(Payment made to Vendor) | ||||
|
Page No 8.110:
Question 16:
Journal
|
|||||
In the books of …..
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Plant & Machinery A/c |
Dr.
|
6,00,000
|
||
|
Building A/c |
Dr.
|
4,00,000
|
||
|
Sundry Debtors A/c |
Dr.
|
1,00,000
|
||
|
Stock A/c |
Dr.
|
2,00,000
|
||
|
Cash A/c |
Dr.
|
3,00,000
|
||
|
To M/s Rai Brothers A/c |
15,00,000
|
|||
|
To Capital Reserve A/c |
1,00,000
|
|||
|
(Business taken over) | ||||
|
|||||
|
M/s Rai Brothers A/c |
Dr.
|
15,00,000
|
||
|
To Equity Share Capital A/c |
12,00,000
|
|||
|
To Bank A/c |
3,00,000
|
|||
|
(Payment made to Vendor) | ||||
|
Answer:
Balance Sheet of Fab Ltd.
as at ...
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
11,10,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
11,10,000
|
|
||
II Assets
|
|
|
1. Non-Current Assets
|
|
|
Fixed Assets
|
|
|
Tangible Assets
|
2
|
4,00,000
|
2. Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
7,10,000
|
Total
|
|
11,10,000
|
|
NOTES TO ACCOUNTS
|
|||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
||
1. Authorised Share Capital | |||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
2. Issued Share Capital | |||
40,000 Equity Shares of Rs 10 each (Issued to vendor)
|
4,00,000
|
||
1,30,000 Equity Shares of Rs 10 each (Issued to public)
|
13,00,000
|
||
3. Subscribed Capital | |||
40,000 Equity shares of Rs 10 each
|
4,00,000
|
||
1,20,000 Equity shares of Rs 10 each
|
12,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
40,000 Equity shares of Rs 10 each
|
4,00,000
|
||
1,20,000 Equity shares of Rs 10 each (Rs 6 called-up)
|
7,20,000
|
||
Less: Calls-in-Arrears (5,000 × 2)
|
10,000
|
7,10,000
|
|
11,10,000
|
|||
2
|
Tangible Assets
|
||
|
Building |
4,00,000
|
|
|
|||
3
|
Cash and Cash Equivalents | ||
|
Cash at Bank |
7,10,000
|
|
|
Page No 8.110:
Question 17:
Balance Sheet of Fab Ltd.
as at ...
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
11,10,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
11,10,000
|
|
||
II Assets
|
|
|
1. Non-Current Assets
|
|
|
Fixed Assets
|
|
|
Tangible Assets
|
2
|
4,00,000
|
2. Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
7,10,000
|
Total
|
|
11,10,000
|
|
NOTES TO ACCOUNTS
|
|||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
||
1. Authorised Share Capital | |||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
2. Issued Share Capital | |||
40,000 Equity Shares of Rs 10 each (Issued to vendor)
|
4,00,000
|
||
1,30,000 Equity Shares of Rs 10 each (Issued to public)
|
13,00,000
|
||
3. Subscribed Capital | |||
40,000 Equity shares of Rs 10 each
|
4,00,000
|
||
1,20,000 Equity shares of Rs 10 each
|
12,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
40,000 Equity shares of Rs 10 each
|
4,00,000
|
||
1,20,000 Equity shares of Rs 10 each (Rs 6 called-up)
|
7,20,000
|
||
Less: Calls-in-Arrears (5,000 × 2)
|
10,000
|
7,10,000
|
|
11,10,000
|
|||
2
|
Tangible Assets
|
||
|
Building |
4,00,000
|
|
|
|||
3
|
Cash and Cash Equivalents | ||
|
Cash at Bank |
7,10,000
|
|
|
Answer:
Journal
|
|||||
In the books of DLF Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (1,00,000 × 3) |
Dr.
|
3,00,000
|
||
|
To Equity Share Application A/c |
3,00,000
|
|||
|
(Application money received on 1,00,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
3,00,000
|
||
|
To Equity Share Capital A/c |
3,00,000
|
|||
|
(Application money transferred to share capital account) | ||||
|
|||||
|
Equity Share Allotment A/c (1,00,000 × 3) |
Dr.
|
3,00,000
|
||
|
To Equity Share Capital A/c |
3,00,000
|
|||
|
(Allotment money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,94,000
|
||
|
Calls-in-Arrears A/c |
Dr.
|
6,000
|
||
|
To Equity Share Allotment A/c |
3,00,000
|
|||
|
(Allotment money received on 98,000 shares) | ||||
|
|||||
|
Equity Share First Call A/c (1,00,000 × 2) |
Dr.
|
2,00,000
|
||
|
To Equity Share Capital A/c |
2,00,000
|
|||
|
(First call money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,96,000
|
||
|
Calls-in-Arrears A/c |
Dr.
|
4,000
|
||
|
To Equity Share First Call A/c |
2,00,000
|
|||
|
(First call money received on 98,000 shares) | ||||
|
|||||
|
Equity Share Final Call A/c (1,00,000 × 2) |
Dr.
|
2,00,000
|
||
|
To Equity Share Capital A/c |
2,00,000
|
|||
|
(Final call money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,10,500
|
||
|
To Equity Share Final Call A/c |
2,00,000
|
|||
|
To Calls-in-Arrears A/c |
10,000
|
|||
|
To Interest on Calls-in-Arrears A/c |
500
|
|||
|
(Final call money received along with calls-in-arrears and interest on calls-in-arrears) | ||||
Calls-in-Arrears Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Allotment A/c |
6,000
|
Bank A/c |
10,000
|
||||||
Equity Share 1st Call A/c |
4,000
|
||||||||
10,000
|
10,000
|
||||||||
Page No 8.110:
Question 18:
Journal
|
|||||
In the books of DLF Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (1,00,000 × 3) |
Dr.
|
3,00,000
|
||
|
To Equity Share Application A/c |
3,00,000
|
|||
|
(Application money received on 1,00,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
3,00,000
|
||
|
To Equity Share Capital A/c |
3,00,000
|
|||
|
(Application money transferred to share capital account) | ||||
|
|||||
|
Equity Share Allotment A/c (1,00,000 × 3) |
Dr.
|
3,00,000
|
||
|
To Equity Share Capital A/c |
3,00,000
|
|||
|
(Allotment money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,94,000
|
||
|
Calls-in-Arrears A/c |
Dr.
|
6,000
|
||
|
To Equity Share Allotment A/c |
3,00,000
|
|||
|
(Allotment money received on 98,000 shares) | ||||
|
|||||
|
Equity Share First Call A/c (1,00,000 × 2) |
Dr.
|
2,00,000
|
||
|
To Equity Share Capital A/c |
2,00,000
|
|||
|
(First call money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,96,000
|
||
|
Calls-in-Arrears A/c |
Dr.
|
4,000
|
||
|
To Equity Share First Call A/c |
2,00,000
|
|||
|
(First call money received on 98,000 shares) | ||||
|
|||||
|
Equity Share Final Call A/c (1,00,000 × 2) |
Dr.
|
2,00,000
|
||
|
To Equity Share Capital A/c |
2,00,000
|
|||
|
(Final call money due on 1,00,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,10,500
|
||
|
To Equity Share Final Call A/c |
2,00,000
|
|||
|
To Calls-in-Arrears A/c |
10,000
|
|||
|
To Interest on Calls-in-Arrears A/c |
500
|
|||
|
(Final call money received along with calls-in-arrears and interest on calls-in-arrears) | ||||
Calls-in-Arrears Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Allotment A/c |
6,000
|
Bank A/c |
10,000
|
||||||
Equity Share 1st Call A/c |
4,000
|
||||||||
10,000
|
10,000
|
||||||||
Answer:
Calculation of Interest on Calls-in-Advance
|
|||
Amount
|
Due Date
|
Receipt Date
|
Interest Amount
|
2,400 (800 × 3)
|
June 01, 2015
|
April 01, 2015
|
|
1,600 (800 × 2)
|
Aug 01, 2015
|
April 01, 2015
|
|
TOTAL
|
Rs 112
|
Calculation of Interest on Calls-in-Arrears
|
|||
Amount
|
Due Date
|
Receipt Date
|
Interest Amount
|
3,600 (1,200 × 3)
|
April 01, 2015
|
Aug 01, 2015
|
|
3,600 (1,200 × 3)
|
June 01, 2015
|
Aug 01, 2015
|
|
TOTAL
|
Rs 180
|
Page No 8.110:
Question 19:
Calculation of Interest on Calls-in-Advance
|
|||
Amount
|
Due Date
|
Receipt Date
|
Interest Amount
|
2,400 (800 × 3)
|
June 01, 2015
|
April 01, 2015
|
|
1,600 (800 × 2)
|
Aug 01, 2015
|
April 01, 2015
|
|
TOTAL
|
Rs 112
|
Calculation of Interest on Calls-in-Arrears
|
|||
Amount
|
Due Date
|
Receipt Date
|
Interest Amount
|
3,600 (1,200 × 3)
|
April 01, 2015
|
Aug 01, 2015
|
|
3,600 (1,200 × 3)
|
June 01, 2015
|
Aug 01, 2015
|
|
TOTAL
|
Rs 180
|
Answer:
Issued and applied capital 10,000 equity shares of Rs 10 each at a premium of Rs 2
payable as:
Application |
Rs |
3 |
|
Allotment |
Rs |
5 |
(3+2) |
First Call |
Rs |
2 |
|
Final Call |
Rs |
2 |
|
|
|
12 |
(10+2) |
Books of Novelties Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
May 01 |
Bank A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Application A/c |
|
|
30,000 |
|
|
(Share application money received for 10,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Equity Share Application A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Equity Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
To Securities Premium A/c |
|
|
20,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 each including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
54,000 |
|
|
To Equity Share Allotment A/c |
|
|
50,000 |
|
|
To Calls-in-Advance A/c |
|
|
4,000 |
|
|
(Share allotment shares received on 10,000 shares at Rs 5 each along with calls-in-advance Rs 4,000 for 1,000 shares) |
|
|
|
|
|
|
|
|
|
|
Aug 01 |
Equity Share First Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(First call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
14,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,000 |
|
|
Calls-in-advance A/c |
Dr. |
|
2,000 |
|
|
To Equity Share First-call A/c |
|
|
20,000 |
|
|
(First call of Rs 2 each received on 7,000 share, calls-in-advance of 1,000 shares adjusted and money of 2,000 shares transferred to Calls-in-Arrears Account) |
|
|
|
|
|
|
|
|
|
|
Oct 01 |
Equity Share Final Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(Final call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
22,000 |
|
|
Calls-in-Advance A/c |
Dr. |
|
2,000 |
|
|
To Equity Share Final Call A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
4,000 |
|
|
(Share final call money received along with calls-in-arrears and adjustment made for calls-in-advance) |
|
|
|
|
|
|
|
|
|
|
|
Interest on Calls-in-Advance A/c |
Dr. |
|
50 |
|
|
To Shareholders |
|
|
50 |
|
|
(Interest on calls-in-advance due) |
|
|
|
|
|
|
|
|
|
|
|
Shareholders |
Dr. |
|
66.67 |
|
|
To Interest on Calls-in-Arrears A/c |
|
|
66.67 |
|
|
(Interest due for calls-in-arrears) |
|
|
|
|
|
|
|
|
|
Working Notes-
1. Calculation of Interest on Calls-in-Advance
Page No 8.111:
Question 20:
Issued and applied capital 10,000 equity shares of Rs 10 each at a premium of Rs 2
payable as:
Application |
Rs |
3 |
|
Allotment |
Rs |
5 |
(3+2) |
First Call |
Rs |
2 |
|
Final Call |
Rs |
2 |
|
|
|
12 |
(10+2) |
Books of Novelties Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
May 01 |
Bank A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Application A/c |
|
|
30,000 |
|
|
(Share application money received for 10,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Equity Share Application A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Equity Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
To Securities Premium A/c |
|
|
20,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 each including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
54,000 |
|
|
To Equity Share Allotment A/c |
|
|
50,000 |
|
|
To Calls-in-Advance A/c |
|
|
4,000 |
|
|
(Share allotment shares received on 10,000 shares at Rs 5 each along with calls-in-advance Rs 4,000 for 1,000 shares) |
|
|
|
|
|
|
|
|
|
|
Aug 01 |
Equity Share First Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(First call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
14,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,000 |
|
|
Calls-in-advance A/c |
Dr. |
|
2,000 |
|
|
To Equity Share First-call A/c |
|
|
20,000 |
|
|
(First call of Rs 2 each received on 7,000 share, calls-in-advance of 1,000 shares adjusted and money of 2,000 shares transferred to Calls-in-Arrears Account) |
|
|
|
|
|
|
|
|
|
|
Oct 01 |
Equity Share Final Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(Final call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
22,000 |
|
|
Calls-in-Advance A/c |
Dr. |
|
2,000 |
|
|
To Equity Share Final Call A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
4,000 |
|
|
(Share final call money received along with calls-in-arrears and adjustment made for calls-in-advance) |
|
|
|
|
|
|
|
|
|
|
|
Interest on Calls-in-Advance A/c |
Dr. |
|
50 |
|
|
To Shareholders |
|
|
50 |
|
|
(Interest on calls-in-advance due) |
|
|
|
|
|
|
|
|
|
|
|
Shareholders |
Dr. |
|
66.67 |
|
|
To Interest on Calls-in-Arrears A/c |
|
|
66.67 |
|
|
(Interest due for calls-in-arrears) |
|
|
|
|
|
|
|
|
|
Working Notes-
1. Calculation of Interest on Calls-in-Advance
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (32,500 × 3) |
Dr.
|
97,500
|
||
|
To Equity Share Application A/c |
97,500
|
|||
|
(Application money received on 32,500 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
97,500
|
||
|
To Equity Share Capital A/c (25,000 × 3) |
75,000
|
|||
|
To Bank A/c (7,500 × 3) |
22,500
|
|||
|
(Application money transferred to share capital and excess money refunded) | ||||
|
|||||
|
Equity Share Allotment A/c (25,000 × 3) |
Dr.
|
75,000
|
||
|
To Equity Share Capital A/c |
75,000
|
|||
|
(Allotment money due on 25,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
74,750
|
||
|
Calls-in-Arrears A/c (750 × 3) |
Dr.
|
2,250
|
||
|
To Calls-in-Advance A/c (500 × 4) |
2,000
|
|||
|
To Equity Share Allotment A/c |
75,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share First and Final call A/c (25,000 × 4) |
Dr.
|
1,00,000
|
||
|
To Equity Share Capital A/c |
1,00,000
|
|||
|
(First and final call money due on 25,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,00,250
|
||
|
Calls-in-Advance A/c |
Dr.
|
2,000
|
||
|
To Equity Share First and Final Call A/c |
1,00,000
|
|||
|
To Calls-in-Arrears A/c |
2,250
|
|||
|
(First call money received along with arrears) | ||||
|
|||||
|
Sundry Members’ A/c (WN 1) |
Dr.
|
56
|
||
|
To Interest on Calls-in-Arrears A/c |
56
|
|||
|
(Charged interest on calls-in-arrears) | ||||
|
|||||
|
Interest on Calls-in-Advance A/c (WN 2) |
Dr.
|
60
|
||
|
To Sundry Members’ A/c |
60
|
|||
|
(Interest allowed on calls-in-advance) | ||||
|
|||||
|
Sundry Members’ A/c |
Dr.
|
60
|
||
|
To Bank A/c |
60
|
|||
|
(Interest paid on calls-in-advance) | ||||
Working Notes:
WN 1: Calculation of interest on calls-in-arrears
WN 2: Calculation of interest on calls-in-advance
Page No 8.111:
Question 21:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (32,500 × 3) |
Dr.
|
97,500
|
||
|
To Equity Share Application A/c |
97,500
|
|||
|
(Application money received on 32,500 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
97,500
|
||
|
To Equity Share Capital A/c (25,000 × 3) |
75,000
|
|||
|
To Bank A/c (7,500 × 3) |
22,500
|
|||
|
(Application money transferred to share capital and excess money refunded) | ||||
|
|||||
|
Equity Share Allotment A/c (25,000 × 3) |
Dr.
|
75,000
|
||
|
To Equity Share Capital A/c |
75,000
|
|||
|
(Allotment money due on 25,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
74,750
|
||
|
Calls-in-Arrears A/c (750 × 3) |
Dr.
|
2,250
|
||
|
To Calls-in-Advance A/c (500 × 4) |
2,000
|
|||
|
To Equity Share Allotment A/c |
75,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share First and Final call A/c (25,000 × 4) |
Dr.
|
1,00,000
|
||
|
To Equity Share Capital A/c |
1,00,000
|
|||
|
(First and final call money due on 25,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,00,250
|
||
|
Calls-in-Advance A/c |
Dr.
|
2,000
|
||
|
To Equity Share First and Final Call A/c |
1,00,000
|
|||
|
To Calls-in-Arrears A/c |
2,250
|
|||
|
(First call money received along with arrears) | ||||
|
|||||
|
Sundry Members’ A/c (WN 1) |
Dr.
|
56
|
||
|
To Interest on Calls-in-Arrears A/c |
56
|
|||
|
(Charged interest on calls-in-arrears) | ||||
|
|||||
|
Interest on Calls-in-Advance A/c (WN 2) |
Dr.
|
60
|
||
|
To Sundry Members’ A/c |
60
|
|||
|
(Interest allowed on calls-in-advance) | ||||
|
|||||
|
Sundry Members’ A/c |
Dr.
|
60
|
||
|
To Bank A/c |
60
|
|||
|
(Interest paid on calls-in-advance) | ||||
Working Notes:
WN 1: Calculation of interest on calls-in-arrears
WN 2: Calculation of interest on calls-in-advance
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (90,000 × 1) |
Dr.
|
90,000
|
||
|
To Equity Share Application A/c |
90,000
|
|||
|
(Application money received on 90,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
90,000
|
||
|
To Equity Share Capital A/c |
90,000
|
|||
|
(Application money transferred to share capital account) | ||||
|
|||||
|
Equity Share Allotment A/c (90,000 × 2) |
Dr.
|
1,80,000
|
||
|
To Equity Share Capital A/c |
1,80,000
|
|||
|
(Allotment money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,92,000
|
||
|
Calls-in-Arrears A/c (1,000 × 2) |
Dr.
|
2,000
|
||
|
To Calls-in-Advance A/c (2,000 × 7) |
14,000
|
|||
|
To Equity Share Allotment A/c |
1,80,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share First Call A/c (90,000 × 3) |
Dr.
|
2,70,000
|
||
|
To Equity Share Capital A/c |
2,70,000
|
|||
|
(First call money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,61,000
|
||
|
Calls-in-Arrears A/c (1,000 × 3) |
Dr.
|
3,000
|
||
|
Calls-in-Advance A/c |
Dr.
|
6,000
|
||
|
To Equity Share First Call A/c |
2,70,000
|
|||
|
(First call money received) | ||||
|
|||||
|
Equity Share Final Call A/c (90,000 × 4) |
Dr.
|
3,60,000
|
||
|
To Equity Share Capital A/c |
3,60,000
|
|||
|
(Final call money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
3,48,000
|
||
|
Calls-in-Arrears A/c (1,000 × 4) |
Dr.
|
4,000
|
||
|
Calls-in-Advance A/c |
Dr.
|
8,000
|
||
|
To Equity Share Final Call A/c |
3,60,000
|
|||
|
(Final call money received) | ||||
Note: Since nothing has been mentioned, so we have assumed that the shareholder who didn’t pay allotment money did not paid any further calls, i.e. First Call and Final Call. As per our solution, amount for calls-in-arrears is Rs 9,000 and calls-in-advance is Rs 14,000, however, as per the solution provided in the book, calls-in-arrears is Rs 2,000 and calls-in-advance is Rs 14,000.
Page No 8.111:
Question 22:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (90,000 × 1) |
Dr.
|
90,000
|
||
|
To Equity Share Application A/c |
90,000
|
|||
|
(Application money received on 90,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
90,000
|
||
|
To Equity Share Capital A/c |
90,000
|
|||
|
(Application money transferred to share capital account) | ||||
|
|||||
|
Equity Share Allotment A/c (90,000 × 2) |
Dr.
|
1,80,000
|
||
|
To Equity Share Capital A/c |
1,80,000
|
|||
|
(Allotment money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
1,92,000
|
||
|
Calls-in-Arrears A/c (1,000 × 2) |
Dr.
|
2,000
|
||
|
To Calls-in-Advance A/c (2,000 × 7) |
14,000
|
|||
|
To Equity Share Allotment A/c |
1,80,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share First Call A/c (90,000 × 3) |
Dr.
|
2,70,000
|
||
|
To Equity Share Capital A/c |
2,70,000
|
|||
|
(First call money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
2,61,000
|
||
|
Calls-in-Arrears A/c (1,000 × 3) |
Dr.
|
3,000
|
||
|
Calls-in-Advance A/c |
Dr.
|
6,000
|
||
|
To Equity Share First Call A/c |
2,70,000
|
|||
|
(First call money received) | ||||
|
|||||
|
Equity Share Final Call A/c (90,000 × 4) |
Dr.
|
3,60,000
|
||
|
To Equity Share Capital A/c |
3,60,000
|
|||
|
(Final call money due on 90,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
3,48,000
|
||
|
Calls-in-Arrears A/c (1,000 × 4) |
Dr.
|
4,000
|
||
|
Calls-in-Advance A/c |
Dr.
|
8,000
|
||
|
To Equity Share Final Call A/c |
3,60,000
|
|||
|
(Final call money received) | ||||
Note: Since nothing has been mentioned, so we have assumed that the shareholder who didn’t pay allotment money did not paid any further calls, i.e. First Call and Final Call. As per our solution, amount for calls-in-arrears is Rs 9,000 and calls-in-advance is Rs 14,000, however, as per the solution provided in the book, calls-in-arrears is Rs 2,000 and calls-in-advance is Rs 14,000.
Answer:
Authorised Capital 20,000 shares of Rs 25 each
Issued Capital 10,000 shares
Applied 11,600 shares
Payable as:
Rs |
5 |
on application |
Rs |
5 |
on allotment |
Rs |
7.5 |
on first call |
Rs |
7.5 |
on final call |
|
25 |
|
|
|
|
|
|
|
|
|
Applied
Shares
|
Issued
Shares
|
Money received on Application
@ Rs 5
|
Money adjusted on Application
@ Rs 5
|
Excess
|
Allotment due
@ Rs 5
|
Excess money adjusted on Allotment
|
Excess money adjusted on First Call
(Calls-in-Advance)
|
1,000
|
-
|
5,000
|
-
|
5,000 (returned)
|
|
|
|
1,000
|
400
|
5,000
|
2,000
|
3,000
|
2,000
|
2,000
|
1,000
|
9,600(balance)
|
9,600
|
48,000
|
48,000
|
|
48,000
|
|
|
11,600
|
10,000
|
58,000
|
50,000
|
|
50,000
|
2,000
|
1,000
|
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
58,000 |
|
|
To Share Application A/c |
|
|
58,000 |
|
|
(Share application money received for 11,600 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
58,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
To Share Allotment A/c |
|
|
2,000 |
|
|
To Calls-in-Advance A/c |
|
|
1,000 |
|
|
To Bank A/c |
|
|
5,000 |
|
|
(Share application money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
48,000 |
|
|
To Share Allotment A/c |
|
|
48,000 |
|
|
(Share allotment received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share first call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
74,000 |
|
|
Calls-in-Advance A/c |
Dr. |
|
1,000 |
|
|
To Share First Call A/c |
|
|
75,000 |
|
|
(Share first call received and calls-in-advance money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share final call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
75,000 |
|
|
To Shares Final Call A/c |
|
|
75,000 |
|
|
(Share final call received) |
|
|
|
|
|
|
|
|
|
Page No 8.111:
Question 23:
Authorised Capital 20,000 shares of Rs 25 each
Issued Capital 10,000 shares
Applied 11,600 shares
Payable as:
Rs |
5 |
on application |
Rs |
5 |
on allotment |
Rs |
7.5 |
on first call |
Rs |
7.5 |
on final call |
|
25 |
|
|
|
|
|
|
|
|
|
Applied
Shares
|
Issued
Shares
|
Money received on Application
@ Rs 5
|
Money adjusted on Application
@ Rs 5
|
Excess
|
Allotment due
@ Rs 5
|
Excess money adjusted on Allotment
|
Excess money adjusted on First Call
(Calls-in-Advance)
|
1,000
|
-
|
5,000
|
-
|
5,000 (returned)
|
|
|
|
1,000
|
400
|
5,000
|
2,000
|
3,000
|
2,000
|
2,000
|
1,000
|
9,600(balance)
|
9,600
|
48,000
|
48,000
|
|
48,000
|
|
|
11,600
|
10,000
|
58,000
|
50,000
|
|
50,000
|
2,000
|
1,000
|
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
58,000 |
|
|
To Share Application A/c |
|
|
58,000 |
|
|
(Share application money received for 11,600 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
58,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
To Share Allotment A/c |
|
|
2,000 |
|
|
To Calls-in-Advance A/c |
|
|
1,000 |
|
|
To Bank A/c |
|
|
5,000 |
|
|
(Share application money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
48,000 |
|
|
To Share Allotment A/c |
|
|
48,000 |
|
|
(Share allotment received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share first call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
74,000 |
|
|
Calls-in-Advance A/c |
Dr. |
|
1,000 |
|
|
To Share First Call A/c |
|
|
75,000 |
|
|
(Share first call received and calls-in-advance money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share final call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
75,000 |
|
|
To Shares Final Call A/c |
|
|
75,000 |
|
|
(Share final call received) |
|
|
|
|
|
|
|
|
|
Answer:
Issued Shares |
60,000 |
Less: Applied Shares |
92,000 |
Over-subscribed Shares |
32,000 |
Payable as:
Rs |
3 |
on Application |
Rs |
5 |
on Allotment (Including Rs 2 premium) |
Rs |
4 |
on First and Final Call |
Rs |
12 |
(10 + 2) |
|
|
|
|
|
|
|
Applied |
Allotted |
Money Received on Application @ Rs 3 |
Money adjusted on Appliction @ Rs 3 |
Excess |
Allotment due @ Rs 5 |
Excess money adjusted on Allotment @ Rs 5 |
40,000 |
30,000 |
1,20,000 |
90,000 |
30,000 |
1,50,000 |
30,000 |
50,000 |
30,000 |
1,50,000 |
90,000 |
60,000 |
1,50,000 |
60,000 |
2,000 |
NIL |
6,000 |
– |
6,000 |
|
|
|
|
|
|
(Bank) |
|
|
92,000 |
60,000 |
2,76,000 |
1,80,000 |
|
3,00,000 |
90,000 |
|
Mohan
Money Received on Application 800×3 |
= |
2,400 |
Application money adjusted to Share Capital 600×3 |
= |
1,800 |
Execs Money on Application |
= |
600 |
|
|
|
Allotment due on 600 shares × Rs 5 |
= |
3,000 |
Less: Adjustment of excess money on application |
= |
600 |
Calls-in-Arrears by Mohan |
|
2,400 |
Sohan
Money received on Application 1,000×3 |
= |
3,000 |
Application money adjusted to Share Capital 600×3 |
= |
1,800 |
Excess money on application |
= |
1,200 |
|
|
|
Allotment due on 600 Shares × Rs 5 |
= |
3,000 |
Less: Adjustment of excess money on application |
= |
1,200 |
Calls-in-Arrears by Sohan |
= |
1,800 |
|
|
|
Allotment due on 60,000 shares × Rs 5 |
= |
3,00,000 |
Less: Excess Application money adjusted on Allotment |
= |
90,000 |
|
|
2,10,000 |
Less: Calls-in-Arrears by Mohan |
= |
2,400 |
Less: Calls-in-Arrears by Sohan |
= |
1,800 |
Money received on allotment |
= |
2,05,800 |
Page No 8.111:
Question 24:
Issued Shares |
60,000 |
Less: Applied Shares |
92,000 |
Over-subscribed Shares |
32,000 |
Payable as:
Rs |
3 |
on Application |
Rs |
5 |
on Allotment (Including Rs 2 premium) |
Rs |
4 |
on First and Final Call |
Rs |
12 |
(10 + 2) |
|
|
|
|
|
|
|
Applied |
Allotted |
Money Received on Application @ Rs 3 |
Money adjusted on Appliction @ Rs 3 |
Excess |
Allotment due @ Rs 5 |
Excess money adjusted on Allotment @ Rs 5 |
40,000 |
30,000 |
1,20,000 |
90,000 |
30,000 |
1,50,000 |
30,000 |
50,000 |
30,000 |
1,50,000 |
90,000 |
60,000 |
1,50,000 |
60,000 |
2,000 |
NIL |
6,000 |
– |
6,000 |
|
|
|
|
|
|
(Bank) |
|
|
92,000 |
60,000 |
2,76,000 |
1,80,000 |
|
3,00,000 |
90,000 |
|
Mohan
Money Received on Application 800×3 |
= |
2,400 |
Application money adjusted to Share Capital 600×3 |
= |
1,800 |
Execs Money on Application |
= |
600 |
|
|
|
Allotment due on 600 shares × Rs 5 |
= |
3,000 |
Less: Adjustment of excess money on application |
= |
600 |
Calls-in-Arrears by Mohan |
|
2,400 |
Sohan
Money received on Application 1,000×3 |
= |
3,000 |
Application money adjusted to Share Capital 600×3 |
= |
1,800 |
Excess money on application |
= |
1,200 |
|
|
|
Allotment due on 600 Shares × Rs 5 |
= |
3,000 |
Less: Adjustment of excess money on application |
= |
1,200 |
Calls-in-Arrears by Sohan |
= |
1,800 |
|
|
|
Allotment due on 60,000 shares × Rs 5 |
= |
3,00,000 |
Less: Excess Application money adjusted on Allotment |
= |
90,000 |
|
|
2,10,000 |
Less: Calls-in-Arrears by Mohan |
= |
2,400 |
Less: Calls-in-Arrears by Sohan |
= |
1,800 |
Money received on allotment |
= |
2,05,800 |
Answer:
Books of Ghosh Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan. 01 |
Share Second and Final Call A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(Share second and final call due on 50,000 shares at Rs 2 per share) |
|
|
|
|
|
|
|
|
|
|
Jan. 15 |
Bank A/c |
Dr. |
|
99,800 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
200 |
|
|
To Share Second and Final Call A/c |
|
|
1,00,000 |
|
|
(Share second and final call received from 49,900 shares and 100 shares failed to pay the it) |
|
|
|
|
|
|
|
|
|
Page No 8.111:
Question 25:
Books of Ghosh Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan. 01 |
Share Second and Final Call A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(Share second and final call due on 50,000 shares at Rs 2 per share) |
|
|
|
|
|
|
|
|
|
|
Jan. 15 |
Bank A/c |
Dr. |
|
99,800 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
200 |
|
|
To Share Second and Final Call A/c |
|
|
1,00,000 |
|
|
(Share second and final call received from 49,900 shares and 100 shares failed to pay the it) |
|
|
|
|
|
|
|
|
|
Answer:
Issued capital: 1,000 shares at Rs 100 each in consideration of purchase of land
4,000 shares at Rs 100 each to public
Issued to public payable as:
Rs |
30 |
on application |
Rs |
30 |
on allotment |
Rs |
40 |
first and final call |
Rs |
100 |
Called-up |
Books of Grand Prospect Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Land A/c |
Dr. |
|
1,00,000 |
|
|
To Vendor |
|
|
1,00,000 |
|
|
(Land purchased from the vendor) |
|
|
|
|
|
|
|
|
|
|
|
Vendor |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(1,000 equity of Rs 100 each issued to Vendor) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Application A/c |
|
|
1,20,000 |
|
|
(Share Application money received for 4,000 equity shares at Rs 30 per share) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
|
1,20,000 |
|
|
|
To Equity Share Capital |
Dr. |
|
|
1,20,000 |
|
(Share Application money of 4,000 shares transferred to Equity Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
1,20,000 |
|
|
(Share allotment due on 4,000 equity shares of Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Share Allotment A/c |
|
|
1,20,000 |
|
|
(Share allotment received for 4,000 shares at Rs 30 per share) |
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
|
1,60,000 |
|
|
|
To Equity Share Capital A/c |
|
|
1,60,000 |
|
|
(First and final call due on 4,000 equity shares at 40 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,52,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
8,000 |
|
|
To Share First and Final Call A/c |
|
|
1,60,000 |
|
|
(First and final call received from 3,800 shares and 200 share failed to pay it) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented below.
Balance Sheet as at … |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
4,92,000 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
4,92,000 |
|
|
|
1. Non-Current Assets |
|
|
|
|
|
|
2 |
1,00,000 |
2. Current Assets |
|
|
|
3 |
3,92,000 |
Total |
|
4,92,000 |
|
|
|
NOTES TO ACCOUNTS |
||||
Note No. |
Particulars |
Amount (Rs) |
||
1 |
Share Capital |
|
||
|
Authorised Share Capital |
|
||
|
xxx shares of Rs 100 each |
xxx |
||
|
Issued Share Capital |
|
||
|
1,000 equity shares of Rs 100 each (issued for land) |
1,00,000 |
|
|
|
4,000 equity shares of Rs 100 each (issued to public) |
4,00,000 |
5,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
||
|
5,000 shares of Rs 100 each |
5,00,000 |
|
|
|
Less: Calls-in-Arrears |
(8,000) |
4,92,000 |
|
|
|
|
|
|
2 |
Tangible Assets |
|
||
|
Land |
1,00,000 |
||
|
|
|
||
3 |
Cash and Cash Equivalents |
|
||
|
Cash at Bank |
3,92,000 |
||
|
|
|
Page No 8.112:
Question 26:
Issued capital: 1,000 shares at Rs 100 each in consideration of purchase of land
4,000 shares at Rs 100 each to public
Issued to public payable as:
Rs |
30 |
on application |
Rs |
30 |
on allotment |
Rs |
40 |
first and final call |
Rs |
100 |
Called-up |
Books of Grand Prospect Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Land A/c |
Dr. |
|
1,00,000 |
|
|
To Vendor |
|
|
1,00,000 |
|
|
(Land purchased from the vendor) |
|
|
|
|
|
|
|
|
|
|
|
Vendor |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(1,000 equity of Rs 100 each issued to Vendor) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Application A/c |
|
|
1,20,000 |
|
|
(Share Application money received for 4,000 equity shares at Rs 30 per share) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
|
1,20,000 |
|
|
|
To Equity Share Capital |
Dr. |
|
|
1,20,000 |
|
(Share Application money of 4,000 shares transferred to Equity Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Equity Share Capital A/c |
|
|
1,20,000 |
|
|
(Share allotment due on 4,000 equity shares of Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Share Allotment A/c |
|
|
1,20,000 |
|
|
(Share allotment received for 4,000 shares at Rs 30 per share) |
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
|
1,60,000 |
|
|
|
To Equity Share Capital A/c |
|
|
1,60,000 |
|
|
(First and final call due on 4,000 equity shares at 40 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,52,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
8,000 |
|
|
To Share First and Final Call A/c |
|
|
1,60,000 |
|
|
(First and final call received from 3,800 shares and 200 share failed to pay it) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented below.
Balance Sheet as at … |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
4,92,000 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
4,92,000 |
|
|
|
1. Non-Current Assets |
|
|
|
|
|
|
2 |
1,00,000 |
2. Current Assets |
|
|
|
3 |
3,92,000 |
Total |
|
4,92,000 |
|
|
|
NOTES TO ACCOUNTS |
||||
Note No. |
Particulars |
Amount (Rs) |
||
1 |
Share Capital |
|
||
|
Authorised Share Capital |
|
||
|
xxx shares of Rs 100 each |
xxx |
||
|
Issued Share Capital |
|
||
|
1,000 equity shares of Rs 100 each (issued for land) |
1,00,000 |
|
|
|
4,000 equity shares of Rs 100 each (issued to public) |
4,00,000 |
5,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
||
|
5,000 shares of Rs 100 each |
5,00,000 |
|
|
|
Less: Calls-in-Arrears |
(8,000) |
4,92,000 |
|
|
|
|
|
|
2 |
Tangible Assets |
|
||
|
Land |
1,00,000 |
||
|
|
|
||
3 |
Cash and Cash Equivalents |
|
||
|
Cash at Bank |
3,92,000 |
||
|
|
|
Answer:
Bank Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Application A/c |
30,000
|
Equity Share Application A/c |
5,000
|
||||||
Equity Share Allotment A/c |
35,000
|
Balance c/d |
1,00,000
|
||||||
Equity Share First and Final Call A/c |
40,000
|
||||||||
1,05,000
|
1,05,000
|
||||||||
Balance b/d |
1,00,000
|
Equity Share Application Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
25,000
|
Bank A/c |
30,000
|
||||||
Bank A/c |
5,000
|
||||||||
30,000
|
30,000
|
||||||||
Equity Share Allotment Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
25,000
|
Bank A/c |
35,000
|
||||||
Securities Premium Reserve A/c |
10,000
|
||||||||
35,000
|
35,000
|
||||||||
Equity Share First and Final Call Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
40,000
|
||||||
Calls-in-Arrears A/c |
10,000
|
||||||||
50,000
|
50,000
|
||||||||
Securities Premium Reserve Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Balance c/d |
10,000
|
Equity Share Allotment A/c |
10,000
|
||||||
10,000
|
10,000
|
||||||||
Balance b/d |
10,000
|
Equity Share Capital Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Balance c/d |
1,00,000
|
Equity Share Application A/c |
25,000
|
||||||
Equity Share Allotment A/c |
25,000
|
||||||||
Equity Share First and Final Call A/c |
50,000
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Balance b/d |
1,00,000
|
Calls-in-Arrears Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share First and Final Call A/c |
10,000
|
Balance c/d |
10,000
|
||||||
10,000
|
10,000
|
||||||||
Balance b/d |
10,000
|
Page No 8.112:
Question 27:
Bank Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Application A/c |
30,000
|
Equity Share Application A/c |
5,000
|
||||||
Equity Share Allotment A/c |
35,000
|
Balance c/d |
1,00,000
|
||||||
Equity Share First and Final Call A/c |
40,000
|
||||||||
1,05,000
|
1,05,000
|
||||||||
Balance b/d |
1,00,000
|
Equity Share Application Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
25,000
|
Bank A/c |
30,000
|
||||||
Bank A/c |
5,000
|
||||||||
30,000
|
30,000
|
||||||||
Equity Share Allotment Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
25,000
|
Bank A/c |
35,000
|
||||||
Securities Premium Reserve A/c |
10,000
|
||||||||
35,000
|
35,000
|
||||||||
Equity Share First and Final Call Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
40,000
|
||||||
Calls-in-Arrears A/c |
10,000
|
||||||||
50,000
|
50,000
|
||||||||
Securities Premium Reserve Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Balance c/d |
10,000
|
Equity Share Allotment A/c |
10,000
|
||||||
10,000
|
10,000
|
||||||||
Balance b/d |
10,000
|
Equity Share Capital Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Balance c/d |
1,00,000
|
Equity Share Application A/c |
25,000
|
||||||
Equity Share Allotment A/c |
25,000
|
||||||||
Equity Share First and Final Call A/c |
50,000
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Balance b/d |
1,00,000
|
Calls-in-Arrears Account |
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share First and Final Call A/c |
10,000
|
Balance c/d |
10,000
|
||||||
10,000
|
10,000
|
||||||||
Balance b/d |
10,000
|
Answer:
Books of Wye Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
44,250 |
|
|
To Share Application A/c (10,500 × 2 .5) |
|
|
26,250 |
|
|
To Calls-in-Advance A/c (800 × 22.5) |
|
|
18,000 |
|
|
(Application money received at Rs 2.5 per share from 10,500 shares and 800 of the shares paid Rs 22.5 each as Call-in-Advance) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c (10,200 × 2.5) |
Dr. |
|
25,500 |
|
|
To Share Capital A/c |
|
|
25,000 |
|
|
To Share Allotment A/c |
|
|
500 |
|
|
(Application money of 10,000 shares transferred to Share Capital adjusted and excess of the application adjusted towards allotment) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c (300 × 2.5) |
Dr. |
|
750 |
|
|
Calls-in-Advance A/c (300 × 22.5) |
Dr. |
|
6,750 |
|
|
To Bank A/c |
|
|
7,500 |
|
|
(300 shares rejected and their application money and calls-in-advance refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share allotment due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
70,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
To Share Allotment A/c |
|
|
74,500 |
|
|
(Share allotment money received and advance money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(First call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
65,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
Calls-in-Arrears A/c (1,000 × 7.5 – 2,000) |
Dr. |
|
5,500 |
|
|
To Share First Call A/c |
|
|
75,000 |
|
|
(Share first call received, advance money adjusted for first adjusted and Rs 5,500 were calls-in-Arrear) |
|
|
|
|
|
|
|
|
|
|
|
Share Second and Final Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Second and final call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
63,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
Calls-in-Arrears A/c (1,000 × 7.5) |
Dr. |
|
7,500 |
|
|
To Share Second and Final Call A/c |
|
|
75,000 |
|
|
(Share second and final call received, Rs 3,750 calls-in-advance adjusted, and Rs 7,500 was calls-in-arrears) |
|
|
|
|
|
|
|
|
|
Page No 8.112:
Question 28:
Books of Wye Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
44,250 |
|
|
To Share Application A/c (10,500 × 2 .5) |
|
|
26,250 |
|
|
To Calls-in-Advance A/c (800 × 22.5) |
|
|
18,000 |
|
|
(Application money received at Rs 2.5 per share from 10,500 shares and 800 of the shares paid Rs 22.5 each as Call-in-Advance) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c (10,200 × 2.5) |
Dr. |
|
25,500 |
|
|
To Share Capital A/c |
|
|
25,000 |
|
|
To Share Allotment A/c |
|
|
500 |
|
|
(Application money of 10,000 shares transferred to Share Capital adjusted and excess of the application adjusted towards allotment) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c (300 × 2.5) |
Dr. |
|
750 |
|
|
Calls-in-Advance A/c (300 × 22.5) |
Dr. |
|
6,750 |
|
|
To Bank A/c |
|
|
7,500 |
|
|
(300 shares rejected and their application money and calls-in-advance refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Share allotment due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
70,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
To Share Allotment A/c |
|
|
74,500 |
|
|
(Share allotment money received and advance money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(First call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
65,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
Calls-in-Arrears A/c (1,000 × 7.5 – 2,000) |
Dr. |
|
5,500 |
|
|
To Share First Call A/c |
|
|
75,000 |
|
|
(Share first call received, advance money adjusted for first adjusted and Rs 5,500 were calls-in-Arrear) |
|
|
|
|
|
|
|
|
|
|
|
Share Second and Final Call A/c |
Dr. |
|
75,000 |
|
|
To Share Capital A/c |
|
|
75,000 |
|
|
(Second and final call due on 10,000 shares at Rs 7.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
63,750 |
|
|
Calls-in-Advance A/c (500 × 7.5) |
Dr. |
|
3,750 |
|
|
Calls-in-Arrears A/c (1,000 × 7.5) |
Dr. |
|
7,500 |
|
|
To Share Second and Final Call A/c |
|
|
75,000 |
|
|
(Share second and final call received, Rs 3,750 calls-in-advance adjusted, and Rs 7,500 was calls-in-arrears) |
|
|
|
|
|
|
|
|
|
Answer:
Issued Capital 8,000 Shares of Rs 10 each Rs 5 called up
Books of XYZ Ltd.
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
16,000
|
|
|
To Share Application A/c
|
|
|
16,000
|
|
|
(Share application money received for 8,000 shares at Rs2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
16,000
|
|
|
To Share Capital A/c
|
|
|
16,000
|
|
|
(Application money transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(Allotment due on 8,000 shares at Re 1 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
7,750
|
|
|
Call-in-Arrears A/c
|
Dr.
|
|
250
|
|
|
To Share Allotment A/c
|
|
|
8,000
|
|
|
(Allotment money received on 7,750 shares and 250 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(First call due on 8,000 shares at Re 1 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
7,250
|
|
|
Calls in Arrears A/c
|
Dr.
|
|
750
|
|
|
To Share First Call A/c
|
|
|
8,000
|
|
|
(Share first call money received on 7,250 shares and 750 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Share Second Call A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(Share second call due on 8,000 shares at Rs l each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,000
|
|
|
Call-in-Arrears A/c
|
Dr.
|
|
2,000
|
|
|
To Share Second Call A/c
|
|
|
8,000
|
|
|
(Share second call money received on 6,000 shares and 2000 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
XYZ Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
37,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
37,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
2
|
37,000
|
Total
|
|
37,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
……. shares of Rs 10 each
|
-
|
|
|
Issued Share Capital
|
|
|
|
8,000 shares of Rs 10 each
|
80,000
|
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
|
8,000 shares of Rs 10 each, Rs 5 Called-up and Paid-up
|
40,000
|
|
|
Less: Calls-in-Arrears
|
(3,000)
|
37,000
|
|
|||
2
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
37,000
|
|
|
|
|
Page No 8.112:
Question 29:
Issued Capital 8,000 Shares of Rs 10 each Rs 5 called up
Books of XYZ Ltd.
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
16,000
|
|
|
To Share Application A/c
|
|
|
16,000
|
|
|
(Share application money received for 8,000 shares at Rs2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
16,000
|
|
|
To Share Capital A/c
|
|
|
16,000
|
|
|
(Application money transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(Allotment due on 8,000 shares at Re 1 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
7,750
|
|
|
Call-in-Arrears A/c
|
Dr.
|
|
250
|
|
|
To Share Allotment A/c
|
|
|
8,000
|
|
|
(Allotment money received on 7,750 shares and 250 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(First call due on 8,000 shares at Re 1 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
7,250
|
|
|
Calls in Arrears A/c
|
Dr.
|
|
750
|
|
|
To Share First Call A/c
|
|
|
8,000
|
|
|
(Share first call money received on 7,250 shares and 750 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Share Second Call A/c
|
Dr.
|
|
8,000
|
|
|
To Share Capital A/c
|
|
|
8,000
|
|
|
(Share second call due on 8,000 shares at Rs l each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,000
|
|
|
Call-in-Arrears A/c
|
Dr.
|
|
2,000
|
|
|
To Share Second Call A/c
|
|
|
8,000
|
|
|
(Share second call money received on 6,000 shares and 2000 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
XYZ Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
37,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
37,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
2
|
37,000
|
Total
|
|
37,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
……. shares of Rs 10 each
|
-
|
|
|
Issued Share Capital
|
|
|
|
8,000 shares of Rs 10 each
|
80,000
|
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
|
8,000 shares of Rs 10 each, Rs 5 Called-up and Paid-up
|
40,000
|
|
|
Less: Calls-in-Arrears
|
(3,000)
|
37,000
|
|
|||
2
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
37,000
|
|
|
|
|
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2015
|
|||||
Aug. 01
|
Bank A/c | Dr. |
5,000
|
||
To Calls-in-Arrears A/c |
5,000
|
||||
(Received calls-in-arrears) | |||||
Aug. 01 | Sundry Members A/c | Dr. | 125 | ||
To Interest on Calls-in-Arrears A/c |
125
|
||||
(Interest due on calls-in-arrears) | |||||
Aug. 01 | Bank A/c | Dr. |
125
|
||
To Sundry Members A/c |
125
|
||||
(Received interest on calls-in-arrears) | |||||
Working Notes: Calculation of interest on calls-in-arrears
Page No 8.112:
Question 30:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2015
|
|||||
Aug. 01
|
Bank A/c | Dr. |
5,000
|
||
To Calls-in-Arrears A/c |
5,000
|
||||
(Received calls-in-arrears) | |||||
Aug. 01 | Sundry Members A/c | Dr. | 125 | ||
To Interest on Calls-in-Arrears A/c |
125
|
||||
(Interest due on calls-in-arrears) | |||||
Aug. 01 | Bank A/c | Dr. |
125
|
||
To Sundry Members A/c |
125
|
||||
(Received interest on calls-in-arrears) | |||||
Working Notes: Calculation of interest on calls-in-arrears
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2015 | |||||
Aug.01
|
Interest on Calls-in-Advance A/c | Dr. |
30
|
||
|
To Sundry Members A/c |
30
|
|||
|
(Interest on calls-in-advance credited to sundry members) | ||||
|
|||||
Aug.01
|
Sundry Members A/c | Dr. |
30
|
||
|
To Bank A/c |
30
|
|||
|
(Paid interest on calls-in-advance) | ||||
|
Working Notes: Calculation of interest on calls-in-advance
Page No 8.112:
Question 31:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2015 | |||||
Aug.01
|
Interest on Calls-in-Advance A/c | Dr. |
30
|
||
|
To Sundry Members A/c |
30
|
|||
|
(Interest on calls-in-advance credited to sundry members) | ||||
|
|||||
Aug.01
|
Sundry Members A/c | Dr. |
30
|
||
|
To Bank A/c |
30
|
|||
|
(Paid interest on calls-in-advance) | ||||
|
Working Notes: Calculation of interest on calls-in-advance
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (10,000 × 2) | Dr. |
20,000
|
|||
To Equity Share Application A/c |
20,000
|
||||
(Application money received on 10,000 shares) | |||||
Equity Share Application A/c | Dr. |
20,000
|
|||
To Equity Share Capital A/c |
20,000
|
||||
(Application money transferred to Share Capital A/c) | |||||
2014
|
|||||
May 01
|
Equity Share Allotment A/c (10,000 × 3) | Dr. |
30,000
|
||
To Equity Share Capital A/c |
30,000
|
||||
(Allotment money due on 10,000 shares) | |||||
May 01
|
Bank A/c | Dr. |
31,000
|
||
To Equity Share Allotment A/c |
30,000
|
||||
To Calls-in-Advance A/c (WN1) |
1,000
|
||||
(Amount received on allotment along with calls-in-advance) | |||||
Oct. 01
|
Equity Share First Call A/c (10,000 × 3) | Dr. |
30,000
|
||
To Equity Share Capital A/c |
30,000
|
||||
(Amount due on first call) | |||||
Oct. 01 | Bank A/c | Dr. |
29,400
|
||
Calls-in-Advance A/c |
600
|
||||
To Equity Share First Call A/c |
30,000
|
||||
(Amount received on first call) | |||||
2015
|
|||||
Feb. 01
|
Equity Share Second and Final Call A/c | Dr. |
20,000
|
||
To Equity Share Capital A/c (10,000 × 2) |
20,000
|
||||
(Amount due on final call) | |||||
Feb. 01 | Bank A/c | Dr. |
19,600
|
||
Calls-in-Advance A/c |
400
|
||||
To Equity Share Secondand Final Call A/c |
20,000
|
||||
(Amount received on final call) | |||||
Feb. 01
|
Interest on Calls-In-Advance A/c | Dr. |
66
|
||
To Bank A/c |
66
|
||||
(Interest paid on calls-in-advance) | |||||
Working Notes:
WN1: Calculation of amount of calls-in-advance
Amount due on First Call | = |
600
|
(200 × 3)
|
Amount due on Second Call | = |
400
|
(200 × 2)
|
Total amount received in advance | = |
Rs 1,000
|
|
WN2: Calculation of interest on calls-in-advance
Page No 8.112:
Question 32:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (10,000 × 2) | Dr. |
20,000
|
|||
To Equity Share Application A/c |
20,000
|
||||
(Application money received on 10,000 shares) | |||||
Equity Share Application A/c | Dr. |
20,000
|
|||
To Equity Share Capital A/c |
20,000
|
||||
(Application money transferred to Share Capital A/c) | |||||
2014
|
|||||
May 01
|
Equity Share Allotment A/c (10,000 × 3) | Dr. |
30,000
|
||
To Equity Share Capital A/c |
30,000
|
||||
(Allotment money due on 10,000 shares) | |||||
May 01
|
Bank A/c | Dr. |
31,000
|
||
To Equity Share Allotment A/c |
30,000
|
||||
To Calls-in-Advance A/c (WN1) |
1,000
|
||||
(Amount received on allotment along with calls-in-advance) | |||||
Oct. 01
|
Equity Share First Call A/c (10,000 × 3) | Dr. |
30,000
|
||
To Equity Share Capital A/c |
30,000
|
||||
(Amount due on first call) | |||||
Oct. 01 | Bank A/c | Dr. |
29,400
|
||
Calls-in-Advance A/c |
600
|
||||
To Equity Share First Call A/c |
30,000
|
||||
(Amount received on first call) | |||||
2015
|
|||||
Feb. 01
|
Equity Share Second and Final Call A/c | Dr. |
20,000
|
||
To Equity Share Capital A/c (10,000 × 2) |
20,000
|
||||
(Amount due on final call) | |||||
Feb. 01 | Bank A/c | Dr. |
19,600
|
||
Calls-in-Advance A/c |
400
|
||||
To Equity Share Secondand Final Call A/c |
20,000
|
||||
(Amount received on final call) | |||||
Feb. 01
|
Interest on Calls-In-Advance A/c | Dr. |
66
|
||
To Bank A/c |
66
|
||||
(Interest paid on calls-in-advance) | |||||
Working Notes:
WN1: Calculation of amount of calls-in-advance
Amount due on First Call | = |
600
|
(200 × 3)
|
Amount due on Second Call | = |
400
|
(200 × 2)
|
Total amount received in advance | = |
Rs 1,000
|
|
WN2: Calculation of interest on calls-in-advance
Answer:
Cash Book (With Bank Column Only)
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Share Application A/c |
75,000
|
Share Application A/c |
12,500
|
|||||
Share Allotment A/c |
|
87,500
|
Balance c/d |
|
1,50,000
|
|||
1,62,500
|
1,62,500
|
|||||||
Equity Share Capital Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
|
Share Application A/c |
50,000
|
|||||||
|
Share Allotment A/c |
1,00,000
|
Equity Share Application Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
75,000
|
||||||
Equity Share Allotment A/c |
12,500
|
||||||||
Bank A/c |
12,500
|
||||||||
75,000
|
75,000
|
||||||||
Equity Share Allotment Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
1,00,000
|
Bank A/c |
87,500
|
||||||
Equity Share Application A/c |
12,500
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
62,500
|
||
|
To Equity Share Capital A/c |
50,000
|
|||
|
To Equity Share Allotment A/c |
12,500
|
|||
|
(Application money transferred to share capital and remaining amount is adjusted towards allotment) | ||||
|
|||||
|
Equity Share Allotment A/c |
Dr.
|
1,00,000
|
||
|
To Equity Share Capital A/c |
1,00,000
|
|||
|
(Allotment money due on 20,000 shares) | ||||
Balance Sheet of ABC Company Ltd. as atMarch 31, 2014
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
1. Equity and Liabilities
|
||
Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,50,000
|
Total
|
|
1,50,000
|
|
||
2. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
2
|
1,50,000
|
Total |
|
1,50,000
|
Notes to Accounts |
|
|
Particulars
|
Amount
(Rs)
|
|
1. Share Capital
|
||
Authorised Share Capital
|
||
xxx shares of Rs10 each |
xxx
|
|
Issued Share Capital
|
||
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Capital
|
||
Subscribed but not fully paid-up |
|
|
20,000 Equity Shares of Rs 10 each, Rs 7.50 called-up |
1,50,000
|
|
2. Cash and Cash Equivalents | ||
Cash at Bank
|
1,50,000
|
|
Note:Since nothing has been specified about call money, so it is assumed that calls were not made by the company.
Page No 8.113:
Question 33:
Cash Book (With Bank Column Only)
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Share Application A/c |
75,000
|
Share Application A/c |
12,500
|
|||||
Share Allotment A/c |
|
87,500
|
Balance c/d |
|
1,50,000
|
|||
1,62,500
|
1,62,500
|
|||||||
Equity Share Capital Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
|
Share Application A/c |
50,000
|
|||||||
|
Share Allotment A/c |
1,00,000
|
Equity Share Application Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
75,000
|
||||||
Equity Share Allotment A/c |
12,500
|
||||||||
Bank A/c |
12,500
|
||||||||
75,000
|
75,000
|
||||||||
Equity Share Allotment Account
|
|||||||||
Dr.
|
|
Cr.
|
|||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
1,00,000
|
Bank A/c |
87,500
|
||||||
Equity Share Application A/c |
12,500
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
62,500
|
||
|
To Equity Share Capital A/c |
50,000
|
|||
|
To Equity Share Allotment A/c |
12,500
|
|||
|
(Application money transferred to share capital and remaining amount is adjusted towards allotment) | ||||
|
|||||
|
Equity Share Allotment A/c |
Dr.
|
1,00,000
|
||
|
To Equity Share Capital A/c |
1,00,000
|
|||
|
(Allotment money due on 20,000 shares) | ||||
Balance Sheet of ABC Company Ltd. as atMarch 31, 2014
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
1. Equity and Liabilities
|
||
Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,50,000
|
Total
|
|
1,50,000
|
|
||
2. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
2
|
1,50,000
|
Total |
|
1,50,000
|
Notes to Accounts |
|
|
Particulars
|
Amount
(Rs)
|
|
1. Share Capital
|
||
Authorised Share Capital
|
||
xxx shares of Rs10 each |
xxx
|
|
Issued Share Capital
|
||
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Capital
|
||
Subscribed but not fully paid-up |
|
|
20,000 Equity Shares of Rs 10 each, Rs 7.50 called-up |
1,50,000
|
|
2. Cash and Cash Equivalents | ||
Cash at Bank
|
1,50,000
|
|
Note:Since nothing has been specified about call money, so it is assumed that calls were not made by the company.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (1,65,000 × 3) |
Dr.
|
4,95,000
|
||
|
To Equity Share Application A/c |
4,95,000
|
|||
|
(Application money received on 1,65,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
4,95,000
|
||
|
To Equity Share Capital A/c (75,000 × 3) |
2,25,000
|
|||
|
To Equity Share Allotment A/c |
90,000
|
|||
|
To Equity Share First and Final Call A/c |
1,35,000
|
|||
|
To Bank A/c |
45,000
|
|||
|
(Application money transferred and adjusted) | ||||
|
|||||
|
Equity Share Allotment A/c (75,000 × 2) |
Dr.
|
1,50,000
|
||
|
To Equity Share Capital A/c |
1,50,000
|
|||
|
(allotment money due) | ||||
|
|||||
|
Bank A/c |
Dr.
|
60,000
|
||
|
To Equity Share Allotment A/c |
60,000
|
|||
|
(Allotment money received) | ||||
Working Notes:
WN 1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Excess money (utilised on call)
|
Money refunded
|
I
|
15,000
|
– |
45,000
|
– |
45,000
|
– | – |
45,000
|
II
|
30,000
|
15,000
|
90,000
|
45,000
|
45,000
|
30,000
(15,000 × 2)
|
15,000
(45,000 – 30,000)
|
– |
III
|
30,000
|
30,000
|
90,000
|
90,000
|
– | – | – | – |
IV
|
90,000
|
30,000
|
2,70,000
|
90,000
|
1,80,000
|
60,000
(30,000 × 2)
|
1,20,000
(1,80,000 – 60,000)
|
– |
Total
|
1,65,000
|
75,000
|
4,95,000
|
2,25,000
|
2,70,000
|
90,000
|
1,35,000
|
45,000
|
Page No 8.113:
Question 34:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (1,65,000 × 3) |
Dr.
|
4,95,000
|
||
|
To Equity Share Application A/c |
4,95,000
|
|||
|
(Application money received on 1,65,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
4,95,000
|
||
|
To Equity Share Capital A/c (75,000 × 3) |
2,25,000
|
|||
|
To Equity Share Allotment A/c |
90,000
|
|||
|
To Equity Share First and Final Call A/c |
1,35,000
|
|||
|
To Bank A/c |
45,000
|
|||
|
(Application money transferred and adjusted) | ||||
|
|||||
|
Equity Share Allotment A/c (75,000 × 2) |
Dr.
|
1,50,000
|
||
|
To Equity Share Capital A/c |
1,50,000
|
|||
|
(allotment money due) | ||||
|
|||||
|
Bank A/c |
Dr.
|
60,000
|
||
|
To Equity Share Allotment A/c |
60,000
|
|||
|
(Allotment money received) | ||||
Working Notes:
WN 1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Excess money (utilised on call)
|
Money refunded
|
I
|
15,000
|
– |
45,000
|
– |
45,000
|
– | – |
45,000
|
II
|
30,000
|
15,000
|
90,000
|
45,000
|
45,000
|
30,000
(15,000 × 2)
|
15,000
(45,000 – 30,000)
|
– |
III
|
30,000
|
30,000
|
90,000
|
90,000
|
– | – | – | – |
IV
|
90,000
|
30,000
|
2,70,000
|
90,000
|
1,80,000
|
60,000
(30,000 × 2)
|
1,20,000
(1,80,000 – 60,000)
|
– |
Total
|
1,65,000
|
75,000
|
4,95,000
|
2,25,000
|
2,70,000
|
90,000
|
1,35,000
|
45,000
|
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (35,000 × 3) |
Dr.
|
1,05,000
|
||
|
To Equity Share Application A/c |
1,05,000
|
|||
|
(Application money received on 35,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
1,05,000
|
||
|
To Equity Share Capital A/c (20,000 × 3) |
60,000
|
|||
|
To Equity Share Allotment A/c |
45,000
|
|||
|
(Application money transferred and adjusted) | ||||
|
|||||
|
Equity Share Allotment A/c (20,000 × 3) |
Dr.
|
60,000
|
||
|
To Equity Share Capital A/c |
60,000
|
|||
|
(Allotment money due on 20,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
15,000
|
||
|
To Equity Share Allotment A/c (60,000 – 45,000) |
15,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share Call A/c (20,000 × 4) |
Dr.
|
80,000
|
||
|
To Equity Share Capital A/c |
80,000
|
|||
|
(Call money due) | ||||
|
|||||
|
Bank A/c |
Dr.
|
78,400
|
||
|
To Equity Share Call A/c (80,000 – 1,600) |
78,400
|
|||
|
(Call money received except on 400 shares) | ||||
Working Notes:
WN 1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
5,000
|
5,000
|
15,000
|
15,000
|
–
|
–
|
–
|
II
|
30,000
|
15,000
|
90,000
|
45,000
|
45,000
|
45,000
|
–
|
Total
|
35,000
|
20,000
|
1,05,000
|
60,000
|
45,000
|
45,000
|
–
|
Page No 8.113:
Question 35:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Bank A/c (35,000 × 3) |
Dr.
|
1,05,000
|
||
|
To Equity Share Application A/c |
1,05,000
|
|||
|
(Application money received on 35,000 shares) | ||||
|
|||||
|
Equity Share Application A/c |
Dr.
|
1,05,000
|
||
|
To Equity Share Capital A/c (20,000 × 3) |
60,000
|
|||
|
To Equity Share Allotment A/c |
45,000
|
|||
|
(Application money transferred and adjusted) | ||||
|
|||||
|
Equity Share Allotment A/c (20,000 × 3) |
Dr.
|
60,000
|
||
|
To Equity Share Capital A/c |
60,000
|
|||
|
(Allotment money due on 20,000 shares) | ||||
|
|||||
|
Bank A/c |
Dr.
|
15,000
|
||
|
To Equity Share Allotment A/c (60,000 – 45,000) |
15,000
|
|||
|
(Allotment money received) | ||||
|
|||||
|
Equity Share Call A/c (20,000 × 4) |
Dr.
|
80,000
|
||
|
To Equity Share Capital A/c |
80,000
|
|||
|
(Call money due) | ||||
|
|||||
|
Bank A/c |
Dr.
|
78,400
|
||
|
To Equity Share Call A/c (80,000 – 1,600) |
78,400
|
|||
|
(Call money received except on 400 shares) | ||||
Working Notes:
WN 1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
5,000
|
5,000
|
15,000
|
15,000
|
–
|
–
|
–
|
II
|
30,000
|
15,000
|
90,000
|
45,000
|
45,000
|
45,000
|
–
|
Total
|
35,000
|
20,000
|
1,05,000
|
60,000
|
45,000
|
45,000
|
–
|
Answer:
Cash Book (With Bank Column Only)
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Share Application A/c |
75,000
|
Share Application A/c |
12,500
|
|||||
Share Allotment A/c |
87,500
|
Balance c/d |
1,50,000
|
|||||
1,62,500
|
1,62,500
|
|||||||
Equity Share Capital Account
|
|||||||||
Dr.
|
Cr. | ||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Share Application A/c |
50,000
|
||||||||
Share Allotment A/c |
1,00,000
|
Equity Share Application Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
75,000
|
||||||
Equity Share Allotment A/c |
12,500
|
||||||||
Bank A/c |
12,500
|
||||||||
75,000
|
75,000
|
||||||||
Equity Share Allotment Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
1,00,000
|
Bank A/c |
87,500
|
||||||
Equity Share Application A/c |
12,500
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Application A/c |
Dr.
|
62,500
|
|||
To Equity Share Capital A/c |
50,000
|
||||
To Equity Share Allotment A/c |
12,500
|
||||
(Application money transferred to share capital and remaining amount is adjusted towards allotment) | |||||
Equity Share Allotment A/c |
Dr.
|
1,00,000
|
|||
To Equity Share Capital A/c |
1,00,000
|
||||
(Allotment money due on 20,000 shares) | |||||
Balance Sheet of ABC Company Ltd.
as atMarch 31, 2014
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
1. Equity and Liabilities
|
||
Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,50,000
|
Total |
1,50,000
|
|
2. Assets
|
||
Current Assets
|
||
Cash and Cash Equivalents
|
2
|
1,50,000
|
Total |
1,50,000
|
|
Notes to Accounts | ||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital
|
||
Authorised Share Capital
|
||
xxx shares of Rs10 each |
xxx
|
|
Issued Share Capital
|
||
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Capital
|
||
Subscribed but not fully paid-up | ||
20,000 Equity Shares of Rs 10 each, Rs 7.50 called-up |
1,50,000
|
|
2. Cash and Cash Equivalents | ||
Cash at Bank
|
1,50,000
|
|
Note:Since nothing has been specified about call money, so it is assumed that calls were not made by the company.
Page No 8.113:
Question 36:
Cash Book (With Bank Column Only)
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Share Application A/c |
75,000
|
Share Application A/c |
12,500
|
|||||
Share Allotment A/c |
87,500
|
Balance c/d |
1,50,000
|
|||||
1,62,500
|
1,62,500
|
|||||||
Equity Share Capital Account
|
|||||||||
Dr.
|
Cr. | ||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Share Application A/c |
50,000
|
||||||||
Share Allotment A/c |
1,00,000
|
Equity Share Application Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
50,000
|
Bank A/c |
75,000
|
||||||
Equity Share Allotment A/c |
12,500
|
||||||||
Bank A/c |
12,500
|
||||||||
75,000
|
75,000
|
||||||||
Equity Share Allotment Account
|
|||||||||
Dr.
|
Cr.
|
||||||||
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
J.F.
|
Amount
(Rs)
|
||
Equity Share Capital A/c |
1,00,000
|
Bank A/c |
87,500
|
||||||
Equity Share Application A/c |
12,500
|
||||||||
1,00,000
|
1,00,000
|
||||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Application A/c |
Dr.
|
62,500
|
|||
To Equity Share Capital A/c |
50,000
|
||||
To Equity Share Allotment A/c |
12,500
|
||||
(Application money transferred to share capital and remaining amount is adjusted towards allotment) | |||||
Equity Share Allotment A/c |
Dr.
|
1,00,000
|
|||
To Equity Share Capital A/c |
1,00,000
|
||||
(Allotment money due on 20,000 shares) | |||||
Balance Sheet of ABC Company Ltd.
as atMarch 31, 2014
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
1. Equity and Liabilities
|
||
Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,50,000
|
Total |
1,50,000
|
|
2. Assets
|
||
Current Assets
|
||
Cash and Cash Equivalents
|
2
|
1,50,000
|
Total |
1,50,000
|
|
Notes to Accounts | ||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital
|
||
Authorised Share Capital
|
||
xxx shares of Rs10 each |
xxx
|
|
Issued Share Capital
|
||
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Capital
|
||
Subscribed but not fully paid-up | ||
20,000 Equity Shares of Rs 10 each, Rs 7.50 called-up |
1,50,000
|
|
2. Cash and Cash Equivalents | ||
Cash at Bank
|
1,50,000
|
|
Note:Since nothing has been specified about call money, so it is assumed that calls were not made by the company.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (65,000 × 6) |
Dr.
|
3,90,000
|
|||
To Equity Share Application A/c |
3,90,000
|
||||
(Application money received on 65,000 shares) | |||||
Equity Share Application A/c |
Dr.
|
3,90,000
|
|||
To Bank A/c (15,000 × 6) |
90,000
|
||||
To Equity Share Capital A/c (40,000 × 6) |
2,40,000
|
||||
To Equity Share Allotment A/c (10,000 × 6) |
60,000
|
||||
(Application money adjusted and transferred) | |||||
Equity Share Allotment A/c (40,000 × 4) |
Dr.
|
1,60,000
|
|||
To Equity Share Capital A/c |
1,60,000
|
||||
(Allotment money due on 40,000 shares) | |||||
Bank A/c |
Dr.
|
80,000
|
|||
To Equity Share Allotment A/c (1,60,000 – 60,000 – 20,000) |
80,000
|
||||
(Allotment money received) | |||||
Working Notes: Calculation of amount unpaid by Mohan
Page No 8.113:
Question 37:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (65,000 × 6) |
Dr.
|
3,90,000
|
|||
To Equity Share Application A/c |
3,90,000
|
||||
(Application money received on 65,000 shares) | |||||
Equity Share Application A/c |
Dr.
|
3,90,000
|
|||
To Bank A/c (15,000 × 6) |
90,000
|
||||
To Equity Share Capital A/c (40,000 × 6) |
2,40,000
|
||||
To Equity Share Allotment A/c (10,000 × 6) |
60,000
|
||||
(Application money adjusted and transferred) | |||||
Equity Share Allotment A/c (40,000 × 4) |
Dr.
|
1,60,000
|
|||
To Equity Share Capital A/c |
1,60,000
|
||||
(Allotment money due on 40,000 shares) | |||||
Bank A/c |
Dr.
|
80,000
|
|||
To Equity Share Allotment A/c (1,60,000 – 60,000 – 20,000) |
80,000
|
||||
(Allotment money received) | |||||
Working Notes: Calculation of amount unpaid by Mohan
Answer:
Authorised Capital 1,00,000 shares of Rs 10 each
Issued Capital 60,000 shares
Applied 40,000 shares
Payable as:
Rs 1 on application
Rs 2 on allotment
Rs 3 on first call
Rs 4 on final call
Books of Kalyan Cotton Mills Ltd. Cash Book |
|||||||||
Dr. |
|
Cr. |
|||||||
Date |
Particulars |
L.F. |
Bank Rs |
Date |
Particulars |
L.F. |
Bank Rs |
||
2011 |
|
|
|
2011 |
|
|
|
||
Jan 31 |
Share Application |
|
40,000 |
|
|
|
|
||
Feb 28 |
Share Allotment |
|
80,000 |
|
|
|
|
||
May 01 |
Share First Call |
|
1,19,700 |
|
|
|
|
||
June 30 |
Share Final Call |
|
1,58,400 |
|
Balance c/d |
|
3,98,100 |
||
|
|
|
3,98,100 |
|
|
|
3,98,100 |
||
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2011 |
|
|
|
|
|
Feb 01 |
Share Application A/c |
Dr. |
|
40,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
(Share application of 40,000 shares at Re 1 each transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
Feb 01 |
Share Allotment A/c |
Dr. |
|
80,000 |
|
|
To Share Capital A/c |
|
|
80,000 |
|
|
(Share allotment due on 40,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
Mar 01 |
Share First Call A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share first call due on 40,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
May 30 |
Calls-in-Arrears A/c |
Dr. |
|
300 |
|
|
To Share First Call A/c |
|
|
300 |
|
|
(Share first call outstanding on 100 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Share Final Call A/c |
Dr. |
|
1,60,000 |
|
|
To Share Capital A/c |
|
|
1,60,000 |
|
|
(Share final call due on 40,000 shares of Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
June 30 |
Calls-in-Arrears A/c |
Dr. |
|
1,600 |
|
|
To Share Final Call A/c |
|
|
1,600 |
|
|
(Share final call outstanding on 400 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Kalyan Cotton Mills Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
3,98,100 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
3,98,100 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
2 |
3,98,100 |
Total |
|
3,98,100 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
|
Issued Share Capital |
|
|
|
60,000 shares of Rs 10 each |
6,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
40,000 shares of Rs 10 each |
4,00,000 |
|
|
Less: Calls-in-Arrears |
(1,900) |
3,98,100 |
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
3,98,100 |
|
|
|
|
Page No 8.113:
Question 38:
Authorised Capital 1,00,000 shares of Rs 10 each
Issued Capital 60,000 shares
Applied 40,000 shares
Payable as:
Rs 1 on application
Rs 2 on allotment
Rs 3 on first call
Rs 4 on final call
Books of Kalyan Cotton Mills Ltd. Cash Book |
|||||||||
Dr. |
|
Cr. |
|||||||
Date |
Particulars |
L.F. |
Bank Rs |
Date |
Particulars |
L.F. |
Bank Rs |
||
2011 |
|
|
|
2011 |
|
|
|
||
Jan 31 |
Share Application |
|
40,000 |
|
|
|
|
||
Feb 28 |
Share Allotment |
|
80,000 |
|
|
|
|
||
May 01 |
Share First Call |
|
1,19,700 |
|
|
|
|
||
June 30 |
Share Final Call |
|
1,58,400 |
|
Balance c/d |
|
3,98,100 |
||
|
|
|
3,98,100 |
|
|
|
3,98,100 |
||
|
|
|
|
|
|
|
|
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2011 |
|
|
|
|
|
Feb 01 |
Share Application A/c |
Dr. |
|
40,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
(Share application of 40,000 shares at Re 1 each transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
Feb 01 |
Share Allotment A/c |
Dr. |
|
80,000 |
|
|
To Share Capital A/c |
|
|
80,000 |
|
|
(Share allotment due on 40,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
Mar 01 |
Share First Call A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share first call due on 40,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
May 30 |
Calls-in-Arrears A/c |
Dr. |
|
300 |
|
|
To Share First Call A/c |
|
|
300 |
|
|
(Share first call outstanding on 100 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Share Final Call A/c |
Dr. |
|
1,60,000 |
|
|
To Share Capital A/c |
|
|
1,60,000 |
|
|
(Share final call due on 40,000 shares of Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
June 30 |
Calls-in-Arrears A/c |
Dr. |
|
1,600 |
|
|
To Share Final Call A/c |
|
|
1,600 |
|
|
(Share final call outstanding on 400 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Kalyan Cotton Mills Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
3,98,100 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
3,98,100 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
2 |
3,98,100 |
Total |
|
3,98,100 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
|
Issued Share Capital |
|
|
|
60,000 shares of Rs 10 each |
6,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
40,000 shares of Rs 10 each |
4,00,000 |
|
|
Less: Calls-in-Arrears |
(1,900) |
3,98,100 |
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
3,98,100 |
|
|
|
|
Answer:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
2013
|
||||||||
Equity Share Application A/c |
5,40,000
|
Balance c/d |
17,85,000
|
|||||
|
Equity Share Allotment A/c |
3,60,000
|
||||||
|
Equity Share First Call A/c |
3,54,000
|
||||||
|
Equity Share Second Call A/c |
5,31,000
|
||||||
17,85,000
|
17,85,000
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2013
|
|||||
Equity Share Application A/c (1,80,000 × 3) |
Dr.
|
5,40,000
|
|||
To Equity Share Capital A/c |
5,40,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (1,80,000 × 2) |
Dr.
|
3,60,000
|
|||
To Equity Share Capital A/c |
3,60,000
|
||||
(Allotment money due) | |||||
Equity Share First Call A/c (1,80,000 × 2) |
Dr.
|
3,60,000
|
|||
To Equity Share Capital A/c |
3,60,000
|
||||
(Money due on first call) | |||||
Equity Share Second and Final Call A/c (1,80,000 × 3) |
Dr.
|
5,40,000
|
|||
To Equity share Capital A/c |
5,40,000
|
||||
(Money due on second call) | |||||
Balance Sheet of Gold & Silver Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
17,85,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
17,85,000
|
|
II. Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
2
|
17,85,000
|
Total
|
17,85,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital
|
|||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
3. Subscribed Capital
|
|||
1,80,000 Equity shares of Rs 10 each
|
18,00,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
1,80,000 Equity shares of Rs 10 each, fully called-up
|
18,00,000
|
||
Less: Calls-in-Arrears
|
(15,000)
|
17,85,000
|
|
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
17,85,000
|
||
Page No 8.114:
Question 39:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
2013
|
||||||||
Equity Share Application A/c |
5,40,000
|
Balance c/d |
17,85,000
|
|||||
|
Equity Share Allotment A/c |
3,60,000
|
||||||
|
Equity Share First Call A/c |
3,54,000
|
||||||
|
Equity Share Second Call A/c |
5,31,000
|
||||||
17,85,000
|
17,85,000
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2013
|
|||||
Equity Share Application A/c (1,80,000 × 3) |
Dr.
|
5,40,000
|
|||
To Equity Share Capital A/c |
5,40,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (1,80,000 × 2) |
Dr.
|
3,60,000
|
|||
To Equity Share Capital A/c |
3,60,000
|
||||
(Allotment money due) | |||||
Equity Share First Call A/c (1,80,000 × 2) |
Dr.
|
3,60,000
|
|||
To Equity Share Capital A/c |
3,60,000
|
||||
(Money due on first call) | |||||
Equity Share Second and Final Call A/c (1,80,000 × 3) |
Dr.
|
5,40,000
|
|||
To Equity share Capital A/c |
5,40,000
|
||||
(Money due on second call) | |||||
Balance Sheet of Gold & Silver Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
17,85,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
17,85,000
|
|
II. Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
2
|
17,85,000
|
Total
|
17,85,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital
|
|||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
3. Subscribed Capital
|
|||
1,80,000 Equity shares of Rs 10 each
|
18,00,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
1,80,000 Equity shares of Rs 10 each, fully called-up
|
18,00,000
|
||
Less: Calls-in-Arrears
|
(15,000)
|
17,85,000
|
|
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
17,85,000
|
||
Answer:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c |
3,75,000
|
Balance c/d |
13,65,000
|
|||||
Equity Share Allotment A/c |
5,00,000
|
|||||||
Equity Share First Call A/c |
2,45,000
|
|||||||
Equity Share Second Call A/c |
2,45,000
|
|||||||
13,65,000
|
13,65,000
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Application A/c (1,25,000 × 3) |
Dr.
|
3,75,000
|
|||
To Equity Share Capital A/c |
3,75,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (1,25,000 × 4) |
Dr.
|
5,00,000
|
|||
To Equity Share Capital A/c (1,25,000 × 3) |
3,75,000
|
||||
To Securities Premium Reserve A/c (1,25,000 × 1) |
1,25,000
|
||||
(Allotment money due) | |||||
Equity Share First Call A/c (1,25,000 × 2) |
Dr.
|
2,50,000
|
|||
To Equity Share Capital A/c |
2,50,000
|
||||
(First call money due) | |||||
Equity Share Second and Final Call A/c (1,25,000 × 2) |
Dr.
|
2,50,000
|
|||
To Equity Share Capital A/c |
2,50,000
|
||||
(Second call money due) | |||||
Balance Sheet of Silver & Gold Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
12,40,000
|
b. Reserves and Surplus
|
2
|
1,25,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
13,65,000
|
|
II Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
3
|
13,65,000
|
Total
|
13,65,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital
|
|||
1,50,000 Equity Shares of Rs 10 each
|
15,00,000
|
||
3. Subscribed Capital
|
|||
1,25,000 Equity Shares of Rs 10 each
|
12,50,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
1,25,000 Equity shares of Rs 10 each, fully called-up
|
12,50,000
|
||
Less: Calls-in-Arrears
|
(10,000)
|
12,40,000
|
|
2
|
Reserves and Surplus | ||
Securities Premium Reserve |
1,25,000
|
||
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
13,65,000
|
||
Page No 8.114:
Question 40:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c |
3,75,000
|
Balance c/d |
13,65,000
|
|||||
Equity Share Allotment A/c |
5,00,000
|
|||||||
Equity Share First Call A/c |
2,45,000
|
|||||||
Equity Share Second Call A/c |
2,45,000
|
|||||||
13,65,000
|
13,65,000
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Application A/c (1,25,000 × 3) |
Dr.
|
3,75,000
|
|||
To Equity Share Capital A/c |
3,75,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (1,25,000 × 4) |
Dr.
|
5,00,000
|
|||
To Equity Share Capital A/c (1,25,000 × 3) |
3,75,000
|
||||
To Securities Premium Reserve A/c (1,25,000 × 1) |
1,25,000
|
||||
(Allotment money due) | |||||
Equity Share First Call A/c (1,25,000 × 2) |
Dr.
|
2,50,000
|
|||
To Equity Share Capital A/c |
2,50,000
|
||||
(First call money due) | |||||
Equity Share Second and Final Call A/c (1,25,000 × 2) |
Dr.
|
2,50,000
|
|||
To Equity Share Capital A/c |
2,50,000
|
||||
(Second call money due) | |||||
Balance Sheet of Silver & Gold Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
12,40,000
|
b. Reserves and Surplus
|
2
|
1,25,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
13,65,000
|
|
II Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
3
|
13,65,000
|
Total
|
13,65,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital
|
|||
1,50,000 Equity Shares of Rs 10 each
|
15,00,000
|
||
3. Subscribed Capital
|
|||
1,25,000 Equity Shares of Rs 10 each
|
12,50,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
1,25,000 Equity shares of Rs 10 each, fully called-up
|
12,50,000
|
||
Less: Calls-in-Arrears
|
(10,000)
|
12,40,000
|
|
2
|
Reserves and Surplus | ||
Securities Premium Reserve |
1,25,000
|
||
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
13,65,000
|
||
Answer:
Application |
Rs |
2 |
Allotment |
Rs |
3 |
First Call |
Rs |
3 |
Final Call |
Rs |
2 |
|
|
10 |
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
Case I |
Share Capital A/c (100 × 5) |
Dr. |
|
500 |
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
To Share Allotment A/c |
|
|
300 |
||
|
(100 shares of Rs 10 each, Rs 5 called-up, forfeited for the non-payment of allotment) |
|
|
|
||
|
|
|
|
|
||
Case II |
Share Capital A/c (100 × 8) |
Dr. |
|
800 |
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
To Share Allotment A/c |
|
|
300 |
||
To Share First Call A/c | 300 | |||||
|
(100 shares of Rs 10 each, Rs 8 called-up forfeited for non-payment allotment and first-call) |
|
|
|
||
|
|
|
|
|
||
Case III |
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
To Share First Call A/c |
|
|
300 |
||
To Share Final Call A/c | 200 | |||||
|
(100 shares of Rs 10 each forfeited for the non-payment Rs 5 each) |
|
|
|
||
|
|
|
|
|
Page No 8.114:
Question 41:
Application |
Rs |
2 |
Allotment |
Rs |
3 |
First Call |
Rs |
3 |
Final Call |
Rs |
2 |
|
|
10 |
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
Case I |
Share Capital A/c (100 × 5) |
Dr. |
|
500 |
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
To Share Allotment A/c |
|
|
300 |
||
|
(100 shares of Rs 10 each, Rs 5 called-up, forfeited for the non-payment of allotment) |
|
|
|
||
|
|
|
|
|
||
Case II |
Share Capital A/c (100 × 8) |
Dr. |
|
800 |
|
|
|
To Share Forfeiture A/c |
|
|
200 |
||
|
To Share Allotment A/c |
|
|
300 |
||
To Share First Call A/c | 300 | |||||
|
(100 shares of Rs 10 each, Rs 8 called-up forfeited for non-payment allotment and first-call) |
|
|
|
||
|
|
|
|
|
||
Case III |
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
To Share First Call A/c |
|
|
300 |
||
To Share Final Call A/c | 200 | |||||
|
(100 shares of Rs 10 each forfeited for the non-payment Rs 5 each) |
|
|
|
||
|
|
|
|
|
Answer:
In the books of Wintex Exports Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Application A/c |
|
|
|
2,00,000 |
|
(Application money received on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
2,00,000 |
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
2,00,000 |
|
(Amount due on allotment @ Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 400) × 10 |
Dr. |
|
1,96,000 |
|
|
To Equity Share Allotment A/c |
|
|
|
1,96,000 |
|
(Amount received on shares issued except on 400 shareholders) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
3,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 680) × 15 |
Dr. |
|
2,89,800 |
|
|
To Equity Share First Call A/c |
|
|
|
2,89,800 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second and Final Call A/c |
Dr. |
|
3,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 740) × 15 |
Dr. |
|
2,88,900 |
|
|
To Equity Share Second and Final Call A/c |
|
|
2,88,900 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (760 × 50 ) |
Dr. |
|
38,000 |
|
|
To Share Forfeiture A/c (WN2) |
|
|
|
12,700 |
|
To Share Allotment A/c (400 × 10) |
|
|
|
4,000 |
|
To Share First Call A/c (680 × 15) |
|
|
|
10,200 |
|
To Share Second and Final Call A/c (740 × 15) |
|
|
11,100 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN 1:
Shareholders |
No. of Shares |
Application Money @ Rs 10 |
Allotment Money @ Rs 10 |
First Call Money @ Rs 15 |
Second and Final Call Money @ Rs 15 |
A |
300 |
â |
â |
â |
â |
B |
200 |
â |
Unpaid on 100 shares |
â |
â |
C |
180 |
â |
â |
â |
â |
D |
50 |
â |
â |
â |
â |
E |
30 |
â |
â |
â |
Unpaid on 10 shares |
Total shares on which payment is not received |
400 (300 + 100) |
680 (300 + 200 + 180) |
740 (300 + 200 + 180 + 50 + 10) |
||
|
|
|
|
|
|
WN 2: Amount Received on Forfeited Shares
Shareholders |
Amount Paid |
A |
3,000 (300 × 10) |
B |
3,000 {(200 × 10) + 100 × 10} |
C |
3,600 (180 × 20) |
D |
1,750 (50 × 35) |
E |
1,350 {(30 × 35) + 20 × 15} |
TOTAL |
|
Note: As per our solution the amount forfeited is Rs 12,700, however, as per the book the amount forfeited is given as Rs 11,700.
Page No 8.114:
Question 42:
In the books of Wintex Exports Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Application A/c |
|
|
|
2,00,000 |
|
(Application money received on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
2,00,000 |
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
2,00,000 |
|
(Amount due on allotment @ Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 400) × 10 |
Dr. |
|
1,96,000 |
|
|
To Equity Share Allotment A/c |
|
|
|
1,96,000 |
|
(Amount received on shares issued except on 400 shareholders) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
3,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 680) × 15 |
Dr. |
|
2,89,800 |
|
|
To Equity Share First Call A/c |
|
|
|
2,89,800 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second and Final Call A/c |
Dr. |
|
3,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (20,000 – 740) × 15 |
Dr. |
|
2,88,900 |
|
|
To Equity Share Second and Final Call A/c |
|
|
2,88,900 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (760 × 50 ) |
Dr. |
|
38,000 |
|
|
To Share Forfeiture A/c (WN2) |
|
|
|
12,700 |
|
To Share Allotment A/c (400 × 10) |
|
|
|
4,000 |
|
To Share First Call A/c (680 × 15) |
|
|
|
10,200 |
|
To Share Second and Final Call A/c (740 × 15) |
|
|
11,100 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN 1:
Shareholders |
No. of Shares |
Application Money @ Rs 10 |
Allotment Money @ Rs 10 |
First Call Money @ Rs 15 |
Second and Final Call Money @ Rs 15 |
A |
300 |
â |
â |
â |
â |
B |
200 |
â |
Unpaid on 100 shares |
â |
â |
C |
180 |
â |
â |
â |
â |
D |
50 |
â |
â |
â |
â |
E |
30 |
â |
â |
â |
Unpaid on 10 shares |
Total shares on which payment is not received |
400 (300 + 100) |
680 (300 + 200 + 180) |
740 (300 + 200 + 180 + 50 + 10) |
||
|
|
|
|
|
|
WN 2: Amount Received on Forfeited Shares
Shareholders |
Amount Paid |
A |
3,000 (300 × 10) |
B |
3,000 {(200 × 10) + 100 × 10} |
C |
3,600 (180 × 20) |
D |
1,750 (50 × 35) |
E |
1,350 {(30 × 35) + 20 × 15} |
TOTAL |
|
Note: As per our solution the amount forfeited is Rs 12,700, however, as per the book the amount forfeited is given as Rs 11,700.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
8,00,000
|
|||
To Equity Share Application A/c (20,000 × 40) |
8,00,000
|
||||
(Application Money Received) | |||||
Equity Share Application A/c |
Dr.
|
8,00,000
|
|||
To Equity Share Capital A/c |
8,00,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (20,000 × 30) |
Dr.
|
6,00,000
|
|||
To Equity Share Capital A/c |
6,00,000
|
||||
(Allotment money due) | |||||
Bank A/c |
Dr.
|
5,88,000
|
|||
To Equity Share Allotment A/c (6,00,000 – 12,000) |
5,88,000
|
||||
(Allotment money received) | |||||
Equity Share First Call A/c (20,000 × 20) |
Dr.
|
4,00,000
|
|||
To Equity Share Capital A/c |
4,00,000
|
||||
(Money due on first call) | |||||
Bank A/c |
Dr.
|
3,80,000
|
|||
To Equity Share First Call A/c (4,00,000 – 20,000) |
3,80,000
|
||||
(First call money received) | |||||
Equity Share Second Call A/c (20,000 × 10) |
Dr.
|
2,00,000
|
|||
To Equity Share Capital A/c |
2,00,000
|
||||
(Money due on second call) | |||||
Bank A/c |
Dr.
|
1,82,000
|
|||
To Equity Share Capital A/c (2,00,000 – 18,000) |
1,82,000
|
||||
(Amount received on second call) | |||||
Equity Share Capital A/c (1,800 × 100) |
1,80,000
|
||||
To Equity Share Allotment A/c |
12,000
|
||||
To Equity Share First Call A/c |
20,000
|
||||
To Equity Share Second Call A/c |
18,000
|
||||
To Equity Share Forfeiture A/c |
1,30,000
|
||||
(Share were forfeited due to non-payment) | |||||
Balance Sheet of Bluechip Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
19,50,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
19,50,000
|
|
II. Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
19,50,000
|
|
Total
|
19,50,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 100 each
|
xxx
|
||
2. Issued Share Capital
|
|||
20,000 Equity Shares of Rs 100 each
|
20,00,000
|
||
3. Subscribed Capital
|
|||
20,000 Equity Shares of Rs 100 each
|
20,00,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
18,200 Equity shares of Rs 100 each, fully called-up
|
18,20,000
|
||
Add: Share Forfeiture
|
1,30,000
|
19,50,000
|
|
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
19,50,000
|
||
Page No 8.115:
Question 43:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
8,00,000
|
|||
To Equity Share Application A/c (20,000 × 40) |
8,00,000
|
||||
(Application Money Received) | |||||
Equity Share Application A/c |
Dr.
|
8,00,000
|
|||
To Equity Share Capital A/c |
8,00,000
|
||||
(Application money transferred to share capital) | |||||
Equity Share Allotment A/c (20,000 × 30) |
Dr.
|
6,00,000
|
|||
To Equity Share Capital A/c |
6,00,000
|
||||
(Allotment money due) | |||||
Bank A/c |
Dr.
|
5,88,000
|
|||
To Equity Share Allotment A/c (6,00,000 – 12,000) |
5,88,000
|
||||
(Allotment money received) | |||||
Equity Share First Call A/c (20,000 × 20) |
Dr.
|
4,00,000
|
|||
To Equity Share Capital A/c |
4,00,000
|
||||
(Money due on first call) | |||||
Bank A/c |
Dr.
|
3,80,000
|
|||
To Equity Share First Call A/c (4,00,000 – 20,000) |
3,80,000
|
||||
(First call money received) | |||||
Equity Share Second Call A/c (20,000 × 10) |
Dr.
|
2,00,000
|
|||
To Equity Share Capital A/c |
2,00,000
|
||||
(Money due on second call) | |||||
Bank A/c |
Dr.
|
1,82,000
|
|||
To Equity Share Capital A/c (2,00,000 – 18,000) |
1,82,000
|
||||
(Amount received on second call) | |||||
Equity Share Capital A/c (1,800 × 100) |
1,80,000
|
||||
To Equity Share Allotment A/c |
12,000
|
||||
To Equity Share First Call A/c |
20,000
|
||||
To Equity Share Second Call A/c |
18,000
|
||||
To Equity Share Forfeiture A/c |
1,30,000
|
||||
(Share were forfeited due to non-payment) | |||||
Balance Sheet of Bluechip Ltd.
as at …
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
19,50,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
19,50,000
|
|
II. Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
19,50,000
|
|
Total
|
19,50,000
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital
|
|||
xxx shares of Rs 100 each
|
xxx
|
||
2. Issued Share Capital
|
|||
20,000 Equity Shares of Rs 100 each
|
20,00,000
|
||
3. Subscribed Capital
|
|||
20,000 Equity Shares of Rs 100 each
|
20,00,000
|
||
4. Called-up and Paid-up Share Capital
|
|||
18,200 Equity shares of Rs 100 each, fully called-up
|
18,20,000
|
||
Add: Share Forfeiture
|
1,30,000
|
19,50,000
|
|
2
|
Cash and Cash Equivalents | ||
Cash at Bank |
19,50,000
|
||
Answer:
Issued 20,000 Shares
Applied 35,000 Shares
Allotment made as |
Payable as |
||||||
Applied |
|
Allotted |
|
Application |
Rs |
4 |
Per Share |
10,000 |
|
NIL |
|
Allotment |
Rs |
2 |
Per Share |
15,000 |
|
10,000 |
|
First Call |
Rs |
2 |
Per Share |
10,000 |
|
10,000 |
|
Final Call |
Rs |
2 |
Per Share |
35,000 |
|
20,000 |
|
|
|
10 |
Per Share |
Cash Book |
|||||||
Dr. |
|
Cr. |
|||||
Date |
Particulars |
L.F. |
Bank Rs |
Date |
Particulars |
L.F. |
Bank Rs |
|
|
|
|
|
|
|
|
|
Equity Share Application |
|
1,40,000 |
|
Equity Share Application |
|
40,000 |
|
Equity Share Allotment |
|
20,000 |
|
|
|
|
|
Equity Share First Call |
|
39,000 |
|
|
|
|
|
Equity Share Final Call |
|
39,000 |
|
|
|
|
|
Equity Share Capital |
|
1,200 |
|
Balance c/d |
|
1,99,200 |
|
|
|
2,39,200 |
|
|
|
2,39,200 |
|
|
|
|
|
|
|
|
Journal Entries |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
80,000 |
|
|
To Equity Share Allotment |
|
|
20,000 |
|
|
(Equity Share Application money of 20,000 shares at Rs 4 each transferred to Share Capital and excess money Rs 20,000 adjusted towards allotment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share allotment due on 20,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share First and Final Call due on 20,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share First Call A/c |
|
|
1,000 |
|
|
(On account of non-payment share first call money Rs 2 on 500 shares transferred to Calls-In-Arrears) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share Final Call due) |
|
|
|
|
|
|
|
|
|
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Final Call A/c |
|
|
1,000 |
|
|
(Final call money of 500 shares transferred to Calls-in-Arrears, on account of non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
5,000 |
|
|
To Share Forfeiture A/c |
|
|
3,000 |
|
|
To Calls-In-Arrears A/c |
|
|
2,000 |
|
|
(500 shares of Rs 10 each forfeited for the non-payment of Rs 4 per share) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
800 |
|
|
To Equity Share Capital A/c |
|
|
800 |
|
|
(Loss on re-issue of 200 shares at Rs 4 per share, charged from Share Forfeiture Account) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
400 |
|
|
To Capital Reserve A/c |
|
|
400 |
|
|
(Balance in Share Forfeiture Account of 200 re-issued shares, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
D Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
1,98,800 |
b. Reserves and Surplus |
2 |
400 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
1,99,200 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
1,99,200 |
Total |
|
1,99,200 |
|
|
|
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
…… shares of Rs 10 each
|
-
|
|
|
Issued Share Capital
|
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
|
19,700 shares of Rs 10 each
|
1,97,000
|
|
|
Add: Shares Forfeited (300 shares × Rs 6)
|
1,800
|
1,98,800
|
|
|||
2
|
Reserves and Surplus
|
|
|
|
Capital Reserve
|
400
|
|
|
|
|
|
3
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
1,99,200
|
|
|
|
|
Working Notes:
Share Forfeiture of 200 shares
Share Forfeiture Credit (at the time of forfeiture) |
6 |
per share |
Less: Share Forfeiture Debit (at the time of reissue) |
4 |
per share |
Balance in Share Forfeiture after re-issue shares |
2 |
per share |
Capital Reserve = Balance in Share Forfeiture of reissued shares × No. of shares reissued = Rs 2 × 200 = Rs 400
Page No 8.115:
Question 44:
Issued 20,000 Shares
Applied 35,000 Shares
Allotment made as |
Payable as |
||||||
Applied |
|
Allotted |
|
Application |
Rs |
4 |
Per Share |
10,000 |
|
NIL |
|
Allotment |
Rs |
2 |
Per Share |
15,000 |
|
10,000 |
|
First Call |
Rs |
2 |
Per Share |
10,000 |
|
10,000 |
|
Final Call |
Rs |
2 |
Per Share |
35,000 |
|
20,000 |
|
|
|
10 |
Per Share |
Cash Book |
|||||||
Dr. |
|
Cr. |
|||||
Date |
Particulars |
L.F. |
Bank Rs |
Date |
Particulars |
L.F. |
Bank Rs |
|
|
|
|
|
|
|
|
|
Equity Share Application |
|
1,40,000 |
|
Equity Share Application |
|
40,000 |
|
Equity Share Allotment |
|
20,000 |
|
|
|
|
|
Equity Share First Call |
|
39,000 |
|
|
|
|
|
Equity Share Final Call |
|
39,000 |
|
|
|
|
|
Equity Share Capital |
|
1,200 |
|
Balance c/d |
|
1,99,200 |
|
|
|
2,39,200 |
|
|
|
2,39,200 |
|
|
|
|
|
|
|
|
Journal Entries |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
80,000 |
|
|
To Equity Share Allotment |
|
|
20,000 |
|
|
(Equity Share Application money of 20,000 shares at Rs 4 each transferred to Share Capital and excess money Rs 20,000 adjusted towards allotment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share allotment due on 20,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share First and Final Call due on 20,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share First Call A/c |
|
|
1,000 |
|
|
(On account of non-payment share first call money Rs 2 on 500 shares transferred to Calls-In-Arrears) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share Final Call due) |
|
|
|
|
|
|
|
|
|
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Final Call A/c |
|
|
1,000 |
|
|
(Final call money of 500 shares transferred to Calls-in-Arrears, on account of non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
5,000 |
|
|
To Share Forfeiture A/c |
|
|
3,000 |
|
|
To Calls-In-Arrears A/c |
|
|
2,000 |
|
|
(500 shares of Rs 10 each forfeited for the non-payment of Rs 4 per share) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
800 |
|
|
To Equity Share Capital A/c |
|
|
800 |
|
|
(Loss on re-issue of 200 shares at Rs 4 per share, charged from Share Forfeiture Account) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
400 |
|
|
To Capital Reserve A/c |
|
|
400 |
|
|
(Balance in Share Forfeiture Account of 200 re-issued shares, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
D Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
1,98,800 |
b. Reserves and Surplus |
2 |
400 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
1,99,200 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
1,99,200 |
Total |
|
1,99,200 |
|
|
|
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
…… shares of Rs 10 each
|
-
|
|
|
Issued Share Capital
|
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
|
19,700 shares of Rs 10 each
|
1,97,000
|
|
|
Add: Shares Forfeited (300 shares × Rs 6)
|
1,800
|
1,98,800
|
|
|||
2
|
Reserves and Surplus
|
|
|
|
Capital Reserve
|
400
|
|
|
|
|
|
3
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
1,99,200
|
|
|
|
|
Working Notes:
Share Forfeiture of 200 shares
Share Forfeiture Credit (at the time of forfeiture) |
6 |
per share |
Less: Share Forfeiture Debit (at the time of reissue) |
4 |
per share |
Balance in Share Forfeiture after re-issue shares |
2 |
per share |
Capital Reserve = Balance in Share Forfeiture of reissued shares × No. of shares reissued = Rs 2 × 200 = Rs 400
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
1,05,000
|
|||
To Equity Share Application and Allotment A/c | 1,05,000 | ||||
(Amount received on application and allotment) | |||||
Equity Share Application and Allotment A/c | Dr. | 1,05,000 | |||
To Equity Share Capital A/c | 1,05,000 | ||||
(Amount transferred to share capital) | |||||
Equity Share Final Call A/c (14,000 × 2.5) | Dr. | 35,000 | |||
To Equity share Final Call A/c |
35,000
|
||||
(Final call money due on 14,000 shares) | |||||
Bank A/c |
Dr.
|
34,250
|
|||
To Equity Share Final Call A/c [35,000 – 750 (300 × 2.5)] |
34,250
|
||||
( Final call received money received except on 300 shares) | |||||
Equity Share Capital A/c (300 × 10) |
Dr.
|
3,000
|
|||
To Equity Share Final Call A/c (300 × 2.5) |
750
|
||||
To Share Forfeiture A/c (300 × 7.5) |
2,250
|
||||
(300 shares were forfeited due to the non-payment of final call) | |||||
Bank A/c (300 × 5) |
Dr.
|
1,500
|
|||
Share Forfeiture A/c (300 × 5) |
Dr.
|
1,500
|
|||
To Equity Share Capital A/c (300 × 10) |
3,000
|
||||
(Forfeited shares were reissued at Rs 5 each) | |||||
Share Forfeiture A/c (2,250 – 1,500) |
Dr.
|
750
|
|||
To Capital Reserve A/c |
750
|
||||
( Profit on reissue transferred to capital reserve) | |||||
Note: Since bifurcation of Rs 7.50 has not been provided in the question, thus, we have assumed that Rs 7.50 belongs to application and allotment both.
Page No 8.115:
Question 45:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
1,05,000
|
|||
To Equity Share Application and Allotment A/c | 1,05,000 | ||||
(Amount received on application and allotment) | |||||
Equity Share Application and Allotment A/c | Dr. | 1,05,000 | |||
To Equity Share Capital A/c | 1,05,000 | ||||
(Amount transferred to share capital) | |||||
Equity Share Final Call A/c (14,000 × 2.5) | Dr. | 35,000 | |||
To Equity share Final Call A/c |
35,000
|
||||
(Final call money due on 14,000 shares) | |||||
Bank A/c |
Dr.
|
34,250
|
|||
To Equity Share Final Call A/c [35,000 – 750 (300 × 2.5)] |
34,250
|
||||
( Final call received money received except on 300 shares) | |||||
Equity Share Capital A/c (300 × 10) |
Dr.
|
3,000
|
|||
To Equity Share Final Call A/c (300 × 2.5) |
750
|
||||
To Share Forfeiture A/c (300 × 7.5) |
2,250
|
||||
(300 shares were forfeited due to the non-payment of final call) | |||||
Bank A/c (300 × 5) |
Dr.
|
1,500
|
|||
Share Forfeiture A/c (300 × 5) |
Dr.
|
1,500
|
|||
To Equity Share Capital A/c (300 × 10) |
3,000
|
||||
(Forfeited shares were reissued at Rs 5 each) | |||||
Share Forfeiture A/c (2,250 – 1,500) |
Dr.
|
750
|
|||
To Capital Reserve A/c |
750
|
||||
( Profit on reissue transferred to capital reserve) | |||||
Note: Since bifurcation of Rs 7.50 has not been provided in the question, thus, we have assumed that Rs 7.50 belongs to application and allotment both.
Answer:
Issued and Applied 10,000 shares of Rs 10 each
Payable as:
Application |
Rs |
3 |
Allotment |
Rs |
3 |
First Call |
Rs |
2 |
Final Call |
Rs |
2 |
|
|
10 |
Books of X Limited
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Application A/c
|
|
|
30,000
|
|
|
(Share application money received for 10,000 shares of Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Capital A/c
|
|
|
30,000
|
|
|
(Share application money transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Capital A/c
|
|
|
30,000
|
|
|
(Share allotment due on 10,000 shares at Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Allotment A/c
|
|
|
30,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c
|
Dr.
|
|
20,000
|
|
|
To Equity Share Capital A/c
|
|
|
20,000
|
|
|
(Share first call due on 10,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
19,800
|
|
|
Calls-In-Arrears A/c
|
Dr.
|
|
200
|
|
|
To Equity Share First Call A/c
|
|
|
20,000
|
|
|
(Share first call of Rs 2 per share received on 9,800 shares and a holder of 100 failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c
|
Dr.
|
|
20,000
|
|
|
To Equity Share Capital A/c
|
|
|
20,000
|
|
|
(Share final call due on 10,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
19,600
|
|
|
Calls-In-Arrears A/c
|
Dr.
|
|
400
|
|
|
To Equity Share Final Call A/c
|
|
|
20,000
|
|
|
(Share final call of Rs 2 per share received on 9,600 shares and holders of 200 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c
|
Dr.
|
|
1,000
|
|
|
To Share Forfeiture A/c
|
|
|
600
|
|
|
To Calls-In-Arrears A/c
|
|
|
400
|
|
|
(100 shares of Rs 10 each held by A forfeited for the non-payment Rs 4 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c
|
Dr.
|
|
1,000
|
|
|
To Share Forfeature A/c
|
|
|
800
|
|
|
To Calls-in-Arrears A/c
|
|
|
200
|
|
|
(100 shares of Rs 10 each held by B, forfeited for the non-payment of Rs 2 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,200
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
300
|
|
|
To Equity Share Capital
|
|
|
1,500
|
|
|
(150 shares of Rs 10 each re-issued at Rs 8 per share, fully paid-up)
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
700
|
|
|
To Capital Reserve A/c
|
|
|
700
|
|
|
(Balance in Share Forfeiture Account of 150 re-issued shares, transferred to Capital Reserve)
|
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture of re-issued shares
A’s Shares
Share Forfeiture (at the time of share forfeiture) |
Cr. |
Rs |
6 |
per share |
Share Forfeiture (at the time of re-issue) |
Dr. |
Rs |
2 |
per share |
Balance in Share Forfeiture (after re-issue) |
Cr. |
Rs |
4 |
per share |
B’s Shares
Share Forfeiture (at the time of share forfeiture ) |
Cr. |
Rs |
8 |
per share |
Share Forfeiture(at the time of re-issue) |
Dr. |
Rs |
2 |
per share |
Balance in Share Forfeiture (after re-issue) |
Cr. |
Rs |
6 |
per share |
Calculation of Capital Reserve
Capital Reserve = Balance in Share Forfeiture after re-issue (per share) × No of shares re-issued
On re-issue of A’s shares = Rs 4 × 100 shares = Rs 400
On re-issue of B’s shares = Rs 6 × 50 shares = Rs 300
Capital Reserve 150 shares = 400 + 300 = Rs 700
Page No 8.115:
Question 46:
Issued and Applied 10,000 shares of Rs 10 each
Payable as:
Application |
Rs |
3 |
Allotment |
Rs |
3 |
First Call |
Rs |
2 |
Final Call |
Rs |
2 |
|
|
10 |
Books of X Limited
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Application A/c
|
|
|
30,000
|
|
|
(Share application money received for 10,000 shares of Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Capital A/c
|
|
|
30,000
|
|
|
(Share application money transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Capital A/c
|
|
|
30,000
|
|
|
(Share allotment due on 10,000 shares at Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
30,000
|
|
|
To Equity Share Allotment A/c
|
|
|
30,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c
|
Dr.
|
|
20,000
|
|
|
To Equity Share Capital A/c
|
|
|
20,000
|
|
|
(Share first call due on 10,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
19,800
|
|
|
Calls-In-Arrears A/c
|
Dr.
|
|
200
|
|
|
To Equity Share First Call A/c
|
|
|
20,000
|
|
|
(Share first call of Rs 2 per share received on 9,800 shares and a holder of 100 failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c
|
Dr.
|
|
20,000
|
|
|
To Equity Share Capital A/c
|
|
|
20,000
|
|
|
(Share final call due on 10,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
19,600
|
|
|
Calls-In-Arrears A/c
|
Dr.
|
|
400
|
|
|
To Equity Share Final Call A/c
|
|
|
20,000
|
|
|
(Share final call of Rs 2 per share received on 9,600 shares and holders of 200 shares failed to pay it)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c
|
Dr.
|
|
1,000
|
|
|
To Share Forfeiture A/c
|
|
|
600
|
|
|
To Calls-In-Arrears A/c
|
|
|
400
|
|
|
(100 shares of Rs 10 each held by A forfeited for the non-payment Rs 4 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c
|
Dr.
|
|
1,000
|
|
|
To Share Forfeature A/c
|
|
|
800
|
|
|
To Calls-in-Arrears A/c
|
|
|
200
|
|
|
(100 shares of Rs 10 each held by B, forfeited for the non-payment of Rs 2 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,200
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
300
|
|
|
To Equity Share Capital
|
|
|
1,500
|
|
|
(150 shares of Rs 10 each re-issued at Rs 8 per share, fully paid-up)
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
700
|
|
|
To Capital Reserve A/c
|
|
|
700
|
|
|
(Balance in Share Forfeiture Account of 150 re-issued shares, transferred to Capital Reserve)
|
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture of re-issued shares
A’s Shares
Share Forfeiture (at the time of share forfeiture) |
Cr. |
Rs |
6 |
per share |
Share Forfeiture (at the time of re-issue) |
Dr. |
Rs |
2 |
per share |
Balance in Share Forfeiture (after re-issue) |
Cr. |
Rs |
4 |
per share |
B’s Shares
Share Forfeiture (at the time of share forfeiture ) |
Cr. |
Rs |
8 |
per share |
Share Forfeiture(at the time of re-issue) |
Dr. |
Rs |
2 |
per share |
Balance in Share Forfeiture (after re-issue) |
Cr. |
Rs |
6 |
per share |
Calculation of Capital Reserve
Capital Reserve = Balance in Share Forfeiture after re-issue (per share) × No of shares re-issued
On re-issue of A’s shares = Rs 4 × 100 shares = Rs 400
On re-issue of B’s shares = Rs 6 × 50 shares = Rs 300
Capital Reserve 150 shares = 400 + 300 = Rs 700
Answer:
Issued capital 50,000 shares of Rs 10 each at premium of Rs 2
Applied shares 60,000
Allotment made as: |
|
Payable as: |
|
|||
Applied |
|
Alloted |
|
Application |
Rs 3 |
|
10,000 |
|
10,000 |
|
Allotment |
Rs 4 |
|
20,000 |
|
15,000 |
|
First Call |
Rs 2 |
|
30,000 |
|
25,000 |
|
Final Call |
Rs 1 |
|
60,000 |
|
50,000 |
|
|
Rs 10 |
per share |
Books of Nav Lakshmi Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,80,000 |
|
|
To Share Application A/c |
|
|
1,80,000 |
|
|
(Application money received for 60,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
1,80,000 |
|
|
To Share Capital A/c |
|
|
1,50,000 |
|
|
To Share Allotment A/c |
|
|
30,000 |
|
|
(Share application of 50,000 shares adjusted to Share Capital and excess money adjusted on allotment) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
(Allotment due on 50,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,65,500 |
|
|
To Share Allotment A/c |
|
|
1,65,500 |
|
|
(Allotment received for 48,500 shares after adjusting excess application money) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
1,00,000 |
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
(First call due on 50,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
97,000 |
|
|
To Share First Call A/c |
|
|
97,000 |
|
|
(First call received on 48,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
50,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
(Final call due on 50,000 shares at Rs 1) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
48,500 |
|
|
To Share Final Call A/c |
|
|
48,500 |
|
|
(Final call received on 48,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
15,000 |
|
|
To Share Forfeiture A/c |
|
|
6,000 |
|
|
To Share Allotment A/c |
|
|
4,500 |
|
|
To Share First Call A/c |
|
|
3,000 |
|
|
To Share Final Call A/c |
|
|
1,500 |
|
|
(1,500 shares of Rs 10 each forfeited for the non-payment of amount due) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(1,000 shares of Rs 10 each re-issued at Rs 8 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Capital Reserve A/c |
|
|
2,000 |
|
|
(Balance in Share Forfeiture of 1,000 re-issued shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Number of share default
Money received on application (2,000 × Rs 3) |
= |
6,000 |
Less: money transferred to Share Capital (1,500 × Rs 3) |
= |
4,500 |
Excess money on application |
|
1,500 |
|
= |
6,000 |
Less: Excess money on application |
= |
1,500 |
Calls-in–Arrears on Allotment |
|
4,500 |
Share Allotment
Money due on Share Allotment (50,000 shares × Rs 4) |
= |
2,00,000 |
Less: Excess money on application |
= |
30,000 |
Less: Calls-in-Arrears |
= |
4,500 |
Money received on Allotment |
|
1,65,500 |
Capital Reserve
Share Forfeiture Credit = |
= |
Rs 4 |
per share |
Share Forfeiture Debit |
= |
Rs 2 |
per share |
Balance in Share Forfeiture after re-issue |
|
Rs 2 |
per share |
Capital Reserve |
= |
Balance in share Forfeiture after re-issue (per share) × No. of shares re-issued |
|
= |
Rs 2 × 1,000 shares |
|
= |
Rs 2,000 |
Page No 8.115:
Question 47:
Issued capital 50,000 shares of Rs 10 each at premium of Rs 2
Applied shares 60,000
Allotment made as: |
|
Payable as: |
|
|||
Applied |
|
Alloted |
|
Application |
Rs 3 |
|
10,000 |
|
10,000 |
|
Allotment |
Rs 4 |
|
20,000 |
|
15,000 |
|
First Call |
Rs 2 |
|
30,000 |
|
25,000 |
|
Final Call |
Rs 1 |
|
60,000 |
|
50,000 |
|
|
Rs 10 |
per share |
Books of Nav Lakshmi Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,80,000 |
|
|
To Share Application A/c |
|
|
1,80,000 |
|
|
(Application money received for 60,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
1,80,000 |
|
|
To Share Capital A/c |
|
|
1,50,000 |
|
|
To Share Allotment A/c |
|
|
30,000 |
|
|
(Share application of 50,000 shares adjusted to Share Capital and excess money adjusted on allotment) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
(Allotment due on 50,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,65,500 |
|
|
To Share Allotment A/c |
|
|
1,65,500 |
|
|
(Allotment received for 48,500 shares after adjusting excess application money) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
1,00,000 |
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
(First call due on 50,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
97,000 |
|
|
To Share First Call A/c |
|
|
97,000 |
|
|
(First call received on 48,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
50,000 |
|
|
To Share Capital A/c |
|
|
50,000 |
|
|
(Final call due on 50,000 shares at Rs 1) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
48,500 |
|
|
To Share Final Call A/c |
|
|
48,500 |
|
|
(Final call received on 48,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
15,000 |
|
|
To Share Forfeiture A/c |
|
|
6,000 |
|
|
To Share Allotment A/c |
|
|
4,500 |
|
|
To Share First Call A/c |
|
|
3,000 |
|
|
To Share Final Call A/c |
|
|
1,500 |
|
|
(1,500 shares of Rs 10 each forfeited for the non-payment of amount due) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(1,000 shares of Rs 10 each re-issued at Rs 8 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Capital Reserve A/c |
|
|
2,000 |
|
|
(Balance in Share Forfeiture of 1,000 re-issued shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Number of share default
Money received on application (2,000 × Rs 3) |
= |
6,000 |
Less: money transferred to Share Capital (1,500 × Rs 3) |
= |
4,500 |
Excess money on application |
|
1,500 |
|
= |
6,000 |
Less: Excess money on application |
= |
1,500 |
Calls-in–Arrears on Allotment |
|
4,500 |
Share Allotment
Money due on Share Allotment (50,000 shares × Rs 4) |
= |
2,00,000 |
Less: Excess money on application |
= |
30,000 |
Less: Calls-in-Arrears |
= |
4,500 |
Money received on Allotment |
|
1,65,500 |
Capital Reserve
Share Forfeiture Credit = |
= |
Rs 4 |
per share |
Share Forfeiture Debit |
= |
Rs 2 |
per share |
Balance in Share Forfeiture after re-issue |
|
Rs 2 |
per share |
Capital Reserve |
= |
Balance in share Forfeiture after re-issue (per share) × No. of shares re-issued |
|
= |
Rs 2 × 1,000 shares |
|
= |
Rs 2,000 |
Answer:
In the books of Excel Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
To Share Application A/c |
|
|
|
60,000 |
|
(Application money received on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
60,000 |
|
|
To Equity Share Capital A/c |
|
|
|
60,000 |
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
|
40,000 |
|
(Amount due on allotment @ Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
38,000 |
|
|
To Equity Share Allotment A/c |
|
|
|
38,000 |
|
(Amount received on shares issued except on 400 shareholders) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
|
40,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
35,000 |
|
|
To Equity Share First Call A/c |
|
|
|
35,000 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
20,000 |
|
(Amount due on second call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
15,000 |
|
|
To Equity Share Second and Final Call A/c |
|
|
15,000 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (2,500 × 8) |
Dr. |
|
20,000 |
|
|
To Share Forfeiture A/c {(1,500 × 5) + 1,000 × 3} |
|
|
|
10,500 |
|
To Share Allotment A/c (1,000 × 2) |
|
|
|
4,000 |
|
To Share First Call A/c (2,500 × 2) |
|
|
|
5,000 |
|
To Share Second Call A/c (5,000 × 1) |
|
|
5,000 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
Balance Sheet as at March 31, 2013 |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
2,08,000 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
20,000 Equity Shares of Rs 10 each |
2,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
|
Add: Share Forfeiture |
10,500 |
|
|
Less: Calls-in-Arrears |
2,500 |
2,08,000 |
|
|
|
|
|
|
|
Working Notes:
WN 1: Table showing amount paid by different shareholders
Application @ Rs 3 |
Allotment @ Rs 2 |
First Call @ Rs 2 |
Second Call @ Rs 1 |
|
15,000 shares |
â |
â |
â |
â |
2,500 shares |
â |
â |
â |
â |
1,500 shares |
â |
â |
â |
â |
1,000 shares |
â |
â |
â |
â |
20,000 shares |
60,000 (20,000 × 3) |
38,000 (19,000 × 2) |
35,000 (17,500 × 2) |
15,000 (15,000 × 1) |
|
|
|
|
|
Page No 8.116:
Question 48:
In the books of Excel Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
To Share Application A/c |
|
|
|
60,000 |
|
(Application money received on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
60,000 |
|
|
To Equity Share Capital A/c |
|
|
|
60,000 |
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
|
40,000 |
|
(Amount due on allotment @ Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
38,000 |
|
|
To Equity Share Allotment A/c |
|
|
|
38,000 |
|
(Amount received on shares issued except on 400 shareholders) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
|
40,000 |
|
(Amount due on first and final call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
35,000 |
|
|
To Equity Share First Call A/c |
|
|
|
35,000 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second Call A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
|
20,000 |
|
(Amount due on second call on 20,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
15,000 |
|
|
To Equity Share Second and Final Call A/c |
|
|
15,000 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (2,500 × 8) |
Dr. |
|
20,000 |
|
|
To Share Forfeiture A/c {(1,500 × 5) + 1,000 × 3} |
|
|
|
10,500 |
|
To Share Allotment A/c (1,000 × 2) |
|
|
|
4,000 |
|
To Share First Call A/c (2,500 × 2) |
|
|
|
5,000 |
|
To Share Second Call A/c (5,000 × 1) |
|
|
5,000 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
Balance Sheet as at March 31, 2013 |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
2,08,000 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
20,000 Equity Shares of Rs 10 each |
2,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
|
Add: Share Forfeiture |
10,500 |
|
|
Less: Calls-in-Arrears |
2,500 |
2,08,000 |
|
|
|
|
|
|
|
Working Notes:
WN 1: Table showing amount paid by different shareholders
Application @ Rs 3 |
Allotment @ Rs 2 |
First Call @ Rs 2 |
Second Call @ Rs 1 |
|
15,000 shares |
â |
â |
â |
â |
2,500 shares |
â |
â |
â |
â |
1,500 shares |
â |
â |
â |
â |
1,000 shares |
â |
â |
â |
â |
20,000 shares |
60,000 (20,000 × 3) |
38,000 (19,000 × 2) |
35,000 (17,500 × 2) |
15,000 (15,000 × 1) |
|
|
|
|
|
Answer:
Book of Super Star Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Equity Share Application and Allotment A/c |
|
|
5,00,000 |
|
|
(Share Application and Allotment money received for 10,000 shares at Rs 50 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application and Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Equity Share Capital A/c |
|
|
5,00,000 |
|
|
(Share Application and Allotment money transferred to Equity Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Share First Call due on 10,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share First-Call A/c |
|
|
2,50,000 |
|
|
(First Call money received) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Equity Share Final Call due on 10,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,40,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Final Call A/c |
|
|
2,50,000 |
|
|
(Share Final Call of Rs 25 per share received on 9,600 shares and holders of 400 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
40,000 |
|
|
To Share Forfeiture A/c |
|
|
30,000 |
|
|
To Calls-In-Arrears A/c |
|
|
10,000 |
|
|
(400 shares of Rs 100 each forfeited for the non-payment final call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(200 shares of Rs 100 each re-issued at Rs 50 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
5,000 |
|
|
To Capital Reserve A/c |
|
|
5,000 |
|
|
(Balance in Share Forfeiture of 200 shares of after re-issue, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture |
Rs |
75 |
Cr. |
Share Forfeiture |
Rs |
50 |
Dr. |
Balance in Share Forfeiture Account for re-issued shares |
Rs |
25 |
Cr. per share |
Capital Reserve = Balance in Share Forfeiture Account for re-issued shares × Number of Share reissued
= Rs 25 × 200 = Rs 5,000
Page No 8.116:
Question 49:
Book of Super Star Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Equity Share Application and Allotment A/c |
|
|
5,00,000 |
|
|
(Share Application and Allotment money received for 10,000 shares at Rs 50 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application and Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Equity Share Capital A/c |
|
|
5,00,000 |
|
|
(Share Application and Allotment money transferred to Equity Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Share First Call due on 10,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share First-Call A/c |
|
|
2,50,000 |
|
|
(First Call money received) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Equity Share Final Call due on 10,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,40,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Final Call A/c |
|
|
2,50,000 |
|
|
(Share Final Call of Rs 25 per share received on 9,600 shares and holders of 400 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
40,000 |
|
|
To Share Forfeiture A/c |
|
|
30,000 |
|
|
To Calls-In-Arrears A/c |
|
|
10,000 |
|
|
(400 shares of Rs 100 each forfeited for the non-payment final call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(200 shares of Rs 100 each re-issued at Rs 50 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
5,000 |
|
|
To Capital Reserve A/c |
|
|
5,000 |
|
|
(Balance in Share Forfeiture of 200 shares of after re-issue, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture |
Rs |
75 |
Cr. |
Share Forfeiture |
Rs |
50 |
Dr. |
Balance in Share Forfeiture Account for re-issued shares |
Rs |
25 |
Cr. per share |
Capital Reserve = Balance in Share Forfeiture Account for re-issued shares × Number of Share reissued
= Rs 25 × 200 = Rs 5,000
Answer:
Issued and applied capital 20,000 shares of Rs 100 each
Payable as:
Application |
Rs |
25 |
|
Allotment |
Rs |
25 |
|
First Call |
Rs |
25 |
|
Called-up |
Rs |
75 |
per share |
Final Call |
Rs |
25 |
|
|
Rs |
100 |
per share |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Share Application A/c |
|
|
5,00,000 |
|
|
(Share application money received for 20,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Share Allotment due on 20,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Share Allotment A/c |
|
|
5,00,000 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Share First Call due on 20,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,90,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Share First Call A/c |
|
|
5,00,000 |
|
|
(Share First Call Rs 25 per share received on 19,600 shares and a holder of 400 shares did not pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
30,000 |
|
|
To Share Forfeiture A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
10,000 |
|
|
(400 shares of Rs 100 each, Rs 75 called-up, forfeited for the non-payment of Share First Call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
30,000 |
|
|
(400 shares of Rs 100 each, Rs 75 paid-up, reissued for the sum of Rs 28,000) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
18,000 |
|
|
To Capital Reserve A/c |
|
|
18,000 |
|
|
(Balance in share forfeiture after re-issue, transferred to capital reserve) |
|
|
|
|
|
|
|
|
|
Share Capital Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
|
|
|
|
||
Share Forfeiture |
20,000 |
Share Application |
5,00,000 |
||
Calls-in-Arrears |
10,000 |
Share Allotment |
5,00,000 |
||
|
|
Share First Call |
5,00,000 |
||
|
|
Bank |
28,000 |
||
Balance c/d |
|
Share Forfeiture |
2,000 |
||
|
|
|
|
||
|
15,30,000 |
|
15,30,000 |
||
|
|
|
|
Working Note-
Share Forfeiture Credit |
20,000 |
Less: Share Forfeiture Debit |
2,000 |
Balance in Share Forfeiture Account after re-issue |
18,000 |
Capital Reserve = Balance in Share Forfeiture Account after re-issue = Rs 18,000
Page No 8.116:
Question 50:
Issued and applied capital 20,000 shares of Rs 100 each
Payable as:
Application |
Rs |
25 |
|
Allotment |
Rs |
25 |
|
First Call |
Rs |
25 |
|
Called-up |
Rs |
75 |
per share |
Final Call |
Rs |
25 |
|
|
Rs |
100 |
per share |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Share Application A/c |
|
|
5,00,000 |
|
|
(Share application money received for 20,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Share Allotment due on 20,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Share Allotment A/c |
|
|
5,00,000 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
5,00,000 |
|
|
To Share Capital A/c |
|
|
5,00,000 |
|
|
(Share First Call due on 20,000 shares of Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,90,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Share First Call A/c |
|
|
5,00,000 |
|
|
(Share First Call Rs 25 per share received on 19,600 shares and a holder of 400 shares did not pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
30,000 |
|
|
To Share Forfeiture A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
10,000 |
|
|
(400 shares of Rs 100 each, Rs 75 called-up, forfeited for the non-payment of Share First Call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
30,000 |
|
|
(400 shares of Rs 100 each, Rs 75 paid-up, reissued for the sum of Rs 28,000) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
18,000 |
|
|
To Capital Reserve A/c |
|
|
18,000 |
|
|
(Balance in share forfeiture after re-issue, transferred to capital reserve) |
|
|
|
|
|
|
|
|
|
Share Capital Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
|
|
|
|
||
Share Forfeiture |
20,000 |
Share Application |
5,00,000 |
||
Calls-in-Arrears |
10,000 |
Share Allotment |
5,00,000 |
||
|
|
Share First Call |
5,00,000 |
||
|
|
Bank |
28,000 |
||
Balance c/d |
|
Share Forfeiture |
2,000 |
||
|
|
|
|
||
|
15,30,000 |
|
15,30,000 |
||
|
|
|
|
Working Note-
Share Forfeiture Credit |
20,000 |
Less: Share Forfeiture Debit |
2,000 |
Balance in Share Forfeiture Account after re-issue |
18,000 |
Capital Reserve = Balance in Share Forfeiture Account after re-issue = Rs 18,000
Answer:
Books of Hindustan Manufacturing Limited |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Share Final Call due on 1,00,000 shares at Rs 2.5 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,49,750 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
250 |
|
|
To Equity Share Final Call A/c |
|
|
2,50,000 |
|
|
(Share Final Call of Rs 2.5 per share received from 99,900 shares and 100 shares did not pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
1,000 |
|
|
To Share Forfeiture A/c |
|
|
500 |
|
|
To Calls-in-Arrears A/c |
|
|
500 |
|
|
(100 shares of Rs 10 each forfeited for the non-payment of two calls of Rs 2.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
800 |
|
|
Share Forfeiture A/c |
Dr. |
|
200 |
|
|
To Equity Share Capital A/c |
|
|
1,000 |
|
|
(100 shares of Rs 10 each reissued at Rs 8 per share, fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
300 |
|
|
To Capital Reserve A/c |
|
|
300 |
|
|
(Balance in Share Forfeiture Account after re-issue of shares, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Hindustan Manufacturing Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
10,00,000 |
b. Reserves and Surplus |
2 |
300 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
10,00,300 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
10,00,300 |
Total |
|
10,00,300 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
1 |
Share Capital |
|
|
Authorised Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
Issued Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
||
2 |
Reserves and Surplus |
|
|
Capital Reserve |
300 |
|
|
|
3 |
Cash and Cash Equivalents |
|
|
Cash at Bank |
10,00,300 |
|
|
|
Working Notes:
Share Forfeiture Credit (100 shares × Rs 5 each) |
500 |
|
Less: Share Forfeiture Debit (100 share × Rs 2 each) |
200 |
Loss on re-issue |
Balance in Share Forfeiture Account after re-issue |
300 |
|
Capital Reserve = Balance in Share Forfeiture Account after re-issue = Rs 300
Page No 8.116:
Question 51:
Books of Hindustan Manufacturing Limited |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
2,50,000 |
|
|
(Share Final Call due on 1,00,000 shares at Rs 2.5 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,49,750 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
250 |
|
|
To Equity Share Final Call A/c |
|
|
2,50,000 |
|
|
(Share Final Call of Rs 2.5 per share received from 99,900 shares and 100 shares did not pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
1,000 |
|
|
To Share Forfeiture A/c |
|
|
500 |
|
|
To Calls-in-Arrears A/c |
|
|
500 |
|
|
(100 shares of Rs 10 each forfeited for the non-payment of two calls of Rs 2.5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
800 |
|
|
Share Forfeiture A/c |
Dr. |
|
200 |
|
|
To Equity Share Capital A/c |
|
|
1,000 |
|
|
(100 shares of Rs 10 each reissued at Rs 8 per share, fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
300 |
|
|
To Capital Reserve A/c |
|
|
300 |
|
|
(Balance in Share Forfeiture Account after re-issue of shares, transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Hindustan Manufacturing Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
10,00,000 |
b. Reserves and Surplus |
2 |
300 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
10,00,300 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
10,00,300 |
Total |
|
10,00,300 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
1 |
Share Capital |
|
|
Authorised Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
Issued Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
1,00,000 shares of Rs 10 each |
10,00,000 |
|
||
2 |
Reserves and Surplus |
|
|
Capital Reserve |
300 |
|
|
|
3 |
Cash and Cash Equivalents |
|
|
Cash at Bank |
10,00,300 |
|
|
|
Working Notes:
Share Forfeiture Credit (100 shares × Rs 5 each) |
500 |
|
Less: Share Forfeiture Debit (100 share × Rs 2 each) |
200 |
Loss on re-issue |
Balance in Share Forfeiture Account after re-issue |
300 |
|
Capital Reserve = Balance in Share Forfeiture Account after re-issue = Rs 300
Answer:
Authorised capital 20,000 shares of Rs 100 each
Issued capital 10,000 shares
Applied 12,000 shares
|
Allotment made as: |
||
|
Applied |
|
Allotted |
I |
10,000 |
|
10,000 |
II |
2,000 |
|
NIL |
|
12,000 |
|
10,000 |
Book of Tata Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,40,000 |
|
|
To Share Application A/c |
|
|
2,40,000 |
|
|
(Share application money received for 12,000 shares at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
2,40,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
To Bank A/c |
|
|
40,000 |
|
|
(Share application money of Rs 20 each for 10,000 shares transferred to Share Capital Account and money of 2,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
3,00,000 |
|
|
To Share Capital A/c |
|
|
3,00,000 |
|
|
(Allotment due on 10,000 shares at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
To Share Allotment A/c |
|
|
3,00,000 |
|
|
(Share allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
2,50,000 |
|
|
To Share Capital A/c |
|
|
2,50,000 |
|
|
(First call due on 10,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,50,000 |
|
|
To Share First Call A/c |
|
|
2,50,000 |
|
|
(First call money received) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Share Capital A/c |
|
|
2,50,000 |
|
|
(Final call due on 10,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,43,750 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
6,250 |
|
|
To Share Final Call A/c |
|
|
2,50,000 |
|
|
(Final call of Rs 25 per share received from 9,750 shares and holders of 250 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
12,500 |
|
|
To Share Forfeiture A/c |
|
|
9,375 |
|
|
To Calls-in-Arrears A/c |
|
|
3,125 |
|
|
(125 shares of Rs 100 each forfeited for the non-payment of final call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
11,250 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,250 |
|
|
To Share Capital A/c |
|
|
12,500 |
|
|
(125 shares Rs 100 each re-issued at Rs 90 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,125 |
|
|
To Capital Reserve A/c |
|
|
8,125 |
|
|
(Balance in Share Forfeiture Account of 125 re-issued shares transferred to Capital Reserve Account) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Tata Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
9,96,875 |
b. Reserves and Surplus |
2 |
8,125 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
10,05,000 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
10,05,000 |
Total |
|
10,05,000 |
|
|
|
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
20,000 shares of Rs 100 each |
20,00,000 |
|
|
Issued Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
|
Less: Calls-in-Arrears (125 shares × Rs 25) |
(3,125) |
9,96,875 |
|
|||
2 |
Reserves and Surplus |
|
|
|
Capital Reserve |
8,125 |
|
|
|
|
|
3 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
10,05,000 |
|
|
|
|
Working Notes:
Share Forfeiture of 125 shares
Share Forfeiture Credit (at the time of forfeiture) |
75 |
per share |
Less: Share Forfeiture Debit (at the time of reissue) |
10 |
per share |
Balance in Share Forfeiture after re-issue shares |
65 |
per share |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares × No. of shares re-issued = 65 × 125 = Rs 8,125
Page No 8.116:
Question 52:
Authorised capital 20,000 shares of Rs 100 each
Issued capital 10,000 shares
Applied 12,000 shares
|
Allotment made as: |
||
|
Applied |
|
Allotted |
I |
10,000 |
|
10,000 |
II |
2,000 |
|
NIL |
|
12,000 |
|
10,000 |
Book of Tata Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,40,000 |
|
|
To Share Application A/c |
|
|
2,40,000 |
|
|
(Share application money received for 12,000 shares at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
2,40,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
To Bank A/c |
|
|
40,000 |
|
|
(Share application money of Rs 20 each for 10,000 shares transferred to Share Capital Account and money of 2,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
3,00,000 |
|
|
To Share Capital A/c |
|
|
3,00,000 |
|
|
(Allotment due on 10,000 shares at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
To Share Allotment A/c |
|
|
3,00,000 |
|
|
(Share allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
2,50,000 |
|
|
To Share Capital A/c |
|
|
2,50,000 |
|
|
(First call due on 10,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,50,000 |
|
|
To Share First Call A/c |
|
|
2,50,000 |
|
|
(First call money received) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
2,50,000 |
|
|
To Share Capital A/c |
|
|
2,50,000 |
|
|
(Final call due on 10,000 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,43,750 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
6,250 |
|
|
To Share Final Call A/c |
|
|
2,50,000 |
|
|
(Final call of Rs 25 per share received from 9,750 shares and holders of 250 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
12,500 |
|
|
To Share Forfeiture A/c |
|
|
9,375 |
|
|
To Calls-in-Arrears A/c |
|
|
3,125 |
|
|
(125 shares of Rs 100 each forfeited for the non-payment of final call Rs 25 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
11,250 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,250 |
|
|
To Share Capital A/c |
|
|
12,500 |
|
|
(125 shares Rs 100 each re-issued at Rs 90 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,125 |
|
|
To Capital Reserve A/c |
|
|
8,125 |
|
|
(Balance in Share Forfeiture Account of 125 re-issued shares transferred to Capital Reserve Account) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Tata Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
9,96,875 |
b. Reserves and Surplus |
2 |
8,125 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
10,05,000 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
10,05,000 |
Total |
|
10,05,000 |
|
|
|
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
20,000 shares of Rs 100 each |
20,00,000 |
|
|
Issued Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
10,000 shares of Rs 100 each |
10,00,000 |
|
|
Less: Calls-in-Arrears (125 shares × Rs 25) |
(3,125) |
9,96,875 |
|
|||
2 |
Reserves and Surplus |
|
|
|
Capital Reserve |
8,125 |
|
|
|
|
|
3 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
10,05,000 |
|
|
|
|
Working Notes:
Share Forfeiture of 125 shares
Share Forfeiture Credit (at the time of forfeiture) |
75 |
per share |
Less: Share Forfeiture Debit (at the time of reissue) |
10 |
per share |
Balance in Share Forfeiture after re-issue shares |
65 |
per share |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares × No. of shares re-issued = 65 × 125 = Rs 8,125
Answer:
Amount payable as:
Application |
Rs |
2 |
|
Allotment |
Rs |
2 |
|
First Call |
Rs |
3 |
|
Final Call |
Rs |
3 |
|
|
|
10 |
per share |
Book of S Ltd. Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
40,000 |
|
|
|
To Share Application A/c |
|
|
40,000 |
||
|
(Share application money received for 20,000 shares at Rs 2 each) |
|
|
|
||
|
|
|
|
|
||
|
Share Application A/c |
Dr. |
|
40,000 |
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
(Application money transferred to Share Capital Account) |
|
|
|
||
|
|
|
|
|
||
|
Share Allotment A/c |
Dr. |
|
40,000 |
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
(Share allotment due on 20,000 shares of Rs 2 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
39,500 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
500 |
|
|
|
To Share Allotment A/c |
|
|
40,000 |
||
|
(Share allotment of Rs 2 per share received on19,750 shares and holders 250 shares did not pay it) |
|
|
|
||
|
|
|
|
|
||
|
Share First Call A/c |
Dr. |
|
60,000 |
|
|
|
To Share Capital A/c |
|
|
60,000 |
||
|
(First call due 20,000 shares at Rs 3 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
59,250 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
750 |
|
|
|
To Share First Call A/c |
|
|
60,000 |
||
|
(First call of Rs 3 per share received on 19,750 shares and holders of 250 shares were default) |
|
|
|
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
1,750 |
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
To Calls-In-Arrears A/c |
|
|
1,250 |
||
|
(250 shares of Rs 10 each Rs 7 called-up, forfeited for the non-payment of Rs 5 per share) |
|
|
|
||
|
|
|
|
|
||
|
Share Final Call A/c |
Dr. |
|
59,250 |
|
|
|
To Share Capital |
|
|
59,250 |
||
|
(Final call due on 19,750 shares at Rs 3 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
59,250 |
|
|
|
To Share Final Call A/c |
|
|
59,250 |
||
|
(Final call money received) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
2,125 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
375 |
|
|
|
To Share Capital A/c |
|
|
2,500 |
||
|
(250 shares of Rs 10 each re-issued at Rs 8.5 fully paid-up) |
|
|
|
||
|
|
|
|
|
||
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Capital Reserve A/c |
|
|
125 |
||
|
(Balance in Share forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
||
S Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
2,00,000 |
b. Reserves and Surplus |
2 |
125 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
2,00,125 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
2,00,125 |
Total |
|
2,00,125 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
1 |
Share Capital |
|
|
Authorised Share Capital |
|
|
50,000 shares of Rs 10 each |
5,00,000 |
|
Issued Share Capital |
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
||
2 |
Reserves and Surplus |
|
|
Capital Reserve |
125 |
|
|
|
3 |
Cash and Cash Equivalents |
|
|
Cash at Bank |
2,00,125 |
|
|
|
Working Notes:
Share Forfeiture Credit (at the time of forfeiture) |
500 |
Less: Share Forfeiture Debit (at the time of reissue) |
375 |
Balance in Share Forfeiture Account of re-issued shares |
125 |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares = Rs 125
Page No 8.116:
Question 53:
Amount payable as:
Application |
Rs |
2 |
|
Allotment |
Rs |
2 |
|
First Call |
Rs |
3 |
|
Final Call |
Rs |
3 |
|
|
|
10 |
per share |
Book of S Ltd. Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
40,000 |
|
|
|
To Share Application A/c |
|
|
40,000 |
||
|
(Share application money received for 20,000 shares at Rs 2 each) |
|
|
|
||
|
|
|
|
|
||
|
Share Application A/c |
Dr. |
|
40,000 |
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
(Application money transferred to Share Capital Account) |
|
|
|
||
|
|
|
|
|
||
|
Share Allotment A/c |
Dr. |
|
40,000 |
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
(Share allotment due on 20,000 shares of Rs 2 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
39,500 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
500 |
|
|
|
To Share Allotment A/c |
|
|
40,000 |
||
|
(Share allotment of Rs 2 per share received on19,750 shares and holders 250 shares did not pay it) |
|
|
|
||
|
|
|
|
|
||
|
Share First Call A/c |
Dr. |
|
60,000 |
|
|
|
To Share Capital A/c |
|
|
60,000 |
||
|
(First call due 20,000 shares at Rs 3 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
59,250 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
750 |
|
|
|
To Share First Call A/c |
|
|
60,000 |
||
|
(First call of Rs 3 per share received on 19,750 shares and holders of 250 shares were default) |
|
|
|
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
1,750 |
|
|
|
To Share Forfeiture A/c |
|
|
500 |
||
|
To Calls-In-Arrears A/c |
|
|
1,250 |
||
|
(250 shares of Rs 10 each Rs 7 called-up, forfeited for the non-payment of Rs 5 per share) |
|
|
|
||
|
|
|
|
|
||
|
Share Final Call A/c |
Dr. |
|
59,250 |
|
|
|
To Share Capital |
|
|
59,250 |
||
|
(Final call due on 19,750 shares at Rs 3 each) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
59,250 |
|
|
|
To Share Final Call A/c |
|
|
59,250 |
||
|
(Final call money received) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
2,125 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
375 |
|
|
|
To Share Capital A/c |
|
|
2,500 |
||
|
(250 shares of Rs 10 each re-issued at Rs 8.5 fully paid-up) |
|
|
|
||
|
|
|
|
|
||
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Capital Reserve A/c |
|
|
125 |
||
|
(Balance in Share forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
||
S Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
2,00,000 |
b. Reserves and Surplus |
2 |
125 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
2,00,125 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
3 |
2,00,125 |
Total |
|
2,00,125 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
1 |
Share Capital |
|
|
Authorised Share Capital |
|
|
50,000 shares of Rs 10 each |
5,00,000 |
|
Issued Share Capital |
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
20,000 shares of Rs 10 each |
2,00,000 |
|
||
2 |
Reserves and Surplus |
|
|
Capital Reserve |
125 |
|
|
|
3 |
Cash and Cash Equivalents |
|
|
Cash at Bank |
2,00,125 |
|
|
|
Working Notes:
Share Forfeiture Credit (at the time of forfeiture) |
500 |
Less: Share Forfeiture Debit (at the time of reissue) |
375 |
Balance in Share Forfeiture Account of re-issued shares |
125 |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares = Rs 125
Answer:
Book of Wye Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Forfeiture of Shares |
|
|
|
|
|
Shares of A |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
10,000 |
|
|
To Share Forfeiture A/c |
|
|
2,000 |
|
|
To Calls-in-Arrears A/c |
|
|
8,000 |
|
|
(500 shares of Rs 20 each held by A forfeited for the non-payment of Rs 16 per share) |
|
|
|
|
|
|
|
|
|
|
|
Shares of B |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
6,000 |
|
|
To Share Forfeiture A/c |
|
|
2,400 |
|
|
To Calls-In-Arrears A/c |
|
|
3,600 |
|
|
(300 shares of Rs 20 each held by B forfeited for non-payment of Rs 12 per share) |
|
|
|
|
|
|
|
|
|
|
|
Shares of C |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
2,800 |
|
|
To Calls-In-Arrears A/c |
|
|
1,200 |
|
|
(200 shares of Rs 20 each held by C forfeited for the non-payment of Rs 6 per share) |
|
|
|
|
|
|
|
|
|
|
|
Re-issue of Shares |
|
|
|
|
|
Shares of A |
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(500 shares of Rs 20 each had forfeited from A, were reissued at Rs 18 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Shares of B |
|
|
|
|
|
Bank A/c |
Dr. |
|
4,800 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,200 |
|
|
To Share Capital A/c |
|
|
6,000 |
|
|
(300 shares of Rs 20 each had forfeited from B, reissued at Rs 16 per share ) |
|
|
|
|
|
|
|
|
|
|
|
Share of C |
|
|
|
|
|
Bank A/c |
Dr. |
|
3,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Share Capital A/c |
|
|
4,000 |
|
|
(200 share of Rs 20 each had forfeited from C, reissued at Rs 15 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Capital Reserve |
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
4,000 |
|
|
To Capital Reserve |
|
|
4,000 |
|
|
(Balance of Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture Credit (at the time of forfeiture) = 2,000 + 2,400 + 2,800 = Rs 7,200
Share Forfeiture Debit (at the time of re-issue) = 1,000 + 1,200 + 1,000 = Rs 3,200
Capital Reserve = Share Forfeiture Credit − Share Forfeiture Debit = 7,200 − 3,200 = Rs 4,000
Page No 8.117:
Question 54:
Book of Wye Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Forfeiture of Shares |
|
|
|
|
|
Shares of A |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
10,000 |
|
|
To Share Forfeiture A/c |
|
|
2,000 |
|
|
To Calls-in-Arrears A/c |
|
|
8,000 |
|
|
(500 shares of Rs 20 each held by A forfeited for the non-payment of Rs 16 per share) |
|
|
|
|
|
|
|
|
|
|
|
Shares of B |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
6,000 |
|
|
To Share Forfeiture A/c |
|
|
2,400 |
|
|
To Calls-In-Arrears A/c |
|
|
3,600 |
|
|
(300 shares of Rs 20 each held by B forfeited for non-payment of Rs 12 per share) |
|
|
|
|
|
|
|
|
|
|
|
Shares of C |
|
|
|
|
|
Share Capital A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
2,800 |
|
|
To Calls-In-Arrears A/c |
|
|
1,200 |
|
|
(200 shares of Rs 20 each held by C forfeited for the non-payment of Rs 6 per share) |
|
|
|
|
|
|
|
|
|
|
|
Re-issue of Shares |
|
|
|
|
|
Shares of A |
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(500 shares of Rs 20 each had forfeited from A, were reissued at Rs 18 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Shares of B |
|
|
|
|
|
Bank A/c |
Dr. |
|
4,800 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,200 |
|
|
To Share Capital A/c |
|
|
6,000 |
|
|
(300 shares of Rs 20 each had forfeited from B, reissued at Rs 16 per share ) |
|
|
|
|
|
|
|
|
|
|
|
Share of C |
|
|
|
|
|
Bank A/c |
Dr. |
|
3,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Share Capital A/c |
|
|
4,000 |
|
|
(200 share of Rs 20 each had forfeited from C, reissued at Rs 15 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Capital Reserve |
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
4,000 |
|
|
To Capital Reserve |
|
|
4,000 |
|
|
(Balance of Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture Credit (at the time of forfeiture) = 2,000 + 2,400 + 2,800 = Rs 7,200
Share Forfeiture Debit (at the time of re-issue) = 1,000 + 1,200 + 1,000 = Rs 3,200
Capital Reserve = Share Forfeiture Credit − Share Forfeiture Debit = 7,200 − 3,200 = Rs 4,000
Answer:
Authorised Capital 10,000 equity shares of Rs 10 each
Issued Capital 6,000 shares
Applied Capital 8,000 shares
Allotment made as: |
|
Payable as: |
|
|
|
||
Applied |
|
Alloted |
|
Application |
Rs |
2 |
per share |
7,000 |
|
6,000 |
|
Allotment |
Rs |
4 |
per share |
1,000 |
|
NIL |
|
First and Final Call |
Rs |
4 |
per share |
8,000 |
|
6,000 |
|
|
|
10 |
per share |
|
Cash Book |
|
|||
Dr. |
|
Cr. |
|||
Date |
Particulars
|
Bank Rs |
Date |
Particulars |
Bank Rs |
|
Equity Share Application |
16,000 |
|
Equity Share Application |
2,000 |
|
Equity Share Allotment |
22,000 |
|
|
|
|
Equity Share First and Final Call |
23,600 |
|
Balance c/d |
59,600 |
|
|
61,600 |
|
|
61,600 |
|
|
|
|
|
|
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Equity Share Application A/c |
Dr. |
|
14,000 |
|
|
|
To Equity Share Capital A/c |
|
|
12,000 |
||
|
To Equity Share Allotment A/c |
|
|
2,000 |
||
|
(Share application money of 6,000 shares at Rs 2 each transferred to Share Capital and Rs 2,000 adjusted towards allotment) |
|
|
|
||
|
|
|
|
|
||
|
Equity Share Allotment A/c |
Dr. |
|
24,000 |
|
|
|
To Equity Share Capital A/c |
|
|
24,000 |
||
|
(Share allotment money due on 6,000 shares at Rs 4 each) |
|
|
|
||
|
|
|
|
|
||
|
Equity Share First and Final Call A/c |
Dr. |
|
24,000 |
|
|
|
To Equity Share Capital A/c |
|
|
24,000 |
||
|
(Share First and Final Call due on 6,000 shares at Rs 4 each) |
|
|
|
||
|
|
|
|
|
||
|
Calls-in-Arrears A/c |
Dr. |
|
400 |
|
|
|
To Equity First and Final Call A/c |
|
|
400 |
||
|
(A holder of 100 shares failed to pay First and Final Call money and amount due from him transferred to Calls-in-Arrears Account) |
|
|
|
||
|
|
|
|
|
||
|
Equity Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c |
|
|
600 |
||
|
To Calls-in-Arrears A/c |
|
|
400 |
||
|
(100 shares of Rs 10 each forfeited for the non-payment of first and final call Rs 4 per share) |
|
|
|
||
|
|
|
|
|
Page No 8.117:
Question 55:
Answer:
Amount payable as
Application |
Rs |
2 |
Allotment |
Rs |
4 |
First Call |
Rs |
2 |
Final Call |
Rs |
2 |
|
|
10 |
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
40,000
|
|
|
To Share Application A/c
|
|
|
40,000
|
|
|
(Share application money received for 20,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
40,000
|
|
|
To Share Capital A/c
|
|
|
40,000
|
|
|
(Share application money of 20,000 shares at Rs 2 each transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
80,000
|
|
|
To Share Capital A/c
|
|
|
80,000
|
|
|
(Share allotment due on 20,000 shares at Rs 4 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
80,000
|
|
|
To Share Allotment A/c
|
|
|
80,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
40,000
|
|
|
To Share Capital A/c
|
|
|
40,000
|
|
|
(Share first call due on 20,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
38,600
|
|
|
Call-in-Arrears A/c (1,000×2)
|
Dr.
|
|
2,000
|
|
|
To Share First Call A/c
|
|
|
40,000
|
|
|
To Calls-in-Advance (300×2)
|
|
|
600
|
|
|
(Share first call of Rs 2 per share received on 19,000 shares along with calls-in-advance of 300 shares at Rs 2 each and holders of 1,000 shares failed to pay the first call)
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c
|
Dr.
|
|
8,000
|
|
|
To Share Forfeiture A/c (1,000×6)
|
|
|
6,000
|
|
|
To Calls-In-Arrears A/c
|
|
|
2,000
|
|
|
(1,000 shares of Rs 10 each on which Rs 8 had called, forfeited for non-payment of first call Rs 2 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c
|
Dr.
|
|
38,000
|
|
|
To Share Capital A/c
|
|
|
38,000
|
|
|
(Share final call due on 19,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
37,400
|
|
|
Calls-In-Advance A/c
|
Dr.
|
|
600
|
|
|
To Share Final Call A/c
|
|
|
38,000
|
|
|
(Share final call received from 18,700 shares and calls-in-advance of 300 shares adjusted)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,000
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
4,000
|
|
|
To Share Capital A/c
|
|
|
10,000
|
|
|
(1,000 shares, re-issued at Rs 6 per share as fully paid-up)
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
2,000
|
|
|
To Capital Reserve A/c
|
|
|
2,000
|
|
|
(Balance of Share Forfeiture Account after re-issue transferred to Capital Reserve)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
A Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
2,00,000
|
b. Reserves and Surplus
|
2
|
2,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
2,02,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
2,02,000
|
Total
|
|
2,02,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
50,000 shares of Rs 10 each
|
5,00,000
|
|
Issued Share Capital
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
||
2
|
Reserves and Surplus
|
|
|
Capital Reserve
|
2,000
|
|
|
|
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
2,02,000
|
|
|
|
Working Notes:
Share Forfeiture Credit (at the time of forfeiture of shares) |
6,000 |
Less: Share Forfeiture Debit (at the time of re-issue shares) |
4,000 |
Balance in Share Forfeiture Account after re-issue of shares |
2,000 |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares = Rs 2,000
Page No 8.117:
Question 56:
Amount payable as
Application |
Rs |
2 |
Allotment |
Rs |
4 |
First Call |
Rs |
2 |
Final Call |
Rs |
2 |
|
|
10 |
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
40,000
|
|
|
To Share Application A/c
|
|
|
40,000
|
|
|
(Share application money received for 20,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
40,000
|
|
|
To Share Capital A/c
|
|
|
40,000
|
|
|
(Share application money of 20,000 shares at Rs 2 each transferred to Share Capital)
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
80,000
|
|
|
To Share Capital A/c
|
|
|
80,000
|
|
|
(Share allotment due on 20,000 shares at Rs 4 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
80,000
|
|
|
To Share Allotment A/c
|
|
|
80,000
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
40,000
|
|
|
To Share Capital A/c
|
|
|
40,000
|
|
|
(Share first call due on 20,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
38,600
|
|
|
Call-in-Arrears A/c (1,000×2)
|
Dr.
|
|
2,000
|
|
|
To Share First Call A/c
|
|
|
40,000
|
|
|
To Calls-in-Advance (300×2)
|
|
|
600
|
|
|
(Share first call of Rs 2 per share received on 19,000 shares along with calls-in-advance of 300 shares at Rs 2 each and holders of 1,000 shares failed to pay the first call)
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c
|
Dr.
|
|
8,000
|
|
|
To Share Forfeiture A/c (1,000×6)
|
|
|
6,000
|
|
|
To Calls-In-Arrears A/c
|
|
|
2,000
|
|
|
(1,000 shares of Rs 10 each on which Rs 8 had called, forfeited for non-payment of first call Rs 2 per share)
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c
|
Dr.
|
|
38,000
|
|
|
To Share Capital A/c
|
|
|
38,000
|
|
|
(Share final call due on 19,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
37,400
|
|
|
Calls-In-Advance A/c
|
Dr.
|
|
600
|
|
|
To Share Final Call A/c
|
|
|
38,000
|
|
|
(Share final call received from 18,700 shares and calls-in-advance of 300 shares adjusted)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,000
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
4,000
|
|
|
To Share Capital A/c
|
|
|
10,000
|
|
|
(1,000 shares, re-issued at Rs 6 per share as fully paid-up)
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c
|
Dr.
|
|
2,000
|
|
|
To Capital Reserve A/c
|
|
|
2,000
|
|
|
(Balance of Share Forfeiture Account after re-issue transferred to Capital Reserve)
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
A Ltd.
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities
|
|
|
1. Shareholders’ Funds
|
|
|
a. Share Capital
|
1
|
2,00,000
|
b. Reserves and Surplus
|
2
|
2,000
|
2. Non-Current Liabilities
|
|
|
3. Current Liabilities
|
|
|
Total
|
|
2,02,000
|
|
|
|
II. Assets
|
|
|
1. Non-Current Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
2,02,000
|
Total
|
|
2,02,000
|
|
|
|
NOTES TO ACCOUNTS
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital
|
|
|
Authorised Share Capital
|
|
|
50,000 shares of Rs 10 each
|
5,00,000
|
|
Issued Share Capital
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
20,000 shares of Rs 10 each
|
2,00,000
|
|
||
2
|
Reserves and Surplus
|
|
|
Capital Reserve
|
2,000
|
|
|
|
3
|
Cash and Cash Equivalents
|
|
|
Cash at Bank
|
2,02,000
|
|
|
|
Working Notes:
Share Forfeiture Credit (at the time of forfeiture of shares) |
6,000 |
Less: Share Forfeiture Debit (at the time of re-issue shares) |
4,000 |
Balance in Share Forfeiture Account after re-issue of shares |
2,000 |
Capital Reserve = Balance in Share Forfeiture Account of re-issued shares = Rs 2,000
Answer:
Authorised capital 50,000 shares of Rs 10 each
Issued |
30,000 shares |
|
Payable as: |
|
|
Applied |
46,000 shares |
|
Application |
Rs |
2 |
|
|
|
Allotment |
Rs |
4 |
|
|
|
First and Final Call |
Rs |
4 |
|
|
|
|
Rs |
10 |
|
|
|
|
|
|
|
Applied Shares |
Alloted Shares |
Money received on Application @ Rs 2 each |
Money transfers to Share Capital @ Rs 2 each |
Excess Application money |
Allotment due @ Rs 4 each |
Excess application money adjustment on allotment |
20,000 |
20,000 |
40,000 |
40,000 |
– |
80,000 |
– |
25,000 |
10,000 |
50,000 |
20,000 |
30,000 |
40,000 |
30,000 |
1,000
|
–
|
2,000
|
–
|
2,000 (return) |
|
|
46,000 |
30,000 |
92,000 |
60,000 |
|
1,20,000 |
30,000 |
|
|
|
|
|
|
|
1. Calculation of Calls-In-Arrears on Allotment
Allotment due |
Rs |
1,20,000 |
Less: Excess Application money adjusted on allotment |
Rs |
30,000 |
Less: Money received on Allotment |
Rs |
86,000 |
Calls-in-Arrears on Allotment |
Rs |
Rs 4,000 |
2. Calculation of Calls-in-Arrears on First and Final Call
First and Final Call due 30,000 × Rs 4 per share |
= |
1,20,000 |
Less: Money received on First and Final Call |
= |
1,00,000 |
Calls in Arrears |
|
20,000 |
Books of Swaraj & Co. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
92,000 |
|
|
To Share Application A/c |
|
|
92,000 |
|
|
(Share application money received for 46,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
92,000 |
|
|
To Share Capital A/c |
|
|
60,000 |
|
|
To Share Allotment A/c |
|
|
30,000 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
(Share application money of 30,000 shares at Rs 2 each transferred to Share Capital, Rs 30,000 adjusted towards allotment and Rs 2,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share allotment due on 30,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
86,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,000 |
|
|
To Share Allotment A/c |
|
|
90,000 |
|
|
(Share allotment money received and arrears 1,000 shares transferred to Calls-in-Arrears) |
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share first and final call due on 30,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
Call-In-Arrears A/c |
Dr. |
|
20,000 |
|
|
To Share First and Final Call A/c |
|
|
1,20,000 |
|
|
(Share first and final call received on 25,000 shares and holders of 5,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (1,000×10) |
Dr. |
|
10,000 |
|
|
To Share Forfeiture A/c |
|
|
2,000 |
|
|
To Calls-In-Arrears A/c |
|
|
8,000 |
|
|
(1,000 shares of Rs 10 each forfeited for the non-payment allotment and call) |
|
|
|
|
|
|
|
|
|
Page No 8.117:
Question 57:
Authorised capital 50,000 shares of Rs 10 each
Issued |
30,000 shares |
|
Payable as: |
|
|
Applied |
46,000 shares |
|
Application |
Rs |
2 |
|
|
|
Allotment |
Rs |
4 |
|
|
|
First and Final Call |
Rs |
4 |
|
|
|
|
Rs |
10 |
|
|
|
|
|
|
|
Applied Shares |
Alloted Shares |
Money received on Application @ Rs 2 each |
Money transfers to Share Capital @ Rs 2 each |
Excess Application money |
Allotment due @ Rs 4 each |
Excess application money adjustment on allotment |
20,000 |
20,000 |
40,000 |
40,000 |
– |
80,000 |
– |
25,000 |
10,000 |
50,000 |
20,000 |
30,000 |
40,000 |
30,000 |
1,000
|
–
|
2,000
|
–
|
2,000 (return) |
|
|
46,000 |
30,000 |
92,000 |
60,000 |
|
1,20,000 |
30,000 |
|
|
|
|
|
|
|
1. Calculation of Calls-In-Arrears on Allotment
Allotment due |
Rs |
1,20,000 |
Less: Excess Application money adjusted on allotment |
Rs |
30,000 |
Less: Money received on Allotment |
Rs |
86,000 |
Calls-in-Arrears on Allotment |
Rs |
Rs 4,000 |
2. Calculation of Calls-in-Arrears on First and Final Call
First and Final Call due 30,000 × Rs 4 per share |
= |
1,20,000 |
Less: Money received on First and Final Call |
= |
1,00,000 |
Calls in Arrears |
|
20,000 |
Books of Swaraj & Co. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
92,000 |
|
|
To Share Application A/c |
|
|
92,000 |
|
|
(Share application money received for 46,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
92,000 |
|
|
To Share Capital A/c |
|
|
60,000 |
|
|
To Share Allotment A/c |
|
|
30,000 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
(Share application money of 30,000 shares at Rs 2 each transferred to Share Capital, Rs 30,000 adjusted towards allotment and Rs 2,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share allotment due on 30,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
86,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,000 |
|
|
To Share Allotment A/c |
|
|
90,000 |
|
|
(Share allotment money received and arrears 1,000 shares transferred to Calls-in-Arrears) |
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,20,000 |
|
|
(Share first and final call due on 30,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
Call-In-Arrears A/c |
Dr. |
|
20,000 |
|
|
To Share First and Final Call A/c |
|
|
1,20,000 |
|
|
(Share first and final call received on 25,000 shares and holders of 5,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (1,000×10) |
Dr. |
|
10,000 |
|
|
To Share Forfeiture A/c |
|
|
2,000 |
|
|
To Calls-In-Arrears A/c |
|
|
8,000 |
|
|
(1,000 shares of Rs 10 each forfeited for the non-payment allotment and call) |
|
|
|
|
|
|
|
|
|
Answer:
Issued and Applied 10,000 Shares of Rs 10 each
|
|
|
|
|
A |
|
B |
|
C |
|
Paid-up Shares |
Application |
Rs |
1 |
(10,000 |
|
|
|
|
|
|
= |
10,000) |
Allotment |
Rs |
2 |
(10,000 |
– |
200 |
|
|
|
|
= |
9,800) |
First Call |
Rs |
3 |
(10,000 |
– |
200 |
– |
150 |
|
|
= |
9,650) |
Second and Final Call |
Rs |
4 |
(10,000 |
– |
200 |
– |
150 |
– |
50 |
= |
9,600) |
|
|
10 |
|
|
|
|
|
|
|
|
|
Books of X Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Application A/c |
|
|
10,000 |
|
|
(Share application received for 10,000 shares at Re 1 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Capital A/c |
|
|
10,000 |
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(Share allotment due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
19,600 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
400 |
|
|
To Equity Share Allotment A/c |
|
|
20,000 |
|
|
(Share allotment of Rs 2 per share received on 9,800 shares and holder of 200 failed to pay to it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital |
|
|
30,000 |
|
|
(Share first call due on 10,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,950 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,050 |
|
|
To Equity Shares First Call A/c |
|
|
30,000 |
|
|
(Share first call received on 9,650 shares and holders of 350 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share final call due on 10,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
38,400 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,600 |
|
|
To Equity Share Final Call A/c |
|
|
40,000 |
|
|
(Holders of 9,600 shares paid final call and holders of 400 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
2,000 |
|
|
To Share Forfeiture A/c (200 × 1) |
|
|
200 |
|
|
To Calls-In-Arrears A/c (200 × 9) |
|
|
1,800 |
|
|
(200 shares held by A on which application money Re 1 was received, forfeited) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
1,500 |
|
|
To Share Forfeiture A/c (150 × 3) |
|
|
450 |
|
|
To Calls-In-Arrears A/c (150 × 7) |
|
|
1,050 |
|
|
(150 shares of Rs 10 each held by B forfeited for the non-payment of two calls Rs each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
500 |
|
|
To Share Forfeiture A/c (50 × 6) |
|
|
300 |
|
|
To Calls-in-Arrears A/c (50 × 4) |
|
|
200 |
|
|
(50 shares of Rs 10 each held by C forfeited for the non-payment of final call Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (400 × 9.5) |
Dr. |
|
3,800 |
|
|
Share Forfeiture A/c (400 × .5) |
Dr. |
|
200 |
|
|
To Equity Share Capital A/c |
|
|
4,000 |
|
|
(400 shares of Rs 10 each re-issued at Rs 9.5 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
750 |
|
|
To Capital Reserve A/c |
|
|
750 |
|
|
(Balance in Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note:
Share Forfeiture of 100 shares held by A |
Rs |
200 |
Cr. |
Share Forfeiture of 200 shares held by B |
Rs |
450 |
Cr. |
Share Forfeiture of 300 shares held by C |
Rs |
300 |
Cr. |
Total Share Forfeiture credit (at the time of cancellation of shares) |
Rs |
950 |
|
Calculation of Capital Reserve
Total Share Forfeiture (at the time of cancellation of shares) = Rs 950
Less: Total Share Forfeiture (at the time of re-issue of shares) = Rs (200)
Capital Reserve = Rs 750
Page No 8.117:
Question 58:
Issued and Applied 10,000 Shares of Rs 10 each
|
|
|
|
|
A |
|
B |
|
C |
|
Paid-up Shares |
Application |
Rs |
1 |
(10,000 |
|
|
|
|
|
|
= |
10,000) |
Allotment |
Rs |
2 |
(10,000 |
– |
200 |
|
|
|
|
= |
9,800) |
First Call |
Rs |
3 |
(10,000 |
– |
200 |
– |
150 |
|
|
= |
9,650) |
Second and Final Call |
Rs |
4 |
(10,000 |
– |
200 |
– |
150 |
– |
50 |
= |
9,600) |
|
|
10 |
|
|
|
|
|
|
|
|
|
Books of X Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Application A/c |
|
|
10,000 |
|
|
(Share application received for 10,000 shares at Re 1 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
10,000 |
|
|
To Equity Share Capital A/c |
|
|
10,000 |
|
|
(Share application money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
20,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
(Share allotment due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
19,600 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
400 |
|
|
To Equity Share Allotment A/c |
|
|
20,000 |
|
|
(Share allotment of Rs 2 per share received on 9,800 shares and holder of 200 failed to pay to it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital |
|
|
30,000 |
|
|
(Share first call due on 10,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,950 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,050 |
|
|
To Equity Shares First Call A/c |
|
|
30,000 |
|
|
(Share first call received on 9,650 shares and holders of 350 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
40,000 |
|
|
To Equity Share Capital A/c |
|
|
40,000 |
|
|
(Share final call due on 10,000 shares at Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
38,400 |
|
|
Calls-In-Arrears A/c |
Dr. |
|
1,600 |
|
|
To Equity Share Final Call A/c |
|
|
40,000 |
|
|
(Holders of 9,600 shares paid final call and holders of 400 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
2,000 |
|
|
To Share Forfeiture A/c (200 × 1) |
|
|
200 |
|
|
To Calls-In-Arrears A/c (200 × 9) |
|
|
1,800 |
|
|
(200 shares held by A on which application money Re 1 was received, forfeited) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
1,500 |
|
|
To Share Forfeiture A/c (150 × 3) |
|
|
450 |
|
|
To Calls-In-Arrears A/c (150 × 7) |
|
|
1,050 |
|
|
(150 shares of Rs 10 each held by B forfeited for the non-payment of two calls Rs each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
500 |
|
|
To Share Forfeiture A/c (50 × 6) |
|
|
300 |
|
|
To Calls-in-Arrears A/c (50 × 4) |
|
|
200 |
|
|
(50 shares of Rs 10 each held by C forfeited for the non-payment of final call Rs 4 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (400 × 9.5) |
Dr. |
|
3,800 |
|
|
Share Forfeiture A/c (400 × .5) |
Dr. |
|
200 |
|
|
To Equity Share Capital A/c |
|
|
4,000 |
|
|
(400 shares of Rs 10 each re-issued at Rs 9.5 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
750 |
|
|
To Capital Reserve A/c |
|
|
750 |
|
|
(Balance in Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note:
Share Forfeiture of 100 shares held by A |
Rs |
200 |
Cr. |
Share Forfeiture of 200 shares held by B |
Rs |
450 |
Cr. |
Share Forfeiture of 300 shares held by C |
Rs |
300 |
Cr. |
Total Share Forfeiture credit (at the time of cancellation of shares) |
Rs |
950 |
|
Calculation of Capital Reserve
Total Share Forfeiture (at the time of cancellation of shares) = Rs 950
Less: Total Share Forfeiture (at the time of re-issue of shares) = Rs (200)
Capital Reserve = Rs 750
Answer:
Journal
|
|||||
In the books of Exe Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Case 1
|
Equity Share Capital A/c (800 × 10) |
Dr.
|
8,000
|
||
To Equity Share First Call A/c (800 × 2) |
1,600
|
||||
To Equity Share Second and Final Call A/c (800 × 2) |
1,600
|
||||
To Share Forfeiture A/c (800 × 6) |
4,800
|
||||
(800 shares were forfeited due to the non-payment of first and final call) | |||||
Case 2
|
Equity Share Capital A/c (800 × 8) |
Dr.
|
6,400
|
||
Securities Premium Reserve A/c (800 × 2) |
1,600
|
||||
To Equity Share Allotment A/c (800 × 5) |
4,000
|
||||
To Equity Share First Call A/c (800 × 2) |
1,600
|
||||
To Share Forfeiture A/c (800 × 3) |
2,400
|
||||
(800 shares were forfeited due to the non-payment of allotment and first call money) | |||||
Page No 8.118:
Question 59:
Journal
|
|||||
In the books of Exe Ltd.
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Case 1
|
Equity Share Capital A/c (800 × 10) |
Dr.
|
8,000
|
||
To Equity Share First Call A/c (800 × 2) |
1,600
|
||||
To Equity Share Second and Final Call A/c (800 × 2) |
1,600
|
||||
To Share Forfeiture A/c (800 × 6) |
4,800
|
||||
(800 shares were forfeited due to the non-payment of first and final call) | |||||
Case 2
|
Equity Share Capital A/c (800 × 8) |
Dr.
|
6,400
|
||
Securities Premium Reserve A/c (800 × 2) |
1,600
|
||||
To Equity Share Allotment A/c (800 × 5) |
4,000
|
||||
To Equity Share First Call A/c (800 × 2) |
1,600
|
||||
To Share Forfeiture A/c (800 × 3) |
2,400
|
||||
(800 shares were forfeited due to the non-payment of allotment and first call money) | |||||
Answer:
Issued and applied capital 10,000 shares of Rs 20 each with Rs 2 premium.
Application and Allotment |
= |
Rs 12 |
(10+2) |
First Call |
= |
Rs 2 |
|
|
|
Rs 14 |
(12+2) Called-up |
Books of A Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Share Application and Allotment A/c |
|
|
1,20,000 |
|
|
(Share Application and Allotment money received for 10,000 shares at Rs 12 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application and Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
To Securities Premium A/c |
|
|
20,000 |
|
|
(Share Application and Allotment transferred to Share Capital and Securities Premium at Rs 10 and Rs 2 each respectively) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
20,000 |
|
|
To Share Capital A/c |
|
|
20,000 |
|
|
(Share first call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
19,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Share First Call A/c |
|
|
20,000 |
|
|
(Share first call received on 9,500 shares and a holder of 500 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (500×12) |
Dr. |
|
6,000 |
|
|
To Share Forfeiture A/c (500×10) |
|
|
5,000 |
|
|
To Calls-in-Arrears A/c (500×2) |
|
|
1,000 |
|
|
(500 shares of Rs 20 each on which Rs 12 paid-up forfeited for the non-payment of Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(500 shares of Rs 20 each re-issued at Rs 16 each fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
3,000 |
|
|
To Capital Reserve A/c |
|
|
3,000 |
|
|
(Balance in Share Forfeiture after re-issued transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Capital Reserve |
= |
Share Forfeiture Cr. – Share Forfeiture Dr. |
|
= |
5,000 – 2,000 |
|
= |
Rs 3,000 |
Page No 8.118:
Question 60:
Issued and applied capital 10,000 shares of Rs 20 each with Rs 2 premium.
Application and Allotment |
= |
Rs 12 |
(10+2) |
First Call |
= |
Rs 2 |
|
|
|
Rs 14 |
(12+2) Called-up |
Books of A Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,20,000 |
|
|
To Share Application and Allotment A/c |
|
|
1,20,000 |
|
|
(Share Application and Allotment money received for 10,000 shares at Rs 12 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application and Allotment A/c |
Dr. |
|
1,20,000 |
|
|
To Share Capital A/c |
|
|
1,00,000 |
|
|
To Securities Premium A/c |
|
|
20,000 |
|
|
(Share Application and Allotment transferred to Share Capital and Securities Premium at Rs 10 and Rs 2 each respectively) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
20,000 |
|
|
To Share Capital A/c |
|
|
20,000 |
|
|
(Share first call due on 10,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
19,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Share First Call A/c |
|
|
20,000 |
|
|
(Share first call received on 9,500 shares and a holder of 500 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c (500×12) |
Dr. |
|
6,000 |
|
|
To Share Forfeiture A/c (500×10) |
|
|
5,000 |
|
|
To Calls-in-Arrears A/c (500×2) |
|
|
1,000 |
|
|
(500 shares of Rs 20 each on which Rs 12 paid-up forfeited for the non-payment of Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(500 shares of Rs 20 each re-issued at Rs 16 each fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
3,000 |
|
|
To Capital Reserve A/c |
|
|
3,000 |
|
|
(Balance in Share Forfeiture after re-issued transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Capital Reserve |
= |
Share Forfeiture Cr. – Share Forfeiture Dr. |
|
= |
5,000 – 2,000 |
|
= |
Rs 3,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Capital A/c (100 × 10) |
Dr.
|
1,000
|
||
|
Securities Premium Reserve A/c (100 × 2) |
Dr.
|
200
|
||
|
To Equity Share Allotment A/c (100 × 4) |
400
|
|||
|
To Equity Share First Call A/c (100 × 4) |
400
|
|||
|
To Share Forfeiture A/c (100 × 4) |
400
|
|||
|
(100 shares were forfeited due to the non-payment of allotment and call money) | ||||
|
|||||
|
Bank A/c (100 × 11) |
Dr.
|
1,100
|
||
|
To Equity Share Capital A/c (100 × 10) |
1,000
|
|||
|
To Securities Premium Reserve A/c (100 × 1) |
100
|
|||
|
(Forfeited shares were reissued @ Rs 11 each) | ||||
|
|||||
|
Share Forfeiture A/c |
Dr.
|
400
|
||
|
To Capital Reserve A/c |
400
|
|||
|
(Profit on reissue transferred to capital reserve) | ||||
Page No 8.118:
Question 61:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Capital A/c (100 × 10) |
Dr.
|
1,000
|
||
|
Securities Premium Reserve A/c (100 × 2) |
Dr.
|
200
|
||
|
To Equity Share Allotment A/c (100 × 4) |
400
|
|||
|
To Equity Share First Call A/c (100 × 4) |
400
|
|||
|
To Share Forfeiture A/c (100 × 4) |
400
|
|||
|
(100 shares were forfeited due to the non-payment of allotment and call money) | ||||
|
|||||
|
Bank A/c (100 × 11) |
Dr.
|
1,100
|
||
|
To Equity Share Capital A/c (100 × 10) |
1,000
|
|||
|
To Securities Premium Reserve A/c (100 × 1) |
100
|
|||
|
(Forfeited shares were reissued @ Rs 11 each) | ||||
|
|||||
|
Share Forfeiture A/c |
Dr.
|
400
|
||
|
To Capital Reserve A/c |
400
|
|||
|
(Profit on reissue transferred to capital reserve) | ||||
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Capital A/c (750 × 100) |
Dr.
|
75,000
|
|||
Securities Premium Reserve A/c (250 × 20) |
Dr.
|
5,000
|
|||
To Equity Share Allotment A/c (250 × 50) |
12,500
|
||||
To Equity Share First Call A/c (750 × 40) |
30,000
|
||||
To Share Forfeiture A/c |
37,500
|
||||
(750 shares of Asha and Neeru were forfeited) | |||||
Bank A/c (375 × 80) |
Dr.
|
30,000
|
|||
Securities Premium Reserve A/c (375 × 20) |
Dr.
|
7,500
|
|||
To Equity Share Capital A/c (375 × 100) |
37,500
|
||||
(Out of the forfeited shares, 375 shares were reissued) | |||||
Share Forfeiture A/c (WN) |
Dr.
|
7,500
|
|||
To Capital Reserve A/c |
7,500
|
||||
(Profit on reissue transferred to Capital Reserve) | |||||
Balance Sheet of D Ltd. (Before Forfeiture)
as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
24,57,500
|
b. Reserves & Surplus
|
2
|
5,00,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
29,57,500
|
|
II. Assets |
||
1. Non-Current Assets
|
||
a. Fixed Assets
|
||
i. Tangible Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
3
|
29,57,500
|
Total
|
29,57,500
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital | |||
xxx shares of Rs 100 each
|
xxx
|
||
2. Issued Share Capital | |||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
3. Subscribed Capital | |||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
Less: Calls-in-Arrears
|
42,500
|
24,57,500
|
|
24,57,500
|
|||
2
|
Reserve & Surplus | ||
Securities Premium Reserve |
5,00,000
|
||
3
|
Cash and Cash Equivalents | ||
Cash at Bank |
29,57,500
|
||
Balance Sheet of D Ltd. (After Forfeiture)
as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
24,62,500
|
b. Reserves & Surplus
|
2
|
4,95,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
29,57,500
|
|
II. Assets |
||
1. Non-Current Assets
|
||
a) Fixed Assets
|
||
i) Tangible Assets
|
||
2. Current Assets
|
||
Cash and Cash Equivalents
|
3
|
29,57,500
|
Total
|
29,57,500
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital | |||
xxx shares of Rs 100 each
|
xxx
|
||
2. Issued Share Capital | – | ||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
3. Subscribed Capital | – | ||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
24,250 Equity shares of Rs 100 each
|
24,25,000
|
||
Add: Share Forfeiture
|
37,500
|
24,62,500
|
|
24,62,500
|
|||
2
|
Reserves & Surplus | ||
Securities Premium Reserve |
4,95,000
|
||
3
|
Cash and Cash Equivalents | ||
Cash at Bank |
29,57,500
|
||
Balance Sheet of D Ltd. (After Reissue)
as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
24,85,000
|
b. Reserves & Surplus
|
2
|
5,02,500
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
29,87,500
|
|
II. Assets |
||
1. Non-Current Assets
|
||
a. Fixed Assets
|
||
i. Tangible Assets
|
||
2. Current Assets
|
||
Cash and Cash Equivalents
|
3
|
29,87,500
|
Total
|
29,87,500
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital | |||
xxx shares of Rs 100 each
|
xxx
|
||
2. Issued Share Capital | – | ||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
3. Subscribed Capital | – | ||
25,000 Equity shares of Rs 100 each
|
25,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
24,625 Equity shares of Rs 100 each
|
24,62,500
|
||
Add: Share Forfeited
|
22,500
|
24,85,500
|
|
24,85,500
|
|||
2
|
Reserves & Surplus | ||
Securities Premium Reserve |
4,95,000
|
||
Capital Reserve |
7,500
|
||
5,02,500
|
|||
3
|
Cash and Cash Equivalents | ||
Cash at Bank |
29,87,500
|
||
Working Notes: Calculation of Capital Reserve
Page No 8.118:
Question 62:
Answer:
Authorised Capital: 2,000 equity shares at Rs 100 each
Issued Capital:
1,000 equity shares at Rs 100 each to the vendor of the building
1,000 equity shares at Rs 100 each with a premium Rs 5 to the public
Applied by public: 900 equity shares
Payable by public as:
Application |
Rs |
10 |
|
Allotment |
Rs |
25 |
(20 + 5) |
First Call |
Rs |
40 |
|
Called-up |
|
75 |
(70 + 5) |
Final Call |
Rs |
30 |
|
|
Rs |
105 |
(100 + 5) |
Books of Kamal Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Building A/c |
Dr. |
|
1,00,000 |
|
|
To Vendor A/c |
|
|
1,00,000 |
|
|
(Building purchased from the vendor) |
|
|
|
|
|
|
|
|
|
|
|
Vendor A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(1,000 equity shares of Rs 100 each issued to the vendor of building) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Application A/c |
|
|
9,000 |
|
|
(Share application money received for 900 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Capital |
|
|
9,000 |
|
|
(Share application money of 900 shares at Rs 10 each transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
22,500 |
|
|
To Securities Premium |
|
|
4,500 |
|
|
To Equity Share Capital A/c |
|
|
18,000 |
|
|
(Share allotment due on 900 shares at Rs 25 each including Rs 5 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
22,500 |
|
|
To Equity Share Allotment A/c |
|
|
22,500 |
|
|
(Share allotment money received on 900 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
36,000 |
|
|
To Equity Share Capital A/c |
|
|
36,000 |
|
|
(First call due on 900 shares at Rs 40 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
32,000 |
|
|
Calls-in-Arrears A/c |
|
4,000 |
|
|
|
To Equity Share First-call A/c |
|
|
36,000 |
|
|
(First call received on 800 shares and a holder of 100 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
7,000 |
|
|
To Share Forfeiture A/c |
|
|
3,000 |
|
|
To Calls-in-Arrears A/c |
|
|
4,000 |
|
|
(100 shares of Rs 100 each, Rs 70 called-up forfeited for the non-payment of Rs 40) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Capital A/c |
|
|
7,000 |
|
|
(100 shares of Rs 100 each, re-issued at Rs 60 per share as Rs 70 paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Capital Reserve A/c |
|
|
2,000 |
|
|
(Balance in Share Forfeiture the Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Kamal Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
1,63,000 |
b. Reserves and Surplus |
2 |
6,500 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
1,69,500 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
a. Fixed Assets |
|
|
i. Tangible Assets |
3 |
1,00,000 |
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
4 |
69,500 |
Total |
|
1,69,500 |
|
|
|
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Issued Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
1,000 Equity Shares of Rs 100 each(for consideration other than cash) |
1,00,000 |
|
|
900 Equity Shares of Rs 100 each, Rs 70 Called-up |
63,000 |
1,63,000 |
|
|
|
|
2 |
Reserves and Surplus |
|
|
Securities Premium |
4,500 |
|
|
Capital Reserve |
2,000 |
6,500 |
|
|
|||
3 |
Tangible Assets |
|
|
Building |
1,00,000 |
||
|
|||
4 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
69,500 |
|
|
|
|
Working Notes:
Share Forfeiture (at the time of forfeiture) |
3,000 |
Credit |
Less: Share Forfeiture (at the time of re-issue) |
1,000 |
Debit |
Balance in Share Forfeiture (after re-issue) |
2,000 |
Credit |
Capital Reserve = Balance in Share Forfeiture (after re-issue) = Rs 2,000
Page No 8.118:
Question 63:
Authorised Capital: 2,000 equity shares at Rs 100 each
Issued Capital:
1,000 equity shares at Rs 100 each to the vendor of the building
1,000 equity shares at Rs 100 each with a premium Rs 5 to the public
Applied by public: 900 equity shares
Payable by public as:
Application |
Rs |
10 |
|
Allotment |
Rs |
25 |
(20 + 5) |
First Call |
Rs |
40 |
|
Called-up |
|
75 |
(70 + 5) |
Final Call |
Rs |
30 |
|
|
Rs |
105 |
(100 + 5) |
Books of Kamal Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Building A/c |
Dr. |
|
1,00,000 |
|
|
To Vendor A/c |
|
|
1,00,000 |
|
|
(Building purchased from the vendor) |
|
|
|
|
|
|
|
|
|
|
|
Vendor A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(1,000 equity shares of Rs 100 each issued to the vendor of building) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Application A/c |
|
|
9,000 |
|
|
(Share application money received for 900 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Capital |
|
|
9,000 |
|
|
(Share application money of 900 shares at Rs 10 each transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
22,500 |
|
|
To Securities Premium |
|
|
4,500 |
|
|
To Equity Share Capital A/c |
|
|
18,000 |
|
|
(Share allotment due on 900 shares at Rs 25 each including Rs 5 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
22,500 |
|
|
To Equity Share Allotment A/c |
|
|
22,500 |
|
|
(Share allotment money received on 900 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
36,000 |
|
|
To Equity Share Capital A/c |
|
|
36,000 |
|
|
(First call due on 900 shares at Rs 40 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
32,000 |
|
|
Calls-in-Arrears A/c |
|
4,000 |
|
|
|
To Equity Share First-call A/c |
|
|
36,000 |
|
|
(First call received on 800 shares and a holder of 100 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
7,000 |
|
|
To Share Forfeiture A/c |
|
|
3,000 |
|
|
To Calls-in-Arrears A/c |
|
|
4,000 |
|
|
(100 shares of Rs 100 each, Rs 70 called-up forfeited for the non-payment of Rs 40) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Capital A/c |
|
|
7,000 |
|
|
(100 shares of Rs 100 each, re-issued at Rs 60 per share as Rs 70 paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Capital Reserve A/c |
|
|
2,000 |
|
|
(Balance in Share Forfeiture the Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
Kamal Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
1,63,000 |
b. Reserves and Surplus |
2 |
6,500 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
1,69,500 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
a. Fixed Assets |
|
|
i. Tangible Assets |
3 |
1,00,000 |
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
4 |
69,500 |
Total |
|
1,69,500 |
|
|
|
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Issued Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
1,000 Equity Shares of Rs 100 each(for consideration other than cash) |
1,00,000 |
|
|
900 Equity Shares of Rs 100 each, Rs 70 Called-up |
63,000 |
1,63,000 |
|
|
|
|
2 |
Reserves and Surplus |
|
|
Securities Premium |
4,500 |
|
|
Capital Reserve |
2,000 |
6,500 |
|
|
|||
3 |
Tangible Assets |
|
|
Building |
1,00,000 |
||
|
|||
4 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
69,500 |
|
|
|
|
Working Notes:
Share Forfeiture (at the time of forfeiture) |
3,000 |
Credit |
Less: Share Forfeiture (at the time of re-issue) |
1,000 |
Debit |
Balance in Share Forfeiture (after re-issue) |
2,000 |
Credit |
Capital Reserve = Balance in Share Forfeiture (after re-issue) = Rs 2,000
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Capital A/c (200 × 10) |
Dr.
|
2,000
|
|||
To Equity Share Final Call A/c (200 × 3) |
600
|
||||
To Equity Share Forfeiture A/c (200 × 7) |
1,400
|
||||
(200 shares were forfeited due to the non-payment of final call money) |
|||||
Bank A/c (100 × 12) |
Dr.
|
1,200
|
|||
To Equity Share Capital A/c (100 × 10) |
1,000
|
||||
To Securities Premium Reserve A/c (100 × 2) |
200
|
||||
(100 forfeited shares were reissued @ 12 each) | |||||
Equity Share Forfeiture A/c |
Dr.
|
700
|
|||
To Capital Reserve A/c |
700
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Page No 8.118:
Question 64:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Capital A/c (200 × 10) |
Dr.
|
2,000
|
|||
To Equity Share Final Call A/c (200 × 3) |
600
|
||||
To Equity Share Forfeiture A/c (200 × 7) |
1,400
|
||||
(200 shares were forfeited due to the non-payment of final call money) |
|||||
Bank A/c (100 × 12) |
Dr.
|
1,200
|
|||
To Equity Share Capital A/c (100 × 10) |
1,000
|
||||
To Securities Premium Reserve A/c (100 × 2) |
200
|
||||
(100 forfeited shares were reissued @ 12 each) | |||||
Equity Share Forfeiture A/c |
Dr.
|
700
|
|||
To Capital Reserve A/c |
700
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Capital A/c (90 × 10) |
Dr.
|
900
|
|||
Securities Premium Reserve A/c (90 × 2) |
Dr.
|
180
|
|||
To Equity Share Allotment A/c (WN) |
414
|
||||
To Equity Share First Call A/c (90 × 5) |
450
|
||||
To Equity Share Forfeiture A/c |
216
|
||||
(Shares forfeited due to non-payment of allotment and call money) |
|||||
Bank A/c (30 × 9) |
Dr.
|
270
|
|||
Equity Share Forfeiture A/c (30 × 1) |
Dr.
|
30
|
|||
To Equity Share Capital A/c (30 × 10) |
300
|
||||
(Out of the forfeited shares, 30 shares were reissued) | |||||
Equity Share Forfeiture A/c |
Dr.
|
42
|
|||
To Capital Reserve A/c |
42
|
||||
(Profit on reissue transferred to Capital Reserve) | |||||
Working Notes:
WN1: Calculation of unpaid amount on allotment
Shares applied by Ram = 108
Shares allotted to Ram = 90
Excess money received = 36 (18 × 2)
Amount due on allotment = 450 (90 × 5)
∴ Unpaid amount on allotment = Rs 414
WN2: Calculation of capital reserve
Share forfeiture (Cr.) = 216
Page No 8.118:
Question 65:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Equity Share Capital A/c (90 × 10) |
Dr.
|
900
|
|||
Securities Premium Reserve A/c (90 × 2) |
Dr.
|
180
|
|||
To Equity Share Allotment A/c (WN) |
414
|
||||
To Equity Share First Call A/c (90 × 5) |
450
|
||||
To Equity Share Forfeiture A/c |
216
|
||||
(Shares forfeited due to non-payment of allotment and call money) |
|||||
Bank A/c (30 × 9) |
Dr.
|
270
|
|||
Equity Share Forfeiture A/c (30 × 1) |
Dr.
|
30
|
|||
To Equity Share Capital A/c (30 × 10) |
300
|
||||
(Out of the forfeited shares, 30 shares were reissued) | |||||
Equity Share Forfeiture A/c |
Dr.
|
42
|
|||
To Capital Reserve A/c |
42
|
||||
(Profit on reissue transferred to Capital Reserve) | |||||
Working Notes:
WN1: Calculation of unpaid amount on allotment
Shares applied by Ram = 108
Shares allotted to Ram = 90
Excess money received = 36 (18 × 2)
Amount due on allotment = 450 (90 × 5)
∴ Unpaid amount on allotment = Rs 414
WN2: Calculation of capital reserve
Share forfeiture (Cr.) = 216
Answer:
Issued capital 50,000 shares at Rs 10 each with a premium Rs 2
Applied shares 75,000
Allotment made as: |
|
Payable as: |
|
|||
Applied |
|
Allotted |
|
Application |
Rs 2 |
per share |
60,000 |
|
50,000 |
|
Allotment |
Rs 5 |
(3 + 2) per share |
15,000 |
|
NIL |
|
First Call |
Rs 2 |
per share |
|
|
|
|
Final Call |
Rs 3 |
per share |
75,000 |
|
50,000 |
|
|
Rs 12 |
(10 + 2) per share |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Application A/c |
|
|
1,50,000 |
|
|
(Share application money received for 75,000 shares of at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
To Equity Share Allotment A/c |
|
|
20,000 |
|
|
To Bank A/c |
|
|
30,000 |
|
|
(Share application of 50,000 shares transferred to Share Capital, Rs 20,000 adjusted on allotment and balance money Rs 30,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,50,000 |
|
|
To securities Premium A/c |
|
|
1,00,000 |
|
|
(Share Allotment due on 50,000 shares at Rs 5 per share including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,20,800 |
|
|
To Equity Share Allotment A/c |
|
|
2,20,800 |
|
|
(Equity share allotment money received from 48,000 shares after adjusting excess money on application) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(First call due on 50,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
91,000 |
|
|
To Equity Share First Call A/c |
|
|
91,000 |
|
|
(First call received on 45,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,50,000 |
|
|
(Final call due on 50,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,36,500 |
|
|
To Equity Share Final Call A/c |
|
|
1,36,500 |
|
|
(Final call received on 45,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
20,000 |
|
|
Securities Premium A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
4,800 |
|
|
To Equity Share Allotment A/c |
|
|
9,200 |
|
|
To Equity Share First Call A/c |
|
|
4,000 |
|
|
To Equity Share Final Call A/c |
|
|
6,000 |
|
|
(2,000 shares held by A, forfeited for the non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
25,000 |
|
|
To Share Forfeiture A/c |
|
|
12,500 |
|
|
To Equity Share First Call A/c |
|
|
5,000 |
|
|
To Equity Share Final Call A/c |
|
|
7,500 |
|
|
(2,500 shares held by B forfeited, for non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
36,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Capital A/c |
|
|
45,000 |
|
|
(4,500 shares of Rs 10 each re-issued at Rs 8 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,300 |
|
|
To Capital Reserve A/c |
|
|
8,300 |
|
|
(Balance in Share Forfeiture after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note:
A’s Share
Number of shares applied = = 2,400 shares
Money received on application (2,400 shares × Rs 2)
|
=
|
Rs 4,800
|
Less: Money transferred to Share Capital (2,000 shares × Rs 2)
|
=
|
Rs 4,000
|
Excess money on application
|
|
800
|
Allotment due (2,000 shares × Rs 5)
|
=
|
10,000
|
Less: Excess on money application
|
=
|
800
|
Calls-in-Arrears on Allotment
|
|
9,200
|
Share Allotment
Share Allotment due (50,000 shares × Rs 5)
|
=
|
2,50,000
|
Less: Adjustment of excess application money
|
=
|
(20,000)
|
Less: Calls-in-Arrears
|
|
(9,200)
|
Money received on Allotment
|
|
2,20,800
|
Share First Call
Share First Call due (50,000 × Rs 2)
|
=
|
1,00,000
|
Less: Calls in Arrears on shares held by A (2,000 × Rs 2)
|
=
|
4,000
|
Less: Calls-in-Arrears on shares held by B (2,500 × Rs 2)
|
=
|
5,000
|
Amount received on Share First Call
|
|
91,000
|
Share Final Call
Share Final Call due 50,000 Shares × Rs 3
|
=
|
1,50,000
|
Less: Calls-in-Arrears on shares held by A (2,000 × Rs 3)
|
=
|
6,000
|
Less: Calls-in-Arrears on shares held by S (2,500 × Rs 3)
|
=
|
7,500
|
Money received on First Call
|
|
1,36,500
|
Capital Reserve
Share Forfeiture Credit on A’s shares
|
=
|
4,800
|
(received from A)
|
Share Forfeiture Credit on B’s share (2,500 × Rs 5)
|
=
|
12,500
|
(received from B excluding premium)
|
Total Share Forfeiture Credit
|
=
|
17,300
|
|
Share Forfeiture Debit (4,500 shares × Rs 2)
|
|
9,000
|
|
Balance in Share Forfeiture after re-issue
|
|
8,300
|
|
Capital Reserve = Balance in Share Forfeiture after re-issue
= Rs 8,300
Page No 8.119:
Question 66:
Issued capital 50,000 shares at Rs 10 each with a premium Rs 2
Applied shares 75,000
Allotment made as: |
|
Payable as: |
|
|||
Applied |
|
Allotted |
|
Application |
Rs 2 |
per share |
60,000 |
|
50,000 |
|
Allotment |
Rs 5 |
(3 + 2) per share |
15,000 |
|
NIL |
|
First Call |
Rs 2 |
per share |
|
|
|
|
Final Call |
Rs 3 |
per share |
75,000 |
|
50,000 |
|
|
Rs 12 |
(10 + 2) per share |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Application A/c |
|
|
1,50,000 |
|
|
(Share application money received for 75,000 shares of at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
To Equity Share Allotment A/c |
|
|
20,000 |
|
|
To Bank A/c |
|
|
30,000 |
|
|
(Share application of 50,000 shares transferred to Share Capital, Rs 20,000 adjusted on allotment and balance money Rs 30,000 refunded) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
2,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,50,000 |
|
|
To securities Premium A/c |
|
|
1,00,000 |
|
|
(Share Allotment due on 50,000 shares at Rs 5 per share including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,20,800 |
|
|
To Equity Share Allotment A/c |
|
|
2,20,800 |
|
|
(Equity share allotment money received from 48,000 shares after adjusting excess money on application) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(First call due on 50,000 shares at Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
91,000 |
|
|
To Equity Share First Call A/c |
|
|
91,000 |
|
|
(First call received on 45,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c |
Dr. |
|
1,50,000 |
|
|
To Equity Share Capital A/c |
|
|
1,50,000 |
|
|
(Final call due on 50,000 shares at Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,36,500 |
|
|
To Equity Share Final Call A/c |
|
|
1,36,500 |
|
|
(Final call received on 45,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
20,000 |
|
|
Securities Premium A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
4,800 |
|
|
To Equity Share Allotment A/c |
|
|
9,200 |
|
|
To Equity Share First Call A/c |
|
|
4,000 |
|
|
To Equity Share Final Call A/c |
|
|
6,000 |
|
|
(2,000 shares held by A, forfeited for the non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
25,000 |
|
|
To Share Forfeiture A/c |
|
|
12,500 |
|
|
To Equity Share First Call A/c |
|
|
5,000 |
|
|
To Equity Share Final Call A/c |
|
|
7,500 |
|
|
(2,500 shares held by B forfeited, for non-payment) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
36,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Capital A/c |
|
|
45,000 |
|
|
(4,500 shares of Rs 10 each re-issued at Rs 8 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,300 |
|
|
To Capital Reserve A/c |
|
|
8,300 |
|
|
(Balance in Share Forfeiture after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note:
A’s Share
Number of shares applied = = 2,400 shares
Money received on application (2,400 shares × Rs 2)
|
=
|
Rs 4,800
|
Less: Money transferred to Share Capital (2,000 shares × Rs 2)
|
=
|
Rs 4,000
|
Excess money on application
|
|
800
|
Allotment due (2,000 shares × Rs 5)
|
=
|
10,000
|
Less: Excess on money application
|
=
|
800
|
Calls-in-Arrears on Allotment
|
|
9,200
|
Share Allotment
Share Allotment due (50,000 shares × Rs 5)
|
=
|
2,50,000
|
Less: Adjustment of excess application money
|
=
|
(20,000)
|
Less: Calls-in-Arrears
|
|
(9,200)
|
Money received on Allotment
|
|
2,20,800
|
Share First Call
Share First Call due (50,000 × Rs 2)
|
=
|
1,00,000
|
Less: Calls in Arrears on shares held by A (2,000 × Rs 2)
|
=
|
4,000
|
Less: Calls-in-Arrears on shares held by B (2,500 × Rs 2)
|
=
|
5,000
|
Amount received on Share First Call
|
|
91,000
|
Share Final Call
Share Final Call due 50,000 Shares × Rs 3
|
=
|
1,50,000
|
Less: Calls-in-Arrears on shares held by A (2,000 × Rs 3)
|
=
|
6,000
|
Less: Calls-in-Arrears on shares held by S (2,500 × Rs 3)
|
=
|
7,500
|
Money received on First Call
|
|
1,36,500
|
Capital Reserve
Share Forfeiture Credit on A’s shares
|
=
|
4,800
|
(received from A)
|
Share Forfeiture Credit on B’s share (2,500 × Rs 5)
|
=
|
12,500
|
(received from B excluding premium)
|
Total Share Forfeiture Credit
|
=
|
17,300
|
|
Share Forfeiture Debit (4,500 shares × Rs 2)
|
|
9,000
|
|
Balance in Share Forfeiture after re-issue
|
|
8,300
|
|
Capital Reserve = Balance in Share Forfeiture after re-issue
= Rs 8,300
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c | Dr. |
1,20,000
|
|||
To Equity Share Application A/c (60,000 × 2) |
1,20,000
|
||||
(Application money received for 60,000 shares) | |||||
Equity Share Application A/c | Dr. |
1,20,000
|
|||
To Equity Share Capital A/c (40,000 × 2) |
80,000
|
||||
To Bank A/c (12,000 × 2) |
24,000
|
||||
To Equity Share Allotment A/c |
16,000
|
||||
(Application money adjusted) | |||||
Equity Share Allotment A/c (40,000 × 5) | Dr. |
2,00,000
|
|||
To Equity Share Capital A/c (40,000 × 3) |
1,20,000
|
||||
To Securities Premium Reserve A/c (40,000 × 2) |
80,000
|
||||
(Allotment money due) | |||||
Bank A/c | Dr. |
1,76,640
|
|||
To Equity Share Allotment A/c (WN 2) (2,00,000 – 16,000 – 7,360) |
1,76,640
|
||||
(Allotment money received) | |||||
Equity Share First Call A/c | Dr. |
80,000
|
|||
To Equity Share Capital A/c (40,000 × 2) |
80,000
|
||||
(Money due on first call) | |||||
Bank A/c | Dr. |
72,800
|
|||
To Equity Share First Call A/c (80,000 – 3,200 – 4,000) |
72,800
|
||||
(Money received on first call) | |||||
Equity Share Second and Final Call A/c | Dr. |
1,20,000
|
|||
To Equity Share Capital A/c (40,000 × 3) |
1,20,000
|
||||
(Money due on second call) | |||||
Bank A/c | Dr. |
1,09,200
|
|||
To Equity Share Second and Final Call A/c (1,20,000 – 4,800 – 6,000) |
1,09,200
|
||||
(Money received on second call) | |||||
Equity Share Capital A/c | Dr. |
36,000
|
|||
Securities Premium Reserve A/c (1,600 × 2) | Dr. |
3,200
|
|||
To Equity Share Allotment A/c |
7,360
|
||||
To Equity Share First Call A/c |
7,200
|
||||
To Equity Share Second Call A/c |
10,800
|
||||
To Equity Share Forfeiture A/c |
13,840
|
||||
( Share forfeited) | |||||
Bank A/c (3,600 × 8) | Dr. |
28,800
|
|||
Equity Share Forfeiture A/c | Dr. |
7,200
|
|||
To Equity Share Capital A/c |
36,000
|
||||
(Forfeited shares reissued at Rs 8 per share) | |||||
Equity Share Forfeiture A/c | Dr. |
6,640
|
|||
To Capital Reserve A/c (13,840 – 7,200) |
6,640
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Working Note:
WN1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 2 each
|
Amount trsfd. to Share Capital Account @ Rs 2 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
48,000
|
40,000
|
96,000
|
80,000
|
16,000
|
16,000
|
– |
II
|
12,000
|
– |
24,000
|
– | – | – |
24,000
|
Total
|
60,000
|
40,000
|
1,20,000
|
80,000
|
16,000
|
16,000
|
24,000
|
WN2: Calculation of unpaid amount on allotment
Page No 8.119:
Question 67:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c | Dr. |
1,20,000
|
|||
To Equity Share Application A/c (60,000 × 2) |
1,20,000
|
||||
(Application money received for 60,000 shares) | |||||
Equity Share Application A/c | Dr. |
1,20,000
|
|||
To Equity Share Capital A/c (40,000 × 2) |
80,000
|
||||
To Bank A/c (12,000 × 2) |
24,000
|
||||
To Equity Share Allotment A/c |
16,000
|
||||
(Application money adjusted) | |||||
Equity Share Allotment A/c (40,000 × 5) | Dr. |
2,00,000
|
|||
To Equity Share Capital A/c (40,000 × 3) |
1,20,000
|
||||
To Securities Premium Reserve A/c (40,000 × 2) |
80,000
|
||||
(Allotment money due) | |||||
Bank A/c | Dr. |
1,76,640
|
|||
To Equity Share Allotment A/c (WN 2) (2,00,000 – 16,000 – 7,360) |
1,76,640
|
||||
(Allotment money received) | |||||
Equity Share First Call A/c | Dr. |
80,000
|
|||
To Equity Share Capital A/c (40,000 × 2) |
80,000
|
||||
(Money due on first call) | |||||
Bank A/c | Dr. |
72,800
|
|||
To Equity Share First Call A/c (80,000 – 3,200 – 4,000) |
72,800
|
||||
(Money received on first call) | |||||
Equity Share Second and Final Call A/c | Dr. |
1,20,000
|
|||
To Equity Share Capital A/c (40,000 × 3) |
1,20,000
|
||||
(Money due on second call) | |||||
Bank A/c | Dr. |
1,09,200
|
|||
To Equity Share Second and Final Call A/c (1,20,000 – 4,800 – 6,000) |
1,09,200
|
||||
(Money received on second call) | |||||
Equity Share Capital A/c | Dr. |
36,000
|
|||
Securities Premium Reserve A/c (1,600 × 2) | Dr. |
3,200
|
|||
To Equity Share Allotment A/c |
7,360
|
||||
To Equity Share First Call A/c |
7,200
|
||||
To Equity Share Second Call A/c |
10,800
|
||||
To Equity Share Forfeiture A/c |
13,840
|
||||
( Share forfeited) | |||||
Bank A/c (3,600 × 8) | Dr. |
28,800
|
|||
Equity Share Forfeiture A/c | Dr. |
7,200
|
|||
To Equity Share Capital A/c |
36,000
|
||||
(Forfeited shares reissued at Rs 8 per share) | |||||
Equity Share Forfeiture A/c | Dr. |
6,640
|
|||
To Capital Reserve A/c (13,840 – 7,200) |
6,640
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Working Note:
WN1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 2 each
|
Amount trsfd. to Share Capital Account @ Rs 2 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
48,000
|
40,000
|
96,000
|
80,000
|
16,000
|
16,000
|
– |
II
|
12,000
|
– |
24,000
|
– | – | – |
24,000
|
Total
|
60,000
|
40,000
|
1,20,000
|
80,000
|
16,000
|
16,000
|
24,000
|
WN2: Calculation of unpaid amount on allotment
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (22,500 × 5) | Dr. |
1,12,500
|
|||
To Equity Share Application A/c |
1,12,500
|
||||
(Application money received on 22,500 shares) | |||||
Equity Share Application A/c | Dr. |
1,12,500
|
|||
To Equity Share Capital A/c (20,000 × 3) |
60,000
|
||||
To Bank A/c (2,500 × 5) |
12,500
|
||||
To Securities Premium Reserve A/c (20,000 × 2) |
40,000
|
||||
(Application money transferred to Share Capital A/c and excess money refunded) | |||||
Equity Share Allotment A/c (20,000 × 4) | Dr. |
80,000
|
|||
To Equity Share Capital A/c |
80,000
|
||||
(Allotment money due) | |||||
Bank A/c | Dr. |
79,200
|
|||
To Equity Share Allotment A/c (80,000 – 800) |
79,200
|
||||
(Allotment money received) | |||||
Equity Share First and Final Call A/c (20,000 × 3) | Dr. |
60,000
|
|||
To Equity Share Capital A/c |
60,000
|
||||
(First and final call money due) | |||||
Bank A/c | Dr. |
58,500
|
|||
To Equity Share First and Final Call A/c (60,000 – 1,500) |
58,500
|
||||
(First call money received) | |||||
Equity Share Capital A/c (500 × 10) | Dr. |
5,000
|
|||
To Equity Share Allotment A/c (200 × 4) |
800
|
||||
To Equity Share First and Final Call A/c (200 × 3 + 300 × 3) |
1,500
|
||||
To Equity Share Forfeiture A/c (200 × 3 + 300 × 7 ) |
2,700
|
||||
(Share forfeited) | |||||
Bank A/c (400 × 7) | Dr. |
2,800
|
|||
Equity Share Forfeiture A/c (400 × 3) | Dr. |
1,200
|
|||
To Equity Share Capital A/c (400 × 10) |
4,000
|
||||
(400 shares reissued at discount) | |||||
Equity Share Forfeiture A/c | Dr. |
800
|
|||
To Capital Reserve A/c (200 × 3 + 200 × 7 = 2,000 – 1,200 ) |
800
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Balance Sheet of…
as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,99,700
|
b. Reserves & Surplus
|
2
|
40,800
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
2,40,500
|
|
II. Assets | ||
1. Non-Current Assets
|
||
Fixed Assets
|
||
i. Tangible Assets
|
||
2. Current Assets
|
||
Cash and Cash Equivalents
|
3
|
2,40,050
|
Total
|
2,40,500
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital | |||
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
||
2. Issued Share Capital | – | ||
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
||
3. Subscribed Capital | – | ||
22,500 Equity shares of Rs 10 each
|
2,25,000
|
||
4. Called-up and Paid-up Share Capital | |||
19,900 each share of Rs 10 each
|
1,99,000
|
||
Add: Share Forfeited
|
700
|
1,99,700
|
|
2
|
Reserves & Surplus | ||
Securities Premium Reserve |
40,000
|
||
Capital Reserve |
800
|
||
40,800
|
|||
3
|
Cash and Cash Equivalents | ||
Cash at Bank |
2,40,5000
|
||
Note: Application money was received for Rs 2,25,000. It is the subscribed share capital and subscribed shares are 22,500. Accordingly, 2,500 applications were rejected and application money refunded. However, in the book it is mistakenly written as 25,000 shares.
Page No 8.119:
Question 68:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c (22,500 × 5) | Dr. |
1,12,500
|
|||
To Equity Share Application A/c |
1,12,500
|
||||
(Application money received on 22,500 shares) | |||||
Equity Share Application A/c | Dr. |
1,12,500
|
|||
To Equity Share Capital A/c (20,000 × 3) |
60,000
|
||||
To Bank A/c (2,500 × 5) |
12,500
|
||||
To Securities Premium Reserve A/c (20,000 × 2) |
40,000
|
||||
(Application money transferred to Share Capital A/c and excess money refunded) | |||||
Equity Share Allotment A/c (20,000 × 4) | Dr. |
80,000
|
|||
To Equity Share Capital A/c |
80,000
|
||||
(Allotment money due) | |||||
Bank A/c | Dr. |
79,200
|
|||
To Equity Share Allotment A/c (80,000 – 800) |
79,200
|
||||
(Allotment money received) | |||||
Equity Share First and Final Call A/c (20,000 × 3) | Dr. |
60,000
|
|||
To Equity Share Capital A/c |
60,000
|
||||
(First and final call money due) | |||||
Bank A/c | Dr. |
58,500
|
|||
To Equity Share First and Final Call A/c (60,000 – 1,500) |
58,500
|
||||
(First call money received) | |||||
Equity Share Capital A/c (500 × 10) | Dr. |
5,000
|
|||
To Equity Share Allotment A/c (200 × 4) |
800
|
||||
To Equity Share First and Final Call A/c (200 × 3 + 300 × 3) |
1,500
|
||||
To Equity Share Forfeiture A/c (200 × 3 + 300 × 7 ) |
2,700
|
||||
(Share forfeited) | |||||
Bank A/c (400 × 7) | Dr. |
2,800
|
|||
Equity Share Forfeiture A/c (400 × 3) | Dr. |
1,200
|
|||
To Equity Share Capital A/c (400 × 10) |
4,000
|
||||
(400 shares reissued at discount) | |||||
Equity Share Forfeiture A/c | Dr. |
800
|
|||
To Capital Reserve A/c (200 × 3 + 200 × 7 = 2,000 – 1,200 ) |
800
|
||||
(Profit on reissue transferred to capital reserve) | |||||
Balance Sheet of…
as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
1,99,700
|
b. Reserves & Surplus
|
2
|
40,800
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
2,40,500
|
|
II. Assets | ||
1. Non-Current Assets
|
||
Fixed Assets
|
||
i. Tangible Assets
|
||
2. Current Assets
|
||
Cash and Cash Equivalents
|
3
|
2,40,050
|
Total
|
2,40,500
|
|
NOTES TO ACCOUNTS | |||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital | |||
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
||
2. Issued Share Capital | – | ||
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
||
3. Subscribed Capital | – | ||
22,500 Equity shares of Rs 10 each
|
2,25,000
|
||
4. Called-up and Paid-up Share Capital | |||
19,900 each share of Rs 10 each
|
1,99,000
|
||
Add: Share Forfeited
|
700
|
1,99,700
|
|
2
|
Reserves & Surplus | ||
Securities Premium Reserve |
40,000
|
||
Capital Reserve |
800
|
||
40,800
|
|||
3
|
Cash and Cash Equivalents | ||
Cash at Bank |
2,40,5000
|
||
Note: Application money was received for Rs 2,25,000. It is the subscribed share capital and subscribed shares are 22,500. Accordingly, 2,500 applications were rejected and application money refunded. However, in the book it is mistakenly written as 25,000 shares.
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Entry for
all cases |
Equity Share Capital A/c (500 × 80) |
Dr.
|
40,000
|
||
To Equity Share First Call A/c (500 × 30) |
15,000
|
||||
To Equity Share Forfeiture A/c (500 × 50) |
25,000
|
||||
(500 shares were forfeited) | |||||
Case 1
|
Bank A/c (200 × 90) |
Dr.
|
18,000
|
||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
To Securities Premium Reserve A/c |
2,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50) | Dr. |
10,000
|
|||
To Capital Reserve A/c |
10,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 2
|
Bank A/c (200 × 90) |
Dr.
|
18,000
|
||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
To Securities Premium Reserve A/c |
2,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50) | Dr. |
10,000
|
|||
To Capital Reserve A/c |
10,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 3
|
Bank A/c (200 × 70) |
Dr.
|
14,000
|
||
Equity Share Forfeiture A/c (200 × 10) |
Dr.
|
2,000
|
|||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50 – 2,000) | Dr. |
8,000
|
|||
To Capital Reserve A/c |
8,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 4
|
Bank A/c (200 × 30) |
Dr.
|
6,000
|
||
Equity Share Forfeiture A/c (200 × 50) |
Dr.
|
10,000
|
|||
To Equity Share Capital A/c |
16,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Nothing will be transferred to capital reserve | |||||
Case 5
|
Bank A/c (200 × 50) |
Dr.
|
10,000
|
||
Equity Share Forfeiture A/c (200 × 50) |
Dr.
|
10,000
|
|||
To Equity Share Capital A/c (200 × 100) |
20,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Nothing will be transferred to capital reserve | |||||
Page No 8.119:
Question 69:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Entry for
all cases |
Equity Share Capital A/c (500 × 80) |
Dr.
|
40,000
|
||
To Equity Share First Call A/c (500 × 30) |
15,000
|
||||
To Equity Share Forfeiture A/c (500 × 50) |
25,000
|
||||
(500 shares were forfeited) | |||||
Case 1
|
Bank A/c (200 × 90) |
Dr.
|
18,000
|
||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
To Securities Premium Reserve A/c |
2,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50) | Dr. |
10,000
|
|||
To Capital Reserve A/c |
10,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 2
|
Bank A/c (200 × 90) |
Dr.
|
18,000
|
||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
To Securities Premium Reserve A/c |
2,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50) | Dr. |
10,000
|
|||
To Capital Reserve A/c |
10,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 3
|
Bank A/c (200 × 70) |
Dr.
|
14,000
|
||
Equity Share Forfeiture A/c (200 × 10) |
Dr.
|
2,000
|
|||
To Equity Share Capital A/c (200 × 80) |
16,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Equity Share Forfeiture A/c (200 × 50 – 2,000) | Dr. |
8,000
|
|||
To Capital Reserve A/c |
8,000
|
||||
(Profit on reissue transferred to capital reserve account) | |||||
Case 4
|
Bank A/c (200 × 30) |
Dr.
|
6,000
|
||
Equity Share Forfeiture A/c (200 × 50) |
Dr.
|
10,000
|
|||
To Equity Share Capital A/c |
16,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Nothing will be transferred to capital reserve | |||||
Case 5
|
Bank A/c (200 × 50) |
Dr.
|
10,000
|
||
Equity Share Forfeiture A/c (200 × 50) |
Dr.
|
10,000
|
|||
To Equity Share Capital A/c (200 × 100) |
20,000
|
||||
(Out of the forfeited shares, 200 shares were reissued) | |||||
Nothing will be transferred to capital reserve | |||||
Answer:
Issued and Applied 10,000 Shares at Rs 10 each at a premium of Rs 3 per share
Application |
Rs |
5 |
|
Allotment |
Rs |
5 |
(2 + 3) |
First and Final Call |
Rs |
3 |
|
|
Rs |
13 |
(10 + 3) Called-up |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Application A/c |
|
|
50,000 |
|
|
(Share application money received for 10,000 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
50,000 |
|
|
To Equity Share capital A/c |
|
|
50,000 |
|
|
(Share application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
To Securities Premium |
|
|
30,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 per share including premium Rs 3) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
49,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Allotment A/c |
|
|
50,000 |
|
|
(All allotment money received except 200 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
(First and final due on 10,000 shares at Rs 3 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
29,100 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
900 |
|
|
To Equity Share First and Final Calls A/c |
|
|
30,000 |
|
|
(First and final call received on all shares except 300 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
2,000 |
|
|
Securities Premium A/c |
Dr. |
|
600 |
|
|
To Share Forfeiture A/c |
|
|
1,000 |
|
|
To Calls-in-Arrears A/c |
|
|
1,600 |
|
|
(200 shares forfeited for the non-payment of Rs 8 per share including Rs 3 premium) |
|
|
|
|
|
|
|
|
|
Page No 8.120:
Question 70:
Issued and Applied 10,000 Shares at Rs 10 each at a premium of Rs 3 per share
Application |
Rs |
5 |
|
Allotment |
Rs |
5 |
(2 + 3) |
First and Final Call |
Rs |
3 |
|
|
Rs |
13 |
(10 + 3) Called-up |
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Application A/c |
|
|
50,000 |
|
|
(Share application money received for 10,000 shares at Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
50,000 |
|
|
To Equity Share capital A/c |
|
|
50,000 |
|
|
(Share application money transferred to Share Capital Account) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
50,000 |
|
|
To Equity Share Capital A/c |
|
|
20,000 |
|
|
To Securities Premium |
|
|
30,000 |
|
|
(Share allotment due on 10,000 shares at Rs 5 per share including premium Rs 3) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
49,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Allotment A/c |
|
|
50,000 |
|
|
(All allotment money received except 200 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
30,000 |
|
|
To Equity Share Capital A/c |
|
|
30,000 |
|
|
(First and final due on 10,000 shares at Rs 3 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
29,100 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
900 |
|
|
To Equity Share First and Final Calls A/c |
|
|
30,000 |
|
|
(First and final call received on all shares except 300 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
2,000 |
|
|
Securities Premium A/c |
Dr. |
|
600 |
|
|
To Share Forfeiture A/c |
|
|
1,000 |
|
|
To Calls-in-Arrears A/c |
|
|
1,600 |
|
|
(200 shares forfeited for the non-payment of Rs 8 per share including Rs 3 premium) |
|
|
|
|
|
|
|
|
|
Answer:
Issued and applied capital 20,000 shares at Rs 20 each at a premium of Rs 2
Payable as:
Application and Allotment |
Rs |
10 |
|
First Call |
Rs |
4 |
(2 + 2) |
Final Call |
Rs |
8 |
|
|
|
22 |
(20 + 2) Called-up |
Books of Jiyaji Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
To Share Application and Allotment A/c |
|
|
2,00,000 |
|
|
(Share Application and Allotment money received for 20,000 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application and Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
(Share Application and Allotment money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
80,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
To Securities Premium A/c |
|
|
40,000 |
|
|
(First call due on 20,000 shares at Rs 4 per share including premium Rs 2) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
72,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
8,000 |
|
|
To Equity Share First call |
|
|
80,000 |
|
|
(First call received on 18,000 shares and a holder of 2,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
1,60,000 |
|
|
To Share Capital A/c |
|
|
1,60,000 |
|
|
(Share Final due on 20,000 shares at Rs 8 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,44,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
16,000 |
|
|
To Share Final Call A/c |
|
|
1,60,000 |
|
|
(Final call received on 18,000 shares and a holder of 2,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
40,000 |
|
|
Securities Premium A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
24,000 |
|
|
(2,000 shares of Rs 20 each forfeited for non-payment of Rs 12 per share including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
12,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
(2,000 shares of Rs 20 each re-issued at Rs 14 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,000 |
|
|
To Capital Reserve A/c |
|
|
8,000 |
|
|
(Balance of in Share Forfeiture Account after re-issue of all forfeited shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture |
Cr. |
20,000 |
Share Forfeiture |
Dr. |
12,000 |
Balance in Share Forfeiture (after re-issue) |
Rs |
8,000 |
Capital Reserve = Balance in Share Forfeiture (after re-issue)
= Rs 8,000
Page No 8.120:
Question 71:
Issued and applied capital 20,000 shares at Rs 20 each at a premium of Rs 2
Payable as:
Application and Allotment |
Rs |
10 |
|
First Call |
Rs |
4 |
(2 + 2) |
Final Call |
Rs |
8 |
|
|
|
22 |
(20 + 2) Called-up |
Books of Jiyaji Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
To Share Application and Allotment A/c |
|
|
2,00,000 |
|
|
(Share Application and Allotment money received for 20,000 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Share Application and Allotment A/c |
Dr. |
|
2,00,000 |
|
|
To Share Capital A/c |
|
|
2,00,000 |
|
|
(Share Application and Allotment money transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c |
Dr. |
|
80,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
To Securities Premium A/c |
|
|
40,000 |
|
|
(First call due on 20,000 shares at Rs 4 per share including premium Rs 2) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
72,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
8,000 |
|
|
To Equity Share First call |
|
|
80,000 |
|
|
(First call received on 18,000 shares and a holder of 2,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c |
Dr. |
|
1,60,000 |
|
|
To Share Capital A/c |
|
|
1,60,000 |
|
|
(Share Final due on 20,000 shares at Rs 8 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,44,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
16,000 |
|
|
To Share Final Call A/c |
|
|
1,60,000 |
|
|
(Final call received on 18,000 shares and a holder of 2,000 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
40,000 |
|
|
Securities Premium A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
20,000 |
|
|
To Calls-in-Arrears A/c |
|
|
24,000 |
|
|
(2,000 shares of Rs 20 each forfeited for non-payment of Rs 12 per share including Rs 2 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
28,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
12,000 |
|
|
To Share Capital A/c |
|
|
40,000 |
|
|
(2,000 shares of Rs 20 each re-issued at Rs 14 per share fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,000 |
|
|
To Capital Reserve A/c |
|
|
8,000 |
|
|
(Balance of in Share Forfeiture Account after re-issue of all forfeited shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture |
Cr. |
20,000 |
Share Forfeiture |
Dr. |
12,000 |
Balance in Share Forfeiture (after re-issue) |
Rs |
8,000 |
Capital Reserve = Balance in Share Forfeiture (after re-issue)
= Rs 8,000
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2012
|
|
|
|
||
Feb .01
|
Bank A/c |
Dr.
|
3,50,000
|
|
|
|
To Equity Share Application A/c (70,000 × 5) |
|
|
3,50,000
|
|
|
(Application Money Received) |
|
|
|
|
|
|
|
|
||
Feb. 10
|
Equity Share Application A/c |
Dr.
|
3,50,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 3) |
|
|
1,50,000
|
|
|
To Securities Premium Reserve A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
To Bank A/c |
|
|
40,000
|
|
|
To Equity Share Allotment A/c |
|
|
60,000
|
|
|
(Application money adjusted) |
|
|
|
|
|
|
|
|
||
Feb.16
|
Equity Share Allotment A/c |
Dr.
|
2,00,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 4) |
|
|
2,00,000
|
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
||
Feb. 16
|
Bank A/c |
Dr.
|
1,40,000
|
|
|
|
To Equity Share Allotment A/c (2,00,000 – 60,000) |
|
|
1,40,000
|
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
||
Mar. 01
|
Equity Share First Call A/c (50,000 × 3) |
Dr.
|
1,50,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,50,000
|
|
|
(First call money due) |
|
|
|
|
|
|
|
|
||
|
Bank A/c |
Dr.
|
1,48,500
|
|
|
|
To Equity Share First Call A/c (1,50,000 – 1,500) |
|
|
1,48,500
|
|
|
(First Call money Received) |
|
|
|
|
|
|
|
|
||
Sep. 29
|
Equity Share Capital A/c |
|
5,000
|
|
|
|
To Equity Share First Call A/c |
|
|
1,500
|
|
|
To Equity Share Forfeiture A/c |
|
|
3,500
|
|
|
(Share forfeited) |
|
|
|
|
|
|
as at March 31, 2014
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
4,98,500
|
b. Reserve & Surplus
|
2
|
1,00,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
5,98,500
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
Fixed Assets
|
|
|
Tangible Assets
|
|
|
2. Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
5,98,500
|
Total
|
|
5,98,500
|
|
NOTES TO ACCOUNTS
|
|||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital |
|
||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital | |||
50,000 Equity Shares of Rs 10 each
|
5,00,000
|
||
3. Subscribed Capital | |||
50,000 Equity shares of Rs 10 each
|
5,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
49,500 Equity shares of Rs 10 each
|
4,95,000
|
||
Add: Share Forfeited
|
3,500
|
4,98,500
|
|
4,98,500
|
|||
2
|
Reserve & Surplus | ||
|
Securities Premium Reserve |
1,00,000
|
|
|
|||
3
|
Cash and Cash Equivalents | ||
|
Cash at Bank |
5,98,500
|
|
|
Page No 8.120:
Question 72:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2012
|
|
|
|
||
Feb .01
|
Bank A/c |
Dr.
|
3,50,000
|
|
|
|
To Equity Share Application A/c (70,000 × 5) |
|
|
3,50,000
|
|
|
(Application Money Received) |
|
|
|
|
|
|
|
|
||
Feb. 10
|
Equity Share Application A/c |
Dr.
|
3,50,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 3) |
|
|
1,50,000
|
|
|
To Securities Premium Reserve A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
To Bank A/c |
|
|
40,000
|
|
|
To Equity Share Allotment A/c |
|
|
60,000
|
|
|
(Application money adjusted) |
|
|
|
|
|
|
|
|
||
Feb.16
|
Equity Share Allotment A/c |
Dr.
|
2,00,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 4) |
|
|
2,00,000
|
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
||
Feb. 16
|
Bank A/c |
Dr.
|
1,40,000
|
|
|
|
To Equity Share Allotment A/c (2,00,000 – 60,000) |
|
|
1,40,000
|
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
||
Mar. 01
|
Equity Share First Call A/c (50,000 × 3) |
Dr.
|
1,50,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,50,000
|
|
|
(First call money due) |
|
|
|
|
|
|
|
|
||
|
Bank A/c |
Dr.
|
1,48,500
|
|
|
|
To Equity Share First Call A/c (1,50,000 – 1,500) |
|
|
1,48,500
|
|
|
(First Call money Received) |
|
|
|
|
|
|
|
|
||
Sep. 29
|
Equity Share Capital A/c |
|
5,000
|
|
|
|
To Equity Share First Call A/c |
|
|
1,500
|
|
|
To Equity Share Forfeiture A/c |
|
|
3,500
|
|
|
(Share forfeited) |
|
|
|
|
|
|
as at March 31, 2014
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
4,98,500
|
b. Reserve & Surplus
|
2
|
1,00,000
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
5,98,500
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
Fixed Assets
|
|
|
Tangible Assets
|
|
|
2. Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
5,98,500
|
Total
|
|
5,98,500
|
|
NOTES TO ACCOUNTS
|
|||
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital | ||
1. Authorised Share Capital |
|
||
xxx shares of Rs 10 each
|
xxx
|
||
2. Issued Share Capital | |||
50,000 Equity Shares of Rs 10 each
|
5,00,000
|
||
3. Subscribed Capital | |||
50,000 Equity shares of Rs 10 each
|
5,00,000
|
||
4. Called-up and Paid-up Share Capital | |||
49,500 Equity shares of Rs 10 each
|
4,95,000
|
||
Add: Share Forfeited
|
3,500
|
4,98,500
|
|
4,98,500
|
|||
2
|
Reserve & Surplus | ||
|
Securities Premium Reserve |
1,00,000
|
|
|
|||
3
|
Cash and Cash Equivalents | ||
|
Cash at Bank |
5,98,500
|
|
|
Answer:
(i) |
Books of X Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c (100 × Rs 2) |
|
|
200 |
||
|
To Calls-in-Arrears A/c |
|
|
800 |
||
|
(100 shares of Rs 10 each which had issued at par, forfeited for non- payment of Rs 8) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
480 |
|
|
|
Share Forfeiture A/c (80 × Rs 2) |
Dr. |
|
160 |
|
|
|
To Share Capital A/c (80 × Rs 8) |
|
|
640 |
||
|
(80 shares of Rs 10 each, re-issued for Rs 6 each as Rs 8 paid-up) |
|
|
|
||
|
|
|
|
|
Working Note-
Share Forfeiture of re-issued shares |
|||
Share Forfeiture |
Cr. |
Rs 2 |
per share |
Share Forfeiture (Loss) |
Dr. |
Rs 2 |
per share |
Balance in share forfeiture after re-issue |
|
NIL |
|
(ii) |
Journal |
||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
20,000 |
|
|
To Share Forfeiture A/c (2,000 × Rs 7) |
|
|
14,000 |
|
|
To Calls-in-Arrears A/c |
|
|
6,000 |
|
|
(2,000 shares of Rs 10 each forfeited for the non-payment of Rs 3 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
600 |
|
|
Share Forfeiture A/c (100 × Rs 4) |
Dr. |
|
400 |
|
|
To Equity Share Capital A/c |
|
|
1,000 |
|
|
(100 shares of Rs 10 each reissued at Rs 6 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
300 |
|
|
To Capital Reserve A/c |
|
|
300 |
|
|
(Balance in Share Forfeiture of 100 re-issued shares transferred to Capital Reserve ) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture of re-issued shares |
|||
Share Forfeiture |
Cr. |
Rs 7 |
per share |
Share Forfeiture |
Dr. |
Rs 4 |
per share |
Balance in share forfeiture after re-issue |
Cr. |
3 |
per share |
Capital Reserve = Balance in Share Forfeiture after re-issue × No. of shares re-issued
= Re 3 × 100 shares
= Rs 300
Page No 8.120:
Question 73:
(i) |
Books of X Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c (100 × Rs 2) |
|
|
200 |
||
|
To Calls-in-Arrears A/c |
|
|
800 |
||
|
(100 shares of Rs 10 each which had issued at par, forfeited for non- payment of Rs 8) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
480 |
|
|
|
Share Forfeiture A/c (80 × Rs 2) |
Dr. |
|
160 |
|
|
|
To Share Capital A/c (80 × Rs 8) |
|
|
640 |
||
|
(80 shares of Rs 10 each, re-issued for Rs 6 each as Rs 8 paid-up) |
|
|
|
||
|
|
|
|
|
Working Note-
Share Forfeiture of re-issued shares |
|||
Share Forfeiture |
Cr. |
Rs 2 |
per share |
Share Forfeiture (Loss) |
Dr. |
Rs 2 |
per share |
Balance in share forfeiture after re-issue |
|
NIL |
|
(ii) |
Journal |
||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
20,000 |
|
|
To Share Forfeiture A/c (2,000 × Rs 7) |
|
|
14,000 |
|
|
To Calls-in-Arrears A/c |
|
|
6,000 |
|
|
(2,000 shares of Rs 10 each forfeited for the non-payment of Rs 3 per share) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
600 |
|
|
Share Forfeiture A/c (100 × Rs 4) |
Dr. |
|
400 |
|
|
To Equity Share Capital A/c |
|
|
1,000 |
|
|
(100 shares of Rs 10 each reissued at Rs 6 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
300 |
|
|
To Capital Reserve A/c |
|
|
300 |
|
|
(Balance in Share Forfeiture of 100 re-issued shares transferred to Capital Reserve ) |
|
|
|
|
|
|
|
|
|
Working Note-
Share Forfeiture of re-issued shares |
|||
Share Forfeiture |
Cr. |
Rs 7 |
per share |
Share Forfeiture |
Dr. |
Rs 4 |
per share |
Balance in share forfeiture after re-issue |
Cr. |
3 |
per share |
Capital Reserve = Balance in Share Forfeiture after re-issue × No. of shares re-issued
= Re 3 × 100 shares
= Rs 300
Answer:
(a) |
Books of XYZ Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Equity Share Capital A/c (200 × Rs 10) |
Dr. |
|
2,000 |
|
|
|
Securities Premium A/c (200 × Rs 5) |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c (200 × Rs2) |
|
|
400 |
||
|
To Calls-In-Arrears A/c |
|
|
2,600 |
||
|
(200 shares of Rs 10 each forfeited for non- payment Rs 8 including premium Rs 5) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
1,125 |
|
|
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Equity Share Capital A/c |
|
|
1,250 |
||
|
(125 shares of Rs 10 each re-issued at Rs 9 per share fully paid-up) |
|
|
|
||
|
|
|
|
|
||
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Capital Reserve A/c |
|
|
125 |
||
|
(Balance in Share Forfeiture of re-issued 125 shares transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
Working Notes:
Share Forfeiture of re-issued shares |
|
|
Share Forfeiture Cr. |
Rs 2 |
per share |
Share Forfeiture Dr. |
Re 1 |
per share |
Balance after re-issue |
Re 1 |
per share |
Capital Reserve = Balance in share forfeiture after re-issue (per share) × No. of share re-issued
= Re 1 × 125 shares
= Rs 125
(b) |
Books of VT Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
140 |
|
|
|
To Share Forfeiture A/c |
|
|
40 |
||
|
To Calls-in-Arrears A/c |
|
|
100 |
||
|
(20 shares of Rs 10 each, on which Rs 7 had called-up, forfeited for the non-payment of Rs 5) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
108 |
|
|
|
Share Forfeiture A/c |
Dr. |
|
18 |
|
|
To Share Capital A/c | 126 | |||||
(18 shares of Rs 10 each re-issued at Rs 6 per share, as Rs 7 called-up) | ||||||
Share Forfeiture A/c | Dr. | 18 | ||||
To Capital Reserve A/c | 18 | |||||
|
(Balance in Share Forfeiture of re-issued 18 shares transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
Working Notes:
Share Forfeiture of re-issued shares |
|
|
Share Forfeiture (Cr.) |
Rs 2 |
per share |
Share Forfeiture (Dr.) |
Rs 2 |
per share |
|
NIL |
|
Page No 8.120:
Question 74:
(a) |
Books of XYZ Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Equity Share Capital A/c (200 × Rs 10) |
Dr. |
|
2,000 |
|
|
|
Securities Premium A/c (200 × Rs 5) |
Dr. |
|
1,000 |
|
|
|
To Share Forfeiture A/c (200 × Rs2) |
|
|
400 |
||
|
To Calls-In-Arrears A/c |
|
|
2,600 |
||
|
(200 shares of Rs 10 each forfeited for non- payment Rs 8 including premium Rs 5) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
1,125 |
|
|
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Equity Share Capital A/c |
|
|
1,250 |
||
|
(125 shares of Rs 10 each re-issued at Rs 9 per share fully paid-up) |
|
|
|
||
|
|
|
|
|
||
|
Share Forfeiture A/c |
Dr. |
|
125 |
|
|
|
To Capital Reserve A/c |
|
|
125 |
||
|
(Balance in Share Forfeiture of re-issued 125 shares transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
Working Notes:
Share Forfeiture of re-issued shares |
|
|
Share Forfeiture Cr. |
Rs 2 |
per share |
Share Forfeiture Dr. |
Re 1 |
per share |
Balance after re-issue |
Re 1 |
per share |
Capital Reserve = Balance in share forfeiture after re-issue (per share) × No. of share re-issued
= Re 1 × 125 shares
= Rs 125
(b) |
Books of VT Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
|
|
|
||
|
Share Capital A/c |
Dr. |
|
140 |
|
|
|
To Share Forfeiture A/c |
|
|
40 |
||
|
To Calls-in-Arrears A/c |
|
|
100 |
||
|
(20 shares of Rs 10 each, on which Rs 7 had called-up, forfeited for the non-payment of Rs 5) |
|
|
|
||
|
|
|
|
|
||
|
Bank A/c |
Dr. |
|
108 |
|
|
|
Share Forfeiture A/c |
Dr. |
|
18 |
|
|
To Share Capital A/c | 126 | |||||
(18 shares of Rs 10 each re-issued at Rs 6 per share, as Rs 7 called-up) | ||||||
Share Forfeiture A/c | Dr. | 18 | ||||
To Capital Reserve A/c | 18 | |||||
|
(Balance in Share Forfeiture of re-issued 18 shares transferred to Capital Reserve) |
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
Working Notes:
Share Forfeiture of re-issued shares |
|
|
Share Forfeiture (Cr.) |
Rs 2 |
per share |
Share Forfeiture (Dr.) |
Rs 2 |
per share |
|
NIL |
|
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
6,000
|
|
||
To Equity Share Application A/c (3,000 × 2) |
|
|
6,000
|
||
(Application money received) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
6,000
|
|
||
To Equity Share Capital A/c (2,000 × 2) |
|
|
4,000
|
||
To Equity Share Allotment A/c (400 × 2) |
|
|
800
|
||
To Bank A/c (600 × 2) |
|
|
1,200
|
||
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (2,000 × 5) |
Dr.
|
10,000
|
|
||
To Equity Share Capital A/c (2,000 × 3) |
|
|
6,000
|
||
To Securities Premium Reserve A/c (2,000 × 2) |
|
|
4,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
8,832
|
|
||
To Equity Share Allotment A/c (10,000 – 800 – 368) |
|
|
8,832
|
||
(Allotment money received) |
|
|
|
||
|
|
|
|||
Equity Share First Call A/c (2,000 × 3) |
Dr.
|
6,000
|
|
||
To Equity Share Capital A/c |
|
|
6,000
|
||
(First call money due) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
5,760
|
|
||
To Equity Share First Call A/c (6,000 – 240) |
|
|
5,760
|
||
(Call money received) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (80 × 8) |
Dr.
|
640
|
|
||
Securities Premium Reserve A/c (80 × 2) |
Dr.
|
160
|
|
||
To Equity Share Allotment A/c |
|
|
368
|
||
To Equity Share First Call A/c |
|
|
240
|
||
To Equity Share Forfeiture A/c |
|
|
192
|
||
(Shares forfeited) |
|
|
|
||
|
|
Working Notes:
Calculation of amount unpaid on allotment
Page No 8.120:
Question 75:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
6,000
|
|
||
To Equity Share Application A/c (3,000 × 2) |
|
|
6,000
|
||
(Application money received) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
6,000
|
|
||
To Equity Share Capital A/c (2,000 × 2) |
|
|
4,000
|
||
To Equity Share Allotment A/c (400 × 2) |
|
|
800
|
||
To Bank A/c (600 × 2) |
|
|
1,200
|
||
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (2,000 × 5) |
Dr.
|
10,000
|
|
||
To Equity Share Capital A/c (2,000 × 3) |
|
|
6,000
|
||
To Securities Premium Reserve A/c (2,000 × 2) |
|
|
4,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
8,832
|
|
||
To Equity Share Allotment A/c (10,000 – 800 – 368) |
|
|
8,832
|
||
(Allotment money received) |
|
|
|
||
|
|
|
|||
Equity Share First Call A/c (2,000 × 3) |
Dr.
|
6,000
|
|
||
To Equity Share Capital A/c |
|
|
6,000
|
||
(First call money due) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
5,760
|
|
||
To Equity Share First Call A/c (6,000 – 240) |
|
|
5,760
|
||
(Call money received) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (80 × 8) |
Dr.
|
640
|
|
||
Securities Premium Reserve A/c (80 × 2) |
Dr.
|
160
|
|
||
To Equity Share Allotment A/c |
|
|
368
|
||
To Equity Share First Call A/c |
|
|
240
|
||
To Equity Share Forfeiture A/c |
|
|
192
|
||
(Shares forfeited) |
|
|
|
||
|
|
Working Notes:
Calculation of amount unpaid on allotment
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
4,10,000
|
|
||
To Equity Share Application A/c (20,500 × 20) |
|
|
4,10,000
|
||
(Application money received) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
4,10,000
|
|
||
To Equity Share Capital A/c (10,000 × 20) |
|
|
2,00,000
|
||
To Equity Share Allotment A/c (10,000 × 20) |
|
|
2,00,000
|
||
To Bank A/c (500 × 20) |
|
|
10,000
|
||
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (10,000 × 40) |
Dr.
|
4,00,000
|
|
||
To Equity Share Capital A/c (10,000 × 30) |
|
|
3,00,000
|
||
To Securities Premium Reserve A/c (10,000 × 10) |
|
|
1,00,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
2,00,000
|
|
||
To Equity Share Allotment A/c (4,00,000 – 2,00,000) |
|
|
2,00,000
|
||
|
|
|
|||
Equity Share First and Final Call A/c (10,000 × 50) |
Dr.
|
5,00,000
|
|
||
To Equity Share Capital A/c |
|
|
5,00,000
|
||
(First call money due) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
4,97,500
|
|
||
To Equity Share First and Final Call A/c (5,00,000 – 2,500) |
|
|
4,97,500
|
||
(Call money received) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (50 × 100) |
Dr.
|
5,000
|
|
||
To Equity Share First Call A/c (50 × 50) |
|
|
2,500
|
||
To Equity Share Forfeiture A/c (50 × 50) |
|
|
2,500
|
||
(Shares forfeited) |
|
|
|||
|
|
||||
Bank A/c (50 × 90) | Dr. |
4,500
|
|
||
Equity Share Forfeiture A/c (50 × 10) | Dr. |
500
|
|
||
To Equity Share Capital A/c (50 × 100) |
|
5,000
|
|||
(Reissue of shares) |
|
|
|||
|
|
||||
Equity Share Forfeiture A/c | Dr. |
2,000
|
|
||
To Capital Reserve A/c |
|
2,000
|
|||
(Profit on reissue transferred to Capital Reserve) |
|
|
|||
|
|
Working Notes:
Page No 8.121:
Question 76:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
4,10,000
|
|
||
To Equity Share Application A/c (20,500 × 20) |
|
|
4,10,000
|
||
(Application money received) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
4,10,000
|
|
||
To Equity Share Capital A/c (10,000 × 20) |
|
|
2,00,000
|
||
To Equity Share Allotment A/c (10,000 × 20) |
|
|
2,00,000
|
||
To Bank A/c (500 × 20) |
|
|
10,000
|
||
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (10,000 × 40) |
Dr.
|
4,00,000
|
|
||
To Equity Share Capital A/c (10,000 × 30) |
|
|
3,00,000
|
||
To Securities Premium Reserve A/c (10,000 × 10) |
|
|
1,00,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
2,00,000
|
|
||
To Equity Share Allotment A/c (4,00,000 – 2,00,000) |
|
|
2,00,000
|
||
|
|
|
|||
Equity Share First and Final Call A/c (10,000 × 50) |
Dr.
|
5,00,000
|
|
||
To Equity Share Capital A/c |
|
|
5,00,000
|
||
(First call money due) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
4,97,500
|
|
||
To Equity Share First and Final Call A/c (5,00,000 – 2,500) |
|
|
4,97,500
|
||
(Call money received) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (50 × 100) |
Dr.
|
5,000
|
|
||
To Equity Share First Call A/c (50 × 50) |
|
|
2,500
|
||
To Equity Share Forfeiture A/c (50 × 50) |
|
|
2,500
|
||
(Shares forfeited) |
|
|
|||
|
|
||||
Bank A/c (50 × 90) | Dr. |
4,500
|
|
||
Equity Share Forfeiture A/c (50 × 10) | Dr. |
500
|
|
||
To Equity Share Capital A/c (50 × 100) |
|
5,000
|
|||
(Reissue of shares) |
|
|
|||
|
|
||||
Equity Share Forfeiture A/c | Dr. |
2,000
|
|
||
To Capital Reserve A/c |
|
2,000
|
|||
(Profit on reissue transferred to Capital Reserve) |
|
|
|||
|
|
Working Notes:
Answer:
Issued 1,00,000 Shares
Applied 2,00,000 Shares
Allotment made as: |
|
Payable as: |
|
|
||
Applied |
|
Allotted |
|
Application |
Rs 200 |
per share |
50,000 |
|
NIL |
|
Allotment |
Rs 300 |
(200 + 100) per share |
1,50,000 |
|
1,00,000 |
|
Share First and Final Call |
Rs 100 |
per share |
2,00,000 |
|
1,00,000 |
|
|
Rs 600 |
(500+100) per share |
Books of Veer Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,00,00,000 |
|
|
To Equity Share Application A/c |
|
|
4,00,00,000 |
|
|
(Application money received for 2,00,000 shares at Rs 200 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
4,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
2,00,00,000 |
|
|
To Equity Shares Allotment A/c |
|
|
1,00,00,000 |
|
|
To Bank A/c |
|
|
1,00,00,000 |
|
|
(Application money of 1,00,000 shares transferred to Shares Capital, 50,000 shares money refunded and remaining money adjusted on allotment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
3,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
2,00,00,000 |
|
|
To Securities Premium A/c |
|
|
1,00,00,000 |
|
|
(Allotment due on 1,00,000 shares at Rs 300 each including Rs 100 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,00,000 |
|
|
To Equity Share Allotment A/c |
|
|
2,00,00,000 |
|
|
(Share allotment received) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
1,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,00,000 |
|
|
(First and Final call due on 1,00,000 shares at Rs 100 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
99,90,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Equity Share First and Final Call A/c |
|
|
1,00,00,000 |
|
|
(First and final call received on 99,900 shares at Rs 100 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
50,000 |
|
|
To Share Forfeiture A/c |
|
|
40,000 |
|
|
To Calls-in-Arrears A/c |
|
|
10,000 |
|
|
(100 shares of Rs 500 each forfeited) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
To Equity Share Capital A/c |
|
|
50,000 |
|
|
To Securities Premium A/c |
|
|
10,000 |
|
|
(100 shares of Rs 500 each re-issued for the sum of Rs 60,000) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
40,000 |
|
|
To Capital Reserve A/c |
|
|
40,000 |
|
|
(Share Forfeiture 100 shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture of re-issued shares |
|
Share Forfeiture Cr. |
Rs 40,000 |
Share Forfeiture Dr. |
NIL |
Balance in Share Forfeiture after re-issue |
Rs 40,000 |
Capital Reserve = Balance in Share Forfeiture after re-issue = Rs 40,000
Page No 8.121:
Question 77:
Issued 1,00,000 Shares
Applied 2,00,000 Shares
Allotment made as: |
|
Payable as: |
|
|
||
Applied |
|
Allotted |
|
Application |
Rs 200 |
per share |
50,000 |
|
NIL |
|
Allotment |
Rs 300 |
(200 + 100) per share |
1,50,000 |
|
1,00,000 |
|
Share First and Final Call |
Rs 100 |
per share |
2,00,000 |
|
1,00,000 |
|
|
Rs 600 |
(500+100) per share |
Books of Veer Ltd. Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,00,00,000 |
|
|
To Equity Share Application A/c |
|
|
4,00,00,000 |
|
|
(Application money received for 2,00,000 shares at Rs 200 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
4,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
2,00,00,000 |
|
|
To Equity Shares Allotment A/c |
|
|
1,00,00,000 |
|
|
To Bank A/c |
|
|
1,00,00,000 |
|
|
(Application money of 1,00,000 shares transferred to Shares Capital, 50,000 shares money refunded and remaining money adjusted on allotment) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
3,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
2,00,00,000 |
|
|
To Securities Premium A/c |
|
|
1,00,00,000 |
|
|
(Allotment due on 1,00,000 shares at Rs 300 each including Rs 100 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,00,000 |
|
|
To Equity Share Allotment A/c |
|
|
2,00,00,000 |
|
|
(Share allotment received) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
1,00,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,00,000 |
|
|
(First and Final call due on 1,00,000 shares at Rs 100 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
99,90,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
10,000 |
|
|
To Equity Share First and Final Call A/c |
|
|
1,00,00,000 |
|
|
(First and final call received on 99,900 shares at Rs 100 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
50,000 |
|
|
To Share Forfeiture A/c |
|
|
40,000 |
|
|
To Calls-in-Arrears A/c |
|
|
10,000 |
|
|
(100 shares of Rs 500 each forfeited) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
To Equity Share Capital A/c |
|
|
50,000 |
|
|
To Securities Premium A/c |
|
|
10,000 |
|
|
(100 shares of Rs 500 each re-issued for the sum of Rs 60,000) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
40,000 |
|
|
To Capital Reserve A/c |
|
|
40,000 |
|
|
(Share Forfeiture 100 shares transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
Working Notes-
Share Forfeiture of re-issued shares |
|
Share Forfeiture Cr. |
Rs 40,000 |
Share Forfeiture Dr. |
NIL |
Balance in Share Forfeiture after re-issue |
Rs 40,000 |
Capital Reserve = Balance in Share Forfeiture after re-issue = Rs 40,000
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2012
|
|
|
|
||
Jan. 31
|
Bank A/c |
Dr.
|
6,25,000
|
|
|
|
To Equity Share Application A/c (2,50,000 × 2.5) |
|
|
6,25,000
|
|
|
(Application money received) |
|
|
|
|
|
|
|
|
||
Jan. 31
|
Equity Share Application A/c |
Dr.
|
6,25,000
|
|
|
|
To Equity Share Capital A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
To Equity Share Allotment A/c |
|
|
1,00,000
|
|
|
To Bank A/c (10,000 × 2.5) |
|
|
25,000
|
|
|
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
|
|
|
|
|
||
Feb. 29
|
Equity Share Allotment A/c (2,00,000 × 5) |
Dr.
|
10,00,000
|
|
|
|
To Equity Share Capital A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
To Securities Premium Reserve A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
(Allotment money due along with premium) |
|
|
|
|
|
|
|
|
||
Feb. 29
|
Bank A/c |
Dr.
|
9,00,000
|
|
|
|
To Equity Share Allotment A/c (10,00,000 – 1,00,000) |
|
|
9,00,000
|
|
|
|
|
|
||
June 30
|
Equity Share First call A/c (2,00,000 × 5) |
Dr.
|
10,00,000
|
|
|
|
To Equity Share Capital A/c |
|
|
10,00,000
|
|
|
(First call money due) |
|
|
|
|
|
|
|
|
||
June 30
|
Bank A/c |
Dr.
|
9,99,000
|
|
|
|
To Equity Share First Call A/c (10,00,000 – 1000) |
|
|
9,99,000
|
|
|
(Call money received) |
|
|
|
|
|
|
|
|
||
|
Equity Share Capital A/c |
Dr.
|
2,000
|
|
|
|
To Equity Share First Call A/c |
|
|
1,000
|
|
|
To Equity Share Forfeiture A/c |
|
|
1,000
|
|
|
(Shares forfeited) |
|
|
||
|
|
|
|||
Oct. 31
|
Bank A/c | Dr. |
1,800
|
|
|
|
Equity Share Forfeiture A/c | Dr. |
200
|
|
|
|
To Equity Share Capital A/c |
|
2,000
|
||
|
(Reissue of shares) |
|
|
||
|
|
|
|||
Oct. 31
|
Equity Share Forfeiture A/c | Dr. |
800
|
|
|
|
To Capital Reserve A/c |
|
800
|
||
|
( Profit on reissue tfd to Capital Reserve) |
|
|
||
|
|
Balance Sheet of Gopal Ltd as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
20,00,000
|
b. Reserve & Surplus
|
2
|
5,00,800
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
25,00,800
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
a. Fixed Assets
|
|
|
i. Tangible Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
25,00,800
|
Total
|
|
25,00,800
|
|
NOTES TO ACCOUNTS
|
||
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital | |
1. Authorised Share Capital |
–
|
|
xxx shares of Rs 10 each | xxx | |
2. Issued Share Capital | ||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
|
3. Subscribed Capital | ||
2,50,000 Equity shares of Rs 10 each
|
25,00,000
|
|
4. Called-up and Paid- up Share Capital | ||
2,00,000 Equity shares of Rs 10 each
|
20,00,000
|
|
20,00,000
|
||
2
|
Reserve & Surplus | |
|
Securities Premium Reserve |
5,00,000
|
|
Capital Reserve |
800
|
|
5,00,800
|
|
3
|
Cash and Cash Equivalents | |
|
Cash at Bank |
25,00,800
|
|
Working Notes:
No. of Application and No. of share alloted pro-rata are found as under:
No. of Shares Applied | No. of Shares Allotted | ||
10,000 | – | ||
40,000 | 40,000 | ||
2,00,000 | 1,60,000 | ||
Total | 2,50,000 | 2,00,000 |
Page No 8.121:
Question 78:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
2012
|
|
|
|
||
Jan. 31
|
Bank A/c |
Dr.
|
6,25,000
|
|
|
|
To Equity Share Application A/c (2,50,000 × 2.5) |
|
|
6,25,000
|
|
|
(Application money received) |
|
|
|
|
|
|
|
|
||
Jan. 31
|
Equity Share Application A/c |
Dr.
|
6,25,000
|
|
|
|
To Equity Share Capital A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
To Equity Share Allotment A/c |
|
|
1,00,000
|
|
|
To Bank A/c (10,000 × 2.5) |
|
|
25,000
|
|
|
(Application money adjusted to share capital carried to allotment and also refunded) |
|
|
|
|
|
|
|
|
||
Feb. 29
|
Equity Share Allotment A/c (2,00,000 × 5) |
Dr.
|
10,00,000
|
|
|
|
To Equity Share Capital A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
To Securities Premium Reserve A/c (2,00,000 × 2.5) |
|
|
5,00,000
|
|
|
(Allotment money due along with premium) |
|
|
|
|
|
|
|
|
||
Feb. 29
|
Bank A/c |
Dr.
|
9,00,000
|
|
|
|
To Equity Share Allotment A/c (10,00,000 – 1,00,000) |
|
|
9,00,000
|
|
|
|
|
|
||
June 30
|
Equity Share First call A/c (2,00,000 × 5) |
Dr.
|
10,00,000
|
|
|
|
To Equity Share Capital A/c |
|
|
10,00,000
|
|
|
(First call money due) |
|
|
|
|
|
|
|
|
||
June 30
|
Bank A/c |
Dr.
|
9,99,000
|
|
|
|
To Equity Share First Call A/c (10,00,000 – 1000) |
|
|
9,99,000
|
|
|
(Call money received) |
|
|
|
|
|
|
|
|
||
|
Equity Share Capital A/c |
Dr.
|
2,000
|
|
|
|
To Equity Share First Call A/c |
|
|
1,000
|
|
|
To Equity Share Forfeiture A/c |
|
|
1,000
|
|
|
(Shares forfeited) |
|
|
||
|
|
|
|||
Oct. 31
|
Bank A/c | Dr. |
1,800
|
|
|
|
Equity Share Forfeiture A/c | Dr. |
200
|
|
|
|
To Equity Share Capital A/c |
|
2,000
|
||
|
(Reissue of shares) |
|
|
||
|
|
|
|||
Oct. 31
|
Equity Share Forfeiture A/c | Dr. |
800
|
|
|
|
To Capital Reserve A/c |
|
800
|
||
|
( Profit on reissue tfd to Capital Reserve) |
|
|
||
|
|
Balance Sheet of Gopal Ltd as at ....
|
||
Particulars
|
Note No.
|
Amount
(Rs)
|
I. Equity and Liabilities | ||
1. Shareholders’ Funds
|
||
a. Share Capital
|
1
|
20,00,000
|
b. Reserve & Surplus
|
2
|
5,00,800
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
|
|
Total
|
|
25,00,800
|
II. Assets |
|
|
1. Non-Current Assets
|
|
|
a. Fixed Assets
|
|
|
i. Tangible Assets
|
|
|
2. Current Assets
|
|
|
a. Cash and Cash Equivalents
|
3
|
25,00,800
|
Total
|
|
25,00,800
|
|
NOTES TO ACCOUNTS
|
||
Note No.
|
Particulars
|
Amount
(Rs)
|
1
|
Share Capital | |
1. Authorised Share Capital |
–
|
|
xxx shares of Rs 10 each | xxx | |
2. Issued Share Capital | ||
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
|
3. Subscribed Capital | ||
2,50,000 Equity shares of Rs 10 each
|
25,00,000
|
|
4. Called-up and Paid- up Share Capital | ||
2,00,000 Equity shares of Rs 10 each
|
20,00,000
|
|
20,00,000
|
||
2
|
Reserve & Surplus | |
|
Securities Premium Reserve |
5,00,000
|
|
Capital Reserve |
800
|
|
5,00,800
|
|
3
|
Cash and Cash Equivalents | |
|
Cash at Bank |
25,00,800
|
|
Working Notes:
No. of Application and No. of share alloted pro-rata are found as under:
No. of Shares Applied | No. of Shares Allotted | ||
10,000 | – | ||
40,000 | 40,000 | ||
2,00,000 | 1,60,000 | ||
Total | 2,50,000 | 2,00,000 |
Answer:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
60,000
|
|
||
To Equity Share Application A/c (30,000 × 2) |
|
|
60,000
|
||
(Application money received on 30,000 shares) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
60,000
|
|
||
To Equity Share Capital A/c (20,000 × 2) |
|
|
40,000
|
||
To Equity Share Allotment A/c (4,000 × 2) |
|
|
8,000
|
||
To Bank A/c (6,000 × 2) |
|
|
12,000
|
||
(Application money transferred to share capital, adjusted in allotment and refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (20,000 × 5) |
Dr.
|
1,00,000
|
|
||
To Equity Share Capital A/c (20,000 × 3) |
|
|
60,000
|
||
To Securities Premium Reserve A/c (20,000 × 2) |
|
|
40,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
90,160
|
|
||
To Equity Share Allotment A/c (1,00,000 – 8,000 – 1,840) |
|
|
90,160
|
||
(Allotment money received) |
|
|
|
||
|
|
|
|||
Equity Share First Call A/c (20,000 × 3) |
Dr.
|
60,000
|
|
||
To Equity Share Capital A/c |
|
|
60,000
|
||
(Amount due on first call) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
57,000
|
|
||
To Equity Share First Call A/c (60,000 – 1,200 – 1,800) |
|
|
57,000
|
||
(Amount received on first call) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (400 × 8) |
Dr.
|
3,200
|
|
||
Securities Premium Reserve A/c (400 × 2) |
Dr.
|
800
|
|
||
To Equity Share Allotment A/c |
|
|
1,840
|
||
To Equity Share First Call A/c |
|
|
1,200
|
||
To Share Forfeiture A/c |
|
|
960
|
||
(Ramesh’s shares forfeited due to non-payment of allotment and first call money) |
|
|
|
||
|
|
|
|||
Equity Share Second Call A/c (19,600 × 2) |
Dr.
|
39,200
|
|
||
To Equity Share Capital A/c |
|
|
39,200
|
||
(Second call money due on 19,600 shares) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
38,000
|
|
||
To Equity Share Second Call A/c (39,200 – 1,200) |
|
|
38,000
|
||
(Amount received on second call except on 600 shares) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (600 × 10) |
Dr.
|
6,000
|
|
||
To Equity Share First Call A/c (600 × 3) |
|
|
1,800
|
||
To Equity Share Second Call A/c (600 × 2) |
|
|
1,200
|
||
To Share Forfeiture A/c (600 × 5) |
|
|
3,000
|
||
(Mohan’s shares were forfeited due to non- payment of first and second call) |
|
|
|||
|
|
||||
Bank A/c (800 × 9) | Dr. |
7,200
|
|
||
Share Forfeiture A/c (800 × 1) | Dr. |
800
|
|
||
To Equity Share capital A/c |
|
8,000
|
|||
(Out of the forfeited shares, 800 shares were reissued) |
|
|
|||
|
|
||||
Share Forfeiture A/c | Dr. |
2,160
|
|
||
To Capital Reserve A/c |
|
2,160
|
|||
( Profit on reissue transferred to Capital Reserve) |
|
|
|||
|
|
Balance Sheet of H Ltd. as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital |
1
|
1,99,000
|
Reserves and Surplus
|
2
|
41,360
|
Total
|
|
2,40,360
|
II. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
2,40,360
|
Total
|
|
2,40,360
|
|
|
Notes to Accounts
|
||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital | ||
xxx Equity Shares of Rs 10 each |
xxx
|
|
Issued Share Capital |
|
|
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Share Capital, Called-up and Paid-up Capital | ||
19,800 shares of Rs 10 each |
1,98,000
|
|
Add: Share Forfeiture |
1,000
|
1,99,000
|
2. Reserves and Surplus | ||
Securities Premium Reserve |
39,200
|
|
Capital Reserve |
2,160
|
41,360
|
3. Cash and Cash Equivalents | ||
Cash at Bank |
2,40,360
|
|
Working Notes:
WN1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 2 each
|
Amount trsfd. to Share Capital Account @ Rs 2 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
24,000
|
20,000
|
48,000
|
40,000
|
8,000
|
8,000
|
|
II
|
6,000
|
|
12,000
|
|
|
|
12,000
|
Total
|
30,000
|
20,000
|
60,000
|
40,000
|
8,000
|
8,000
|
12,000
|
WN2: Calculation of amount unpaid on allotment by Ramesh
WN3: Calculation of amount transferred to capital reserve
Page No 8.122:
Question 79:
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
Bank A/c |
Dr.
|
60,000
|
|
||
To Equity Share Application A/c (30,000 × 2) |
|
|
60,000
|
||
(Application money received on 30,000 shares) |
|
|
|
||
|
|
|
|||
Equity Share Application A/c |
Dr.
|
60,000
|
|
||
To Equity Share Capital A/c (20,000 × 2) |
|
|
40,000
|
||
To Equity Share Allotment A/c (4,000 × 2) |
|
|
8,000
|
||
To Bank A/c (6,000 × 2) |
|
|
12,000
|
||
(Application money transferred to share capital, adjusted in allotment and refunded) |
|
|
|
||
|
|
|
|||
Equity Share Allotment A/c (20,000 × 5) |
Dr.
|
1,00,000
|
|
||
To Equity Share Capital A/c (20,000 × 3) |
|
|
60,000
|
||
To Securities Premium Reserve A/c (20,000 × 2) |
|
|
40,000
|
||
(Allotment money due along with premium) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
90,160
|
|
||
To Equity Share Allotment A/c (1,00,000 – 8,000 – 1,840) |
|
|
90,160
|
||
(Allotment money received) |
|
|
|
||
|
|
|
|||
Equity Share First Call A/c (20,000 × 3) |
Dr.
|
60,000
|
|
||
To Equity Share Capital A/c |
|
|
60,000
|
||
(Amount due on first call) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
57,000
|
|
||
To Equity Share First Call A/c (60,000 – 1,200 – 1,800) |
|
|
57,000
|
||
(Amount received on first call) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (400 × 8) |
Dr.
|
3,200
|
|
||
Securities Premium Reserve A/c (400 × 2) |
Dr.
|
800
|
|
||
To Equity Share Allotment A/c |
|
|
1,840
|
||
To Equity Share First Call A/c |
|
|
1,200
|
||
To Share Forfeiture A/c |
|
|
960
|
||
(Ramesh’s shares forfeited due to non-payment of allotment and first call money) |
|
|
|
||
|
|
|
|||
Equity Share Second Call A/c (19,600 × 2) |
Dr.
|
39,200
|
|
||
To Equity Share Capital A/c |
|
|
39,200
|
||
(Second call money due on 19,600 shares) |
|
|
|
||
|
|
|
|||
Bank A/c |
Dr.
|
38,000
|
|
||
To Equity Share Second Call A/c (39,200 – 1,200) |
|
|
38,000
|
||
(Amount received on second call except on 600 shares) |
|
|
|
||
|
|
|
|||
Equity Share Capital A/c (600 × 10) |
Dr.
|
6,000
|
|
||
To Equity Share First Call A/c (600 × 3) |
|
|
1,800
|
||
To Equity Share Second Call A/c (600 × 2) |
|
|
1,200
|
||
To Share Forfeiture A/c (600 × 5) |
|
|
3,000
|
||
(Mohan’s shares were forfeited due to non- payment of first and second call) |
|
|
|||
|
|
||||
Bank A/c (800 × 9) | Dr. |
7,200
|
|
||
Share Forfeiture A/c (800 × 1) | Dr. |
800
|
|
||
To Equity Share capital A/c |
|
8,000
|
|||
(Out of the forfeited shares, 800 shares were reissued) |
|
|
|||
|
|
||||
Share Forfeiture A/c | Dr. |
2,160
|
|
||
To Capital Reserve A/c |
|
2,160
|
|||
( Profit on reissue transferred to Capital Reserve) |
|
|
|||
|
|
Balance Sheet of H Ltd. as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital |
1
|
1,99,000
|
Reserves and Surplus
|
2
|
41,360
|
Total
|
|
2,40,360
|
II. Assets |
|
|
Current Assets
|
|
|
Cash and Cash Equivalents
|
3
|
2,40,360
|
Total
|
|
2,40,360
|
|
|
Notes to Accounts
|
||
Particulars
|
Amount
(Rs)
|
|
1. Share Capital | ||
Authorised Share Capital | ||
xxx Equity Shares of Rs 10 each |
xxx
|
|
Issued Share Capital |
|
|
20,000 Equity Shares of Rs 10 each |
2,00,000
|
|
Subscribed Share Capital, Called-up and Paid-up Capital | ||
19,800 shares of Rs 10 each |
1,98,000
|
|
Add: Share Forfeiture |
1,000
|
1,99,000
|
2. Reserves and Surplus | ||
Securities Premium Reserve |
39,200
|
|
Capital Reserve |
2,160
|
41,360
|
3. Cash and Cash Equivalents | ||
Cash at Bank |
2,40,360
|
|
Working Notes:
WN1: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 2 each
|
Amount trsfd. to Share Capital Account @ Rs 2 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
24,000
|
20,000
|
48,000
|
40,000
|
8,000
|
8,000
|
|
II
|
6,000
|
|
12,000
|
|
|
|
12,000
|
Total
|
30,000
|
20,000
|
60,000
|
40,000
|
8,000
|
8,000
|
12,000
|
WN2: Calculation of amount unpaid on allotment by Ramesh
WN3: Calculation of amount transferred to capital reserve
Answer:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c (65,000 × 3) |
1,95,000
|
Equity Share Application A/c (5,000 × 3) |
15,000
|
|||||
Equity Share Allotment A/c (2,00,000 – 30,000) |
|
1,70,000
|
Balance c/d |
5,93,500
|
||||
Equity Share First Call A/c (1,00,000 – 2,000) |
|
98,000
|
|
|||||
Equity Share Second and Final Call A/c (1,50,000 – 4,500) |
|
1,45,500
|
|
|||||
6,08,500
|
6,08,500
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
1,80,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 3) |
|
|
1,50,000
|
|
|
To Equity Share Allotment A/c (WN) |
|
|
30,000
|
|
|
(Application money transferred to share capital and adjusted in allotment) |
|
|
|
|
|
|
|
|
||
|
Equity Share Allotment A/c (50,000 × 4) |
Dr.
|
2,00,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
To Securities Premium Reserve A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
(Allotment money due on 50,000 shares) |
|
|
|
|
|
|
|
|
||
|
Equity Share First Call A/c (50,000 × 2) |
Dr.
|
1,00,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,00,000
|
|
|
(First call money due on 50,000 shares) |
|
|
|
|
|
|
|
|
||
|
Equity Share Second and Final Call A/c (50,000 × 3) |
Dr.
|
1,50,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,50,000
|
|
|
(Second and final call money due) |
|
|
|
|
|
|
Balance Sheet of Gopal Ltd. as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital
|
1
|
4,93,500
|
Reserves and Surplus
|
2
|
1,00,000
|
Total
|
|
5,93,500
|
II. Assets |
|
|
Current Assetsvipin
|
|
|
Cash and Cash Equivalents
|
3
|
5,93,500
|
Total
|
|
5,93,500
|
|
|
Notes to Accounts |
|||
Particulars
|
Amount
(Rs)
|
||
Share Capital
|
|||
Authorised Share Capital | |||
xxx Equity Shares of Rs 10 each |
xxx
|
||
Issued Share Capital |
|
||
50,000 Equity Shares of Rs 10 each |
5,00,000
|
||
Subscribed Share Capital | |||
Subscribed but not fully paid-up | |||
50,000 shares of Rs 10 each |
5,00,000
|
||
Less: Calls-in- Arrears |
6,500
|
4,93,500
|
|
Reserves and Surplus | |||
Securities Premium Reserve |
1,00,000
|
||
Cash and Cash Equivalents
|
|||
Cash at Bank |
5,93,500
|
||
Working Notes: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
40,000
|
40,000
|
1,20,000
|
1,20,000 | – | – | – |
II
|
20,000
|
10,000
|
60,000
|
30,000 | 30,000 | 30,000 | – |
III
|
5,000
|
– |
15,000
|
– | – | – | 15,000 |
Total
|
65,000
|
50,000
|
1,95,000
|
1,50,000 | 30,000 | 30,000 | 15,000 |
Page No 8.122:
Question 80:
Cash Book
|
||||||||
Dr. |
Cr.
|
|||||||
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
Equity Share Application A/c (65,000 × 3) |
1,95,000
|
Equity Share Application A/c (5,000 × 3) |
15,000
|
|||||
Equity Share Allotment A/c (2,00,000 – 30,000) |
|
1,70,000
|
Balance c/d |
5,93,500
|
||||
Equity Share First Call A/c (1,00,000 – 2,000) |
|
98,000
|
|
|||||
Equity Share Second and Final Call A/c (1,50,000 – 4,500) |
|
1,45,500
|
|
|||||
6,08,500
|
6,08,500
|
|||||||
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Equity Share Application A/c |
Dr.
|
1,80,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 3) |
|
|
1,50,000
|
|
|
To Equity Share Allotment A/c (WN) |
|
|
30,000
|
|
|
(Application money transferred to share capital and adjusted in allotment) |
|
|
|
|
|
|
|
|
||
|
Equity Share Allotment A/c (50,000 × 4) |
Dr.
|
2,00,000
|
|
|
|
To Equity Share Capital A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
To Securities Premium Reserve A/c (50,000 × 2) |
|
|
1,00,000
|
|
|
(Allotment money due on 50,000 shares) |
|
|
|
|
|
|
|
|
||
|
Equity Share First Call A/c (50,000 × 2) |
Dr.
|
1,00,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,00,000
|
|
|
(First call money due on 50,000 shares) |
|
|
|
|
|
|
|
|
||
|
Equity Share Second and Final Call A/c (50,000 × 3) |
Dr.
|
1,50,000
|
|
|
|
To Equity Share Capital A/c |
|
|
1,50,000
|
|
|
(Second and final call money due) |
|
|
|
|
|
|
Balance Sheet of Gopal Ltd. as at …
|
||
Particulars
|
Note
No.
|
Amount
(Rs)
|
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds
|
|
|
Share Capital
|
1
|
4,93,500
|
Reserves and Surplus
|
2
|
1,00,000
|
Total
|
|
5,93,500
|
II. Assets |
|
|
Current Assetsvipin
|
|
|
Cash and Cash Equivalents
|
3
|
5,93,500
|
Total
|
|
5,93,500
|
|
|
Notes to Accounts |
|||
Particulars
|
Amount
(Rs)
|
||
Share Capital
|
|||
Authorised Share Capital | |||
xxx Equity Shares of Rs 10 each |
xxx
|
||
Issued Share Capital |
|
||
50,000 Equity Shares of Rs 10 each |
5,00,000
|
||
Subscribed Share Capital | |||
Subscribed but not fully paid-up | |||
50,000 shares of Rs 10 each |
5,00,000
|
||
Less: Calls-in- Arrears |
6,500
|
4,93,500
|
|
Reserves and Surplus | |||
Securities Premium Reserve |
1,00,000
|
||
Cash and Cash Equivalents
|
|||
Cash at Bank |
5,93,500
|
||
Working Notes: Computation Table
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 3 each
|
Amount trsfd. to Share Capital Account @ Rs 3 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
I
|
40,000
|
40,000
|
1,20,000
|
1,20,000 | – | – | – |
II
|
20,000
|
10,000
|
60,000
|
30,000 | 30,000 | 30,000 | – |
III
|
5,000
|
– |
15,000
|
– | – | – | 15,000 |
Total
|
65,000
|
50,000
|
1,95,000
|
1,50,000 | 30,000 | 30,000 | 15,000 |
Answer:
In the books of Pee Kay Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
15,00,000 |
|
|
To Share Application A/c |
|
|
|
15,00,000 |
|
(Application money received on 5,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
15,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
6,00,000 |
|
To Equity Share Allotment A/c |
|
|
|
6,00,000 |
|
To Equity Share First Call A/c |
|
|
|
3,00,000 |
|
(Application money transferred to Share Capital Account and adjusted towards allotment and first call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
6,00,000 |
|
(Amount due on allotment @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
Nil |
|
|
To Equity Share Allotment A/c |
|
|
|
Nil |
|
(Already adjusted through excess application money) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Amount due on first and final call on 2,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (6,00,000 – 3,00,000 – 300) |
Dr. |
|
2,99,700 |
|
|
To Equity Share First Call A/c |
|
|
|
2,99,700 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second & Final Call A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Amount due on second call on 2,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (6,00,000 – 600) |
Dr. |
|
5,99,400 |
|
|
To Equity Share Second and Final Call A/c |
|
|
5,99,400 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
2,000 |
|
|
Securities Premium A/c |
|
|
400 |
|
|
To Share Forfeiture A/c |
|
|
|
1,500 |
|
To Share First Call A/c |
|
|
|
300 |
|
To Share Second & Final Call A/c |
|
|
600 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,950 |
|
|
To Share Capital A/c |
|
|
|
1,500 |
|
To Securities Premium A/c |
|
|
|
45 |
|
(Out of the forfeited shares, 150 shares were reissued for Rs 13 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
1,125 |
|
|
To Capital Reserve A/c |
|
|
|
1,125 |
|
(Balance in share forfeiture for 150 shares transferred to capital reserve) |
|
|
|
|
|
|
|
|
|
Balance Sheet as at … |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
19,99,875 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
2,00,000 Equity Shares of Rs 10 each |
20,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
1,99,950 shares of Rs 10 each |
19,99,500 |
|
|
Add: Share Forfeiture |
375 |
19,99,875 |
|
|
|
|
|
|
|
Working Notes:
WN 1: Computation Table
Category |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 3 each |
Money transferred to Share Capital @ Rs 3 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 3 |
Amount adjusted on First Call |
Money refunded |
I |
5,00,000 |
2,00,000 |
15,00,000 |
6,00,000 |
9,00,000 |
6,00,000 |
3,00,000 |
Nil |
|
||||||||
|
5,00,000 |
2,00,000 |
15,00,000 |
6,00,000 |
9,00,000 |
6,00,000 |
3,00,000 |
Nil |
|
|
|
|
|
|
|
|
|
WN 2: Shares Applied by Dinesh
Page No 8.122:
Question 81:
In the books of Pee Kay Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
15,00,000 |
|
|
To Share Application A/c |
|
|
|
15,00,000 |
|
(Application money received on 5,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
15,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
6,00,000 |
|
To Equity Share Allotment A/c |
|
|
|
6,00,000 |
|
To Equity Share First Call A/c |
|
|
|
3,00,000 |
|
(Application money transferred to Share Capital Account and adjusted towards allotment and first call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
6,00,000 |
|
(Amount due on allotment @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
Nil |
|
|
To Equity Share Allotment A/c |
|
|
|
Nil |
|
(Already adjusted through excess application money) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Amount due on first and final call on 2,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (6,00,000 – 3,00,000 – 300) |
Dr. |
|
2,99,700 |
|
|
To Equity Share First Call A/c |
|
|
|
2,99,700 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second & Final Call A/c |
Dr. |
|
6,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Amount due on second call on 2,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (6,00,000 – 600) |
Dr. |
|
5,99,400 |
|
|
To Equity Share Second and Final Call A/c |
|
|
5,99,400 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
2,000 |
|
|
Securities Premium A/c |
|
|
400 |
|
|
To Share Forfeiture A/c |
|
|
|
1,500 |
|
To Share First Call A/c |
|
|
|
300 |
|
To Share Second & Final Call A/c |
|
|
600 |
|
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,950 |
|
|
To Share Capital A/c |
|
|
|
1,500 |
|
To Securities Premium A/c |
|
|
|
45 |
|
(Out of the forfeited shares, 150 shares were reissued for Rs 13 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
1,125 |
|
|
To Capital Reserve A/c |
|
|
|
1,125 |
|
(Balance in share forfeiture for 150 shares transferred to capital reserve) |
|
|
|
|
|
|
|
|
|
Balance Sheet as at … |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
19,99,875 |
b. Reserves and Surplus |
|
|
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
2,00,000 Equity Shares of Rs 10 each |
20,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
1,99,950 shares of Rs 10 each |
19,99,500 |
|
|
Add: Share Forfeiture |
375 |
19,99,875 |
|
|
|
|
|
|
|
Working Notes:
WN 1: Computation Table
Category |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 3 each |
Money transferred to Share Capital @ Rs 3 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 3 |
Amount adjusted on First Call |
Money refunded |
I |
5,00,000 |
2,00,000 |
15,00,000 |
6,00,000 |
9,00,000 |
6,00,000 |
3,00,000 |
Nil |
|
||||||||
|
5,00,000 |
2,00,000 |
15,00,000 |
6,00,000 |
9,00,000 |
6,00,000 |
3,00,000 |
Nil |
|
|
|
|
|
|
|
|
|
WN 2: Shares Applied by Dinesh
Answer:
In the books of Gee Kay Ltd. Journal Entry |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bank A/c |
Dr. |
|
6,80,000 |
|
|
To Share Application A/c |
|
|
|
6,80,000 |
|
(Application money received on 1,70,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
6,80,000 |
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
To Equity Share Allotment A/c |
|
|
|
2,00,000 |
|
To Bank A/c |
|
|
|
80,000 |
|
(Application money transferred to Share Capital Account and adjusted towards allotment and refunded) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
(Amount due on allotment @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (5,00,000 – 2,00,000 – 9,000 + 9,000) |
Dr. |
|
3,00,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Allotment A/c |
|
|
|
3,00,000 |
|
To Calls-in-Advance A/c |
|
|
|
9,000 |
|
|
|
|
|
|
|
Equity Share First & Final Call A/c |
Dr. |
|
3,00,000 |
|
|
To Equity Share Capital A/c |
|
|
|
3,00,000 |
|
(Amount due on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (3,00,000 – 9,000 – 9,000) |
Dr. |
|
2,82,000 |
|
|
Calls-in-Arrears A/c |
Dr. |
|
9,000 |
|
|
Calls-in-Advance A/c |
|
|
9,000 |
|
|
To Equity Share First & Final Call A/c |
|
|
|
3,00,000 |
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,300 |
|
|
To Calls-in-Arrears A/c |
|
|
|
6,000 |
|
To Interest on Calls-in-Arrears A/c |
|
|
|
300 |
|
(Amount due from Anil was received along with interest) |
|
|
|
|
|
|
|
|
|
|
|
Share Capital A/c |
Dr. |
|
20,000 |
|
|
Securities Premium A/c |
Dr. |
|
4,000 |
|
|
To Share Forfeiture A/c |
|
|
|
12,000 |
|
To Share Allotment A/c |
|
|
|
6,000 |
|
To Share First & Final Call A/c |
|
|
|
6,000 |
|
(Shares were forfeited due to the non-payment of arrears) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Share Capital A/c |
|
|
10,000 |
|
|
(Out of the forfeited shares, 1,000 shares were reissued for Rs 9 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
5,000 |
|
|
To Capital Reserve A/c |
|
|
|
5,000 |
|
(Balance in share forfeiture for 1,000 shares transferred to capital reserve) |
|
|
|
|
|
|
|
|
|
|
|
Interest on Calls-in-Advance A/c |
Dr. |
|
300 |
|
|
To Bank A/c |
|
|
|
300 |
|
(Payment is made for interest on calls-in-advance) |
|
|
|
|
|
|
|
|
|
Balance Sheet as at … |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
9,96,000 |
b. Reserves and Surplus |
2 |
2,01,000 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
11,97,000 |
|
|
|
NOTES TO ACCOUNTS |
|||
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
Issued Share Capital |
|
|
|
1,00,000 Equity Shares of Rs 10 each |
10,00,000 |
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
99,000 shares of Rs 10 each |
9,90,000 |
|
|
Add: Share Forfeiture |
6,000 |
9,96,000 |
|
|
|
|
2 |
Reserves and Surplus |
|
|
|
Securities Premium (2,00,000 – 4,000) |
1,96,000 |
|
|
Capital Reserve |
5,000 |
2,01,000 |
|
|
|
Working Notes:
WN 1: Computation Table
Category |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 4 each |
Money transferred to Share Capital @ Rs 4 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 3 |
Amount adjusted on Securities Premium @ Rs 2 |
Money refunded |
I |
1,50,000 |
1,00,000 |
6,00,000 |
4,00,000 |
2,00,000 |
2,00,000 |
0 |
0 |
II |
20,000 |
Nil |
0 |
0 |
80,000 |
0 |
0 |
80,000 |
|
1,70,000 |
1,00,000 |
6,00,000 |
4,00,000 |
2,80,000 |
2,00,000 |
0 |
80,000 |
|
|
|
|
|
|
|
|
|
WN 2: Shares Applied by Anil
WN 3: Shares Applied by Amit
View NCERT Solutions for all chapters of Class