XYZ LTD issued 2000 shares of 10 each at premium of 1
per share payable as follows:- Application t 3 per share, on allotment 4(including premium) on first and final call 4 per share. All the shares were applied for and duly allotted. Paas journal entries
10.Stylon Ltd. issued 1,00,000 Equity Shares of 10 each at a
premium oft 10 per share, payable as follows:- t 10 per share on application; and Balance on allotment. The issue was subscribed and shares were issued to the applicants. Pass the necessary Journal entries.
(Oversubscription) 11.XYZ ltd invited applications for 50000 shares t 100 per share payable 40 on application 40 on allotment And balance on call Company has received 60,000 applications and decided to reject the excess application money whjch is being refunded. Paas necessary Journal entries
12.ABC LTD invited applications for 20,000 shares oft 10
each payable 30 on application 40 on allotment And balance on call Company received applications and made pro rata allotment to all the applicants. Excess application money was adjusted on allotment. Pass journal entries
13. ABC LTD invited app lications for 50,000 shares oft 10 each payable 30 on application 40 on allotment and Balance on first and final call Company received applications for 80,000 Shares and decided to reject 10,000 application and made pro-rata allotment to remaining applicants. Pass necessary journal entries
14. Raja ltd company offered for public subscription 10,000
shares oft 100 each at par payable as t 50 on application t 30 on allotment And Balance on call Applications were received for 15,000 shares and allotment was made on pro-rata basis, the excess application money being retained towards the money on allotment and call. Pass journal entries
15.XYZ LTD offered 30,000 equity shares oft 100 each at t
120 per share to public for subscription. t 50 payable on Application, t 40 on allotment and balance on call. Applications were received for 60,000 shares. Applications for 4000 shares were rejected. Applications for 3000 shares were accepted in full and the remaining applicants were allotted on pro-rata basis and excess amount was adjusted on allotment and calls. Pass necessary journal entries. 16.(calls in anear)Citizen Watches Ltd. invited applications for 50,000 shares of~ 10 each payable~ 3 on application, ~ 4 on allotment and balance on fust and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares. Pass the Journal entries in the books of Citizen Watches Ltd
17. Mercury Ltd. invited applications for 1,00,000 shares of~
I 00 each payable: < 30 on application, < 30 on allotment and the balance when required. Applications were received for 1,20,000 shares out of which applications for 1,00,000 shares were accepted and re1naining applications were refused allotment. Allotment money was received on 99,500 shares. Pass Journal entries in the books of Mercury Ltd.
18.To provide e1nployment to the youth and to develop
Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the company decided to issue 8,50,000 equity shares of< 10 each at a premium of < 3 per share. The issue price was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro rata basis. Pass necessary Journal entries for the above transactions in the books of the company.
on application, <3 on allotment and < 3 on first and final call. Applications were received for 25,000 shares. The company decided to alJot 20,000 shares on pro rata basis and excess Application Money was adjusted for allotment money due. Pass Journal entries if amounts due were received. Also, show share capital in the Balance Sheet of the company.
20. Raghav Ltd. was registered with an authorised capital of<
10,00,000 divided into 1,00,000 shares of < 10 each. The company offered 60,000 shares to public on which amounts were payable ~ 3 per share on application, 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows: Applicants for 40,000 shares - Full Applicants for 50,000 shares- 40%, < 84,000 were received as allotment money (excluding the amount carried from application money).Pass the Journal entries 21.(Shares issued at Premium, Oversubscribed-Pro rata Allotment to some and no Allotment to the Remaining Applicants). Jaya Ltd. issued 60,000 shares of~ IO each at a premium of~ 2 per share payable as ~ 3 on application, ~ 5 (including premium) on allotment and the balance on first and final call. Applications were received for 82,000 shares. Allotment of shares was made as follows: (a) Applicants of 30,000 shares 20,000 shares (b) Applicants of 50,000 shares 40,000 shares (c) Applicants of 2,000 shares : Nil Ramesh, who had applied for 900 shares in Category (a) and Suresh, who was allotted 600 shares in Category (b) did not pay the allotment money. Calculate amount on allotment.
22.(undersuscription),Prime Ltd. invited applications for
40,000 Equity Shares of l 0 each. The amount was payable as follows: on application 3 per share; on allotment 4 per share and on first and final call 3 per share. Applications were received for 37,500 shares Ashok to whom 1000 shares were allotted did not pay the allotment 1noney and also first and final call. Sohan who had applied for 500 shares did not pay the first and final call. Pass necessary Journal entries to record the above transactions.
23.(Share Capital m Balance Sheet m case of
Undersubscription). The authorised capital of Suhas Ltd. is 50,00,000 divided into 25,000 shares of 200 each. Of these, the COil{ ~y issued 12,000 shares of 200 each at a premium of 10%. lflid amount per Share Capital e 60 on application, 60 on allotment (including premium) 30 on first call, and balance on final call. Public applied for 11 ,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Suhas Ltd. as per Schedule III, Part I of the Companies 24.(Cash Book& Journal& Balance sheet) Great India Ltd. issued 50,000 Equity Shares of 10 each at a premium of 2 per share payable as follow:- 3 on application, 4 on allotment (including premium), 2 on first call and 3 on final call. Applications were received for 65,000 Equity Shares. Applications for 40,000 Equity Shares were accepted in full; l 0,000 Equity Shares were refused allotment to applicants of 20,000 Equity Shares and applications for 5,000 Equity Shares were refused allotment. The amounts due were duly received except the first call on 1,000 Equity Shares and final call on 1,500 Equity Shares. Pass entries in the Cash Book and Journal of the Company. Also, show Share Capital in Balance Sheet.
25.On stJanuary, 2016 the first call of 3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1,000 shares paid the second and final call of 5 per share along with the first call. Pass the necessary Journal entry for the atnount received by opening 'Calls-in-Arrears' and Calls-in-Advance' Account in the books of the company.
26. Avon Ltd. issued for subscription 10,000 shares of 25
each, payable 5 per share on application, 1 per share on allotment (including 5 per share as pre1nium), 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied and allotted. Due amount was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the con1pany's Journal, Cash Book and the Ledger. Also show the company's Balance Sheet
Shares of 10 each payable as: on application 3, on allotment 3, on first and final call 4 (three months after allotment). The company received 39,000 as application money. Allotment was made in full to the applicants subscribing for five or more shares and refunded amount to the applicants for 3,000 shares. One shareholder, who was allotted 200 shares, paid first and final call with allotment money and another shareholder did not pay allotment money on his 300 shares and paid it with first and final call. Journalise the transactions in the books of Bani Ltd. including cash transactions. The company maintains Calls in arrears account 28 (Forfeiture) Ajanta Ltd. issued a prospectus inviting applications for issuing 5,00,000 equity shares of 10 each issued at a pre1nium of 10%. The amount was payable as follows: On Application 3 per share On Allotment (including premium)5 per share On First and Final Call 3 per share Applications were received for 6,00,000 shares and pro rata allotment was made to all applicants. Excess money received on application was adjusted towards sums due on allotment. All amounts were duly received except from Sumit, who was the holder of 1,000 shares, and failed to pay the allotment and first and final call. His shares were forfeited. Pass Journal entries for the above transactions in the books of Ajanta Ltd. Open Calls-in-Arrears Account.
29.Sagar Ltd. issued 5,000 Equity Shares of 10 each at par
payable: 2 per share on application, 3 per share on allotment, 3 per share on first call and 2 per share on second and final call. Param was allotted 400 shares. Give necessary Journal entries for forfeiture of shares in each of the following cases: Case 1. If Param did not pay allotment money and his shares were forfeited. Case 2. If Param did not pay allotment money and on non- payment of first call too, his shares were forfeited. Case3. If Param did not pay the first call and on non-payment of second and final call too,his shares were forfeited
