Page No 9.115:
Question 26: Usha Ltd. was formed with a
capital of ` 10,00,000 divided into shares of `
100 each. It offered 90%
shares
to public
for subscription. The amount per share was payable as 40% on application, 20%
on allotment and
the balance
on first and final call. The applicants paid ` 3,60,000 on
application and ` 1,69,000 on allotment.
The call has
not yet been made. Calculate:
(a)
Authorised Capital, (b) Issued Capital, (c) Subscribed Capital, (d) Called-up
Capital, (e) Paid-up Capital
and (f)
Calls-in-Arrears.
Answer:
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Particulars |
Amount ( `) |
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Share
Capital |
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A |
Authorised Share
Capital |
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10,000
shares of ` 100 each |
10,00,000 |
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B |
Issued
Share Capital |
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|
9,000
shares of ` 100 each |
9,00,000 |
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C |
Subscribed
Share Capital |
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|
9,000
shares of ` 100 each,
|
9,00,000 |
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D |
Called-up share capital |
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9,000 shares of `60 each |
5,40,000 |
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E |
Paid – up share capital 9,000 shares of `60 each
5,40,000 Less: Calls-in-arrears (550×20) 11,000 |
5,39,000 |
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F |
Calls-in-arrears Money received on Allotment `1,69,000 No. of shares on
allotment money received= = 1,69,000/20= 8,450 No. of shares on
allotment money have not been received =9,000-8,450=550 Allotment money not
received= 550×20 |
11,000 |
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Page No 9.115:
Question 27:
2,000 Equity
Shares of `
10 each were issued to Limited from whom assets of ` 25,000 were
acquired .
Pass Journal entry.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
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Assets A/c |
Dr. |
|
25,000 |
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To X Ltd. |
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25,000 |
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(Assets
bought from X Ltd.) |
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X Ltd. |
Dr. |
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25,000 |
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To Share Capital A/c |
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20,000 |
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To
Securities Premium A/c |
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5,000 |
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(2,000
shares of ` 10 each issued to X Ltd.) |
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Page No 9.115:
Question 28:
'Amrit Dhara Ltd.' issued 800
Equity Shares of
` 100 each at a premium of 25% as fully paid-up in consideration
of the purchase of plant and machinery of ` 1,00,000.
Pass entries in company's Journal.
Answer:
|
Books of Amrit
Dhara Limited |
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Date |
Particulars |
L.F. |
Debit Amount ( `) |
Credit Amount ( `) |
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Plant & Machinery A/c |
Dr. |
|
1,00,000 |
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To Vendor
A/c |
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1,00,000 |
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(Machinery purchased) |
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Vendor A/c |
Dr. |
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1,00,000 |
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To Equity
Share Capital A/c (800 × 100) |
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|
80,000 |
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To Securities
Premium A/c (800 × 25) |
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20,000 |
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(Shares issued to vendor at a premium of ` 25 per
share) |
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Page No 9.115:
Question 29:
Z Ltd . purchased furniture
costing ` 2,20,000 from C.D Ltd. The payment was to be
made by issue of 9% Preference Shares of ` 100 each ata premium of ` 10 per
share . Pass necessary Journal entries in the books of Z Ltd.
Answer:
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Books of Z Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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Assets A/c |
Dr. |
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2,20,000 |
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To C.D Ltd. |
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2,20,000 |
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(Assets
purchased from C.D Ltd.) |
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C.D Ltd. |
Dr. |
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2,20,000 |
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To 9% Preference Share Capital |
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2,00,000 |
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To Securities Premium A/c |
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|
20,000 |
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(2,000 9%
Preference Shares of ` 100 each issued at 10%
premium to C.D Ltd.) |
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Working
Note:
Number of shares issued=2,20,000/100+10=2,000 shares
Page No 9.115:
Question 30:
Goodluck Ltd purchased machinery
costing ` 10,00,000 from Fair Deals Ltd. The company paid the
price by issue of Equity Shares of ` 10 each at a premium of
25%.
Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd.
Answer:
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Books Goodluck Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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Machinery
A/c |
Dr. |
|
10,00,000 |
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To Fail Deals Ltd. |
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10,00,000 |
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(Machinery
purchased from Fair Deals Ltd.) |
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Fair Deals
Ltd. |
Dr. |
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10,00,000 |
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To Equity Share Capital A/c |
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8,00,000 |
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To Securities Premium A/c |
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2,00,000 |
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(80,000
equity shares of ` 10 each issued at 25% premium) |
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Working Note:
Number of
shares issued=10,00,000/10+2.5=80,000 shares
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