Question 13:
Authorized
capital of Suhani Ltd . is `
45,00,000 divided into 30,000 shares of ` 150 each .
Out of these company issued 15,000 shares
of ` 150 each at a premium of ` 10 per
share . the amount was payable as follows:
` 50 per
share on application , ` 40 per
share on allotment (including premium ), ` 30 per
share on firs t call and balance on final call .
Public applied for 14,000 shares. All the money was duly received .
Prepare an extract of Balance Sheet of Suhani Ltd . as per Schedule III , Part I
of the companies Act, 2013 disclosing the above information . Also prepare
'Notes to Accounts ' for the same.
Answer:
|
Suhani Ltd. |
||
|
Balance Sheet |
||
|
Particulars |
Note No. |
( `) |
|
I. Equity
and Liabilities |
|
|
|
1.
Shareholders’ Funds |
|
|
|
a. Share
Capital |
1 |
21,00,000 |
|
b.
Reserves and Surplus |
2 |
1,40,000 |
|
2.
Non-Current Liabilities |
|
|
|
3. Current
Liabilities |
|
|
|
Total |
|
22,40,000 |
|
|
|
|
|
II. Assets |
|
|
|
1.
Non-Current Assets |
|
|
|
2. Current
Assets |
|
|
|
a. Cash
and Cash Equivalents |
3 |
22,40,000 |
|
Total |
|
22,40,000 |
|
|
|
|
NOTES TO ACCOUNTS
|
|
||
|
Note No. |
Particulars |
( `) |
|
1 |
Share Capital |
|
|
|
Authorised Share
Capital |
|
|
|
30,000 shares of ` 150 each |
45,00,000 |
|
|
Issued Share Capital |
|
|
|
15,000 shares of ` 150 each |
22,50,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
14,000 shares of ` 150 each |
21,00,000 |
|
|
|
|
|
2 |
Reserves and Surplus |
|
|
|
Securities
Premium |
1,40,000 |
|
|
|
|
|
3 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
22,40,000 |
|
|
|
|
Question 14:
Faber Ltd.
company invited applications for 75,000 equity shares of `
100 each. The application money received @ `
30 per share was ` 27,00,000. Name the kind of subscription. List the three
alternatives for allotting these shares.
Answer:
Total Money
Received on Application = ` 27,00,000
Application money per share = ` 30
Number of shares applied by the public=Total Appliaction money ReceivedApplication money per share=27,00,00030=90,000 shares
Share Applications invited by the company = 75,000
Since, Number of Shares applied for by the company exceeds the number of shares
offered by the company by 15,000 shares (i.e. 90,000 – 75,000). Therefore, it
is a case of oversubscription of shares.
The alternatives available with the company are as follows:
1. By rejecting the excess applications and allotting only 75,000 shares.
2. By making allotment to the 90,000 shares applicants
on a proportionate or pro-rata basis.
3. By making allotment to some on pro-rata basis and rejecting some applicants.
For e.g.: 85,000 share applicants are given 75,000 shares on pro-rata basis and
the remaining 5,000 shares have been rejected.
Page No 9.113:
Question 15:
Sangam Ltd. invited applications for 20,000 Equity Shares of
` 100 each issued at par. The
amount was payable on application. The issue was oversubscribed by 5,000 shares
and allotment was made on pro rata basis. Pass necessary Journal
entries.
Answer:
|
In the books of Sangam
Ltd. Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit ( `) |
Credit ( `) |
|
|
Bank A/c (25,000
× 100) |
Dr. |
|
25,00,000 |
|
|
|
To
Share Application and Allotment A/c (25,000 × 100) |
|
|
|
25,00,000 |
|
|
(Being
application money received on 25,000 equity shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Application and Allotment A/c |
Dr. |
|
25,00,000 |
|
|
|
To Share
Capital A/c (20,000 × 100) |
|
|
|
20,00,000 |
|
|
To
Bank A/c (5,000 × 100) |
|
|
|
5,00,000 |
|
|
(Being
share application and allotment money adjusted for 10,000 |
|
|
|
|
|
|
shares and
balance money refunded) |
|
|
|
|
Note: Since the
entire amount is receivable on application so the excess money on 2,000 shares
has been refunded and allotment is made on a pro-rata basis to 12,000
shareholders.
Question 16:
Citizen
Watches Ltd. invited applications for 50,000 shares of ` 10 each payable ` 3 on
application , ` 4 on allotment and balance on
first 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
.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
Bank A/c (60,000×3) |
Dr. |
|
1,80,000 |
|
|
|
To Share Application A/c |
|
|
|
1,80,000 |
|
|
(Received application money on 60,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
1,80,000 |
|
|
|
To Share Capital A/c (50,000×3) |
|
|
|
1,50,000 |
|
|
To Bank A/c (10,000×3) |
|
|
|
30,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (50,000×4) |
Dr. |
|
2,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
|
(Allotment due on 50,000 shares ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
To Share Allotment A/c |
|
|
|
2,00,000 |
|
|
(Allotment received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (50,000×3) |
Dr. |
|
1,50,000 |
|
|
|
To Share Capital A/c |
|
|
|
1,50,000 |
|
|
(Call money due on 50,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (49,500×3) |
Dr. |
|
1,48,500 |
|
|
|
To Share First and Final Call A/c |
|
|
|
1,48,500 |
|
|
(Received call money on 49,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
Click on Below link for more questions Of Volume-1 of 12th