Question 21:
Blue chip
Ltd. was registered on 1st January,2021 with a capital of `10,00,000
divided into 1,00,000 shares of ` 10 each .
The company issued 42,000 shares of which 40,000 shares were taken up by the
public and `
1 per share was received with application. On 1st February ,
these shares were allotted and ` 2 per share
was duly received on 28th February as allotment money. A first call of ` 3
per share was made on 1st March and the call money on all shares with the
exception of 100 shares was received . The final call of ` 4 per share was made on 1st
June and the amount due, with the exception of 400 shares , was received by
30th June. Pass necessary journal ands Cash Book
entries and prepare the Balance Sheet as at 30th June, 2021.
Answer:
Authorised Capital 1,00,000 shares of ` 10 each
Issued
Capital 42,000 shares of ` 10 each
Applied
40,000 shares
Payable as:
` 1 on
application
` 2 on
allotment
` 3 on first
call
` 4 on final
call
|
Books of Blue chip Ltd. Cash Book |
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|
Dr. |
|
Cr. |
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Date |
Particulars |
L.F. |
Bank ` |
Date |
Particulars |
L.F. |
Bank ` |
||
|
2011 |
|
|
|
2011 |
|
|
|
||
|
Feb 01 |
Share
Application |
|
40,000 |
|
|
|
|
||
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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 |
||
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Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
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 ` 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 ` 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 ` 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 ` 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 ` 4 each) |
|
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|
|
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|
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As
per the Schedule III of Companies Act, 2013, the Company's Balance Sheet is
presented as follows.
|
Blue chpi Ltd. |
||
|
Balance
Sheet |
||
|
Particulars |
Note No. |
( `) |
|
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 |
( `) |
|
|
1 |
Share Capital |
|
|
|
|
Authorised Share
Capital |
|
|
|
|
1,00,000 shares of ` 10 each |
10,00,000 |
|
|
|
Issued Share Capital |
|
|
|
|
42,000 shares of ` 10 each |
4,20,000 |
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
|
40,000 shares of ` 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 |
|
|
|
|
|
|
Question 22 The authorised capital of Sarang
Ltd. is `
1,20,00,000
divided into 12,00,000 shares of 10 each. Out of
these,
company issued 8,00,000 shares of `10 each at a premium of 20%. The
amount per share was
payable as
follows:
On
Application `2
On Allotment
`6 (including premium)
On First
Call `2
On Final
Call Balance
Public
applied for 7,80,000 shares. All the money was duly
received. Prepare an extract of Balance Sheet of
Sarang Ltd.
as per Schedule ll, Part I of the Companies Act,
2013, disclosing the above information. Also
prepare
'Notes to Accounts' for the same. (Foreign 2013, Modified)
Answer:
As per the
Schedule III of Companies Act, 2013, the Company's Balance Sheet is presented
as follows.
|
Blue chip Ltd. |
||
|
Balance Sheet |
||
|
Particulars |
Note No. |
( `) |
|
I. Equity
and Liabilities |
|
|
|
1.
Shareholders’ Funds |
|
|
|
a. Share
Capital b. Securities
premium reserve |
1 2 |
78,00,000 15,60,000 |
|
Total |
|
93,60,000 |
|
|
|
|
|
II. Assets |
|
|
|
1.
Non-Current Assets |
|
|
|
2. Current
Assets |
|
|
|
a. Cash
and Cash Equivalents |
2 |
93,60,000 |
|
Total |
|
93,60,000 |
|
|
|
|
NOTES TO ACCOUNTS
|
|
|||
|
Note No. |
Particulars |
( `) |
|
|
1 |
Share
Capital |
|
|
|
|
Authorised Share
Capital |
|
|
|
|
12,00,000
shares of ` 10 each |
1,20,00,000 |
|
|
|
Issued
Share Capital |
|
|
|
|
2,00,000
shares of ` 10 each |
2,00,000 |
|
|
|
|
||
|
|
Subscribed,
Called-up and Paid-up Share Capital |
|
|
|
|
7,80,000
shares of ` 10 each |
78,00,000 |
|
|
|
|
|
|
|
2 |
Cash and
Cash Equivalents |
|
|
|
|
Cash at
Bank |
93,60,000 |
|
|
3 |
Reserve and surplus |
||
|
|
Securities premium
reserve 7,80,000 shares at `2 each |
15,60,000 |
|
Question 23:
Ghosh Ltd.
made the second and final call on its 50,000 Equity Shares @ ` 2 per share on 1st January,
2016. The entire amount was received on 15th January, 2016 except on 100 shares
allotted to Venkat. Pass necessary journal entries
for the call money due and received by opening Calls-in-Arrears Account.
Answer:
|
Books of Ghosh Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
2016 |
|
|
|
|
|
|
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 ` 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) |
|
|
|
|
|
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|
Question 24:
Amit Ltd was
registered with a capital of ` 5,00,000 in shares of ` 10 each and
issued 20,000 such shares at a premium of ` 2 per
share, payable as ` 2 per share
on application, ` 5 per share
on allotment (including premium) and ` 2 per share
on first call made three months later. All the money payable on application and
allotment was duly received but when the first call was made, one shareholder
paid the entire balance on his holding of 300 shares and another shareholder
holding 1,000 shares failed to pay the first call money.
Pass journal entries to record the above transactions and show how they will
appear in the company's Balance Sheet.
Answer:
Amount
Payable on:
|
Application |
` |
2 |
|
|
Allotment |
` |
5 |
(3+2) |
|
First Call |
` |
2 |
|
|
Called-up |
` |
9 |
(7+2) |
|
Books of Amit Ltd. Journal |
|
|||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
40,000 |
|
|
|
|
To Share Application A/c |
|
|
40,000 |
||
|
|
(Share
application money received for 20,000 shares at ` 2 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
Application A/c |
Dr. |
|
40,000 |
|
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
|
(Share
application of 20,000 shares at ` 2 per share transferred to Share Capital Account) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
Allotment A/c |
Dr. |
|
1,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
60,000 |
||
|
|
To Securities Premium A/c |
|
|
40,000 |
||
|
|
(Share
allotment due on 20,000 shares at ` 5 per share including ` 2 premium) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
1,00,000 |
||
|
|
(Share
allotment received on 20,000 shares at ` 5 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
First Call A/c |
Dr. |
|
40,000 |
|
|
|
|
To Share Capital A/c |
|
|
40,000 |
||
|
|
(Share
first call due on 20,000 shares at ` 2 per shares) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
38,900 |
|
|
|
|
Calls-in-Arrears
A/c |
Dr. |
|
2,000 |
|
|
|
|
To Share First Call A/c |
|
|
40,000 |
||
|
|
To Calls-in-Advance A/c |
|
|
900 |
||
|
|
(Share
first call received on 39,000 shares at ` 2 each, 300 shares paid
calls-in-advance at ` 3 per share and 1,000 shares failed to pay to first
call money) |
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
As per the Schedule III of Companies Act, 2013, the
Company's Balance Sheet is presented as follows.
|
Amit Ltd. |
||
|
Balance Sheet |
||
|
Particulars |
Note No. |
( `) |
|
I. Equity
and Liabilities |
|
|
|
1.
Shareholders’ Funds |
|
|
|
a. Share
Capital |
1 |
1,38,000 |
|
b.
Reserves and Surplus |
2 |
40,000 |
|
2.
Non-Current Liabilities |
|
|
|
3. Current
Liabilities |
|
|
|
a. Other
Current Liabilities |
3 |
900 |
|
Total |
|
1,78,900 |
|
|
|
|
|
II. Assets |
|
|
|
1.
Non-Current Assets |
|
|
|
2. Current
Assets |
|
|
|
a. Cash
and Cash Equivalents |
4 |
1,78,900 |
|
Total |
|
1,78,900 |
|
|
|
|
NOTES TO ACCOUNTS
|
|
|||
|
Note No. |
Particulars |
( `) |
|
|
1 |
Share
Capital |
|
|
|
|
Authorised Share
Capital |
|
|
|
|
50,000
shares of ` 10 each |
5,00,000 |
|
|
|
Issued
Share Capital |
|
|
|
|
20,000
shares of ` 10 each |
2,00,000 |
|
|
|
Subscribed,
Called-up and Paid-up Share Capital |
|
|
|
|
20,000
shares of ` 10 each, ` 7 Called-up and Paid-up |
1,40,000 |
|
|
|
Less: Calls-in-Arrears |
(2,000) |
1,38,000 |
|
|
|
|
|
|
2 |
Reserves
and Surplus |
|
|
|
|
Securities
Premium |
40,000 |
|
|
|
|
|
|
|
3 |
Other
Current Liabilities |
|
|
|
|
Calls-in-Advance |
900 |
|
|
|
|
|
|
|
4 |
Cash and
Cash Equivalents |
|
|
|
|
Cash at
Bank |
1,78,900 |
|
|
|
|
|
|
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