Question 25:
Prem
Industries Ltd made the first call of `2 per share
on its 1,00,000 Equity Shares on 1st March , 2021. Ashok, a shareholder,
holding 800 shares paid the second and final call amount along with the first
call money. The second and final call amount was `3 per share.
Pass necessary journal entries for recording the above using the Calls-in
Advance Account.
Answer:
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Books of Prem
Industries Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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2006 |
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Equity
Share First Call A/c |
Dr. |
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2,00,000 |
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To Equity Share Capital A/c |
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2,00,000 |
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(Shares
first call due on 1,00,000 shares at ` 2 per share) |
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Mar 01 |
Bank A/c |
Dr. |
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2,02,400 |
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To Equity Share First Call A/c |
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2,00,000 |
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To Call-In-Advance A/c |
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2,400 |
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(Share
first call received with call-in-advance of 800 shares at ` 3 per share) |
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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 |
( `) |
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Share
Capital |
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A |
Authorised
Share Capital |
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|
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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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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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|
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Assets A/c |
Dr. |
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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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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:
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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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