Page No 8.115:

Question 26:

Bharat Ltd made the first call of ` 2 per share on its 1,00,000 Equity Shares on 1st March , 2006. 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:

Books of Bharat Ltd. Journal
Date	Particulars		L.F.	Debit Amount `	Credit Amount `
2006
	Equity Share First Call A/c	Dr.		2,00,000
	To Equity Share Capital A/c				2,00,000
	(Shares first call due on 1,00,000 shares at ` 2 per share)

Mar 01	Bank A/c	Dr.		2,02,400
	To Equity Share First Call A/c				2,00,000
	To Call-In-Advance A/c				2,400
	(Share first call received with call-in-advance of 800 shares at ` 3 per share)

Page No 8.115:

Question 27:

Answer:


	Particulars	Amount ( `)
	Share Capital
A	Authorised Share Capital
	10,000 shares of ` 100 each	10,00,000
B	Issued Share Capital
	9,000 shares of ` 100 each	9,00,000
C	Subscribed Share Capital
	9,000 shares of ` 100 each,	9,00,000
D	Called-up share capital
	9,000 shares of `60 each	5,40,000
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
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

Page No 8.115:

Question 28:

2,000 Equity Shares of ` 10 each were issued to Limited from whom assets of ` 25,000 were acquired .
Pass Journal entry.

Answer:

Journal
Date	Particulars		L.F.	Debit Amount `	Credit Amount `

	Assets A/c	Dr.		25,000
	To X Ltd.				25,000
	(Assets bought from X Ltd.)

	X Ltd.	Dr.		25,000
	To Share Capital A/c				20,000
	To Securities Premium A/c				5,000
	(2,000 shares of ` 10 each issued to X Ltd.)

Page No 8.115:

Question 29:

'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 Journal
Date	Particulars		L.F.	Debit Amount ( `)	Credit Amount ( `)
	Plant & Machinery A/c	Dr.		1,00,000
	To Vendor A/c				1,00,000
	(Machinery purchased)

	Vendor A/c	Dr.		1,00,000
	To Equity Share Capital A/c (800 × 100)				80,000
	To Securities Premium A/c (800 × 25)				20,000
	(Shares issued to vendor at a premium of ` 25 per share)

Page No 8.115:

Question 30:

Rajan Ltd . purchased assets from Geeta & Co . for ` 5,00,000. A sum of ` 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ` 10 each at a premium of 25%. journalise the above transactions in the books of the company.

Answer:

Books of Rajan Limited Journal
Date	Particulars		L.F.	Debit Amount `	Credit Amount `

	Assets A/c	Dr.		5,00,000
	To Geeta & Co.				5,00,000
	(Assets purchased from Geeta & Co.)

	Geeta & Co.	Dr.		1,00,000
	To Bank A/c				1,00,000
	(Payment made to Geeta & Co.)

	Geeta & Co.	Dr.		4,00,000
	To Equity Share Capital A/c				3,20,000
	To Securities Premium A/c				80,000
	(32,000 equity shares of ` 10 issued at 25% premium)