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) |
|
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Page No 8.115:
Question 27:
Answer:
|
|||
Particulars |
Amount ( `) |
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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 |
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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.) |
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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 |
|||||
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) |
|
|
|
|
|
|
|
|
|
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|
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) |
|
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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 |
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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) |
|
|
|
|
|
|
|
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|
Working Note-
Number
of shares issued=4,00,000/10+2.5=32,000 shares