Past Year Papers Solutions Share Capital

Past Year Papers Chapter wise Solutions Company – Accounting for Share Capital Surya Ltd with a Registered capital of 10,00,000 Equity Shares of 10 each, issued 1,00,000 Equity Shares payable 3 on Application, 2 on Allotment, 3 on First Call and 2 on Second and Final call. The amount due on Allotment was duly received … Read more

Share Capital 82

‘Venus Ltd’ was registered with an authorised capital of Rs.  40,00,000 divided into 4,00,000 equity shares of 10 each. 70,000 of these shares were issued as fully paid to ‘M/s. Star Ltd.’ for building purchased from them. 2,00,000 shares were issued to the public and the amounts were payable as follows: On Application                          – … Read more

Share Capital 59

Nidhi Ltd. Issued 2,000 Shares of 100 each. All the money was received except on 200 shares on which only Rs. 90 per share were received. These shares were forfeited and out of the forfeited shares 100 shares were reissued at Rs. 80 each as fully paid up. Pass necessary Journal entries for the above … Read more

Share Capital 58

AXN Ltd. invited applications for issuing 1,00,000 equity shares of Rs.  10 each at a premium of Rs.  6 per share. The amount was payable as follows: On Application Rs.  4 per share (including Rs.  2 premium). On Allotment Rs.  5 per share (including Rs.  2 premium). On First Call Rs.  4 per share (including … Read more

Share Capital 54

Cemto Ltd. forfeited 6,000 shares of Rs.  10 each issued at a premium of Rs.  2 per share for the non-payment of final call of Rs.  3 per share. 300 of the forfeited shares were reissued for Rs.  8 per share as fully paid up. Pass necessary journal entries for the forfeiture and re-issue of … Read more

Share Capital 53

Prayuj Ltd. forfeited 2,000 shares of Rs.  10 each, fully called up, on which they had received only Rs.  14,000. 50 of the forfeited shares were reissued for Rs.  9 per share fully paid up. Pass necessary journal entries for forfeiture and re-issue of shares. Also prepare share forfeited account. Marks-4, CBSE:2016-17/Comp-DL/Q-12 Answer Previous Or … Read more

Share Capital 46

Denspar Ltd. invited applications for issuing 2,00,000 equity shares of Rs.  10 each at a premium of Rs.  20 per share. The amount was payable as follows: On Application – Rs.  2 per share On Allotment – Rs.  13 per share (including Rs.  10 premium) On First Call – Rs.  7 per share (including Rs.  … Read more

Share Capital 45

King Ltd took over assets of Rs. 25,00,000 and liabilities of Rs. 6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of Rs. 100 each at a premium of 10% and Rs. 11,00,000 by a Bank Draft. Calculate Purchase consideration and pass necessary Journal entries in the books of … Read more

Share Capital 44

Sico Ltd. took over the assets of Rs.  4,80,000 and liabilities of Rs.  80,000 of Mittal Ltd. for a consideration of Rs.  3,20,000. Rs.  20,000 were paid by an acceptance in favour of Mittal Ltd. payable after 3 months and the balance by issue of fully paid up 8% Preference Shares of Rs.  100 each … Read more

Share Capital 43

Madhur Ltd. took over the assets of Rs.  3,90,000 and Liabilities of Rs.  40,000 of Rasova Ltd. for a consideration of Rs.  4,00,000. 20% was paid by a cheque and the balance by issue of fully paid equity shares of Rs.  100 each at a premium of 60%. Show necessary journal entries for these transactions … Read more