Meetu Ltd. is registered with an authorised capital of ₹1,00,00,000 divided into equity shares of ₹10 each. The company invited application for issuing 5,00,000 equity shares at a premium of ₹3 per share. The amount was payable as follows: On Application and Allotment – ₹8 per share (including premium) On First call – ₹3 per … Read more
The following information has been obtained from the Balance Sheet of Jay Ltd. as at 31st March, 2024: Balance Sheet of Jay Ltd. as at 31st March, 2024 Particulars Note No. Amount(₹) I Equity and Liabilities: 1 Shaeholdes’ Funds (a) Share Capital 1 71,80,000 Notes to Accounts: Note No. Particulars Amount (₹) Amount (₹) 1 Authorised … Read more
Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2024 along with the notes to accounts: Balance Sheet of Sankalp Ltd. as at 31st March, 2024 (An extract) Particulars Note No. 31.03.2024(₹) 31.03.2023(₹) I Equity and Liabilities … Read more
ABC Ltd. was registered with authorised capital of ₹1,00,00,000 divided into 10,00,000 equity shares of ₹10 each. On 1st April, 2024, the company offered to the public for subscription, 1,00,000 shares. Applications for 99,000 shares were received and allotment was made in full to all the applicants. A shareholder holding 9,000 shares failed to pay … Read more
Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts : Vikalp Ltd. Balance Sheet as at 31 st March, 2024 Particulars Note No. 31-03-24(₹) 31-03-23(₹) I. Equity and Liabilities(1) Shareholders Funds(a) Share capital 1 59,60,000 50,00,000 … Read more
PL Ltd. was registered with an authorised capital of ₹10,00,000 divided into equity shares of ₹10 each. The company offered to the public for subscription 90,000 equity shares. Applications were received for 82,000 equity shares and shares were allotted to all the applicants. All money due was received with the exception of first and final … Read more
Pass necessary journal entries for forfeiture and re-issue of shares for the following transactions: (i) Sierra Ltd. forfeited 500 shares of ₹10 each, issued at a premium of ₹2 per share (payable with allotment) for non-payment of allotment money of ₹5 per share (including premium). The first and final call of ₹3 per share was … Read more
Karan Ltd. invited applications for issuing 80,000 equity shares of ₹80 each at par. The amount was payable as follows: On Application and Allotment – ₹30 per share On First and Final Call – Balance Applications for 1,40,000 shares were received. Applications for 20,000 shares were rejected and the money was refunded. … Read more
Mayank Ltd. invited applications for issuing 70,000 equity shares of ₹100 each. The amount was payable as follows: On Application ₹20 per share On Allotment ₹40 per share On First call ₹20 per share On Second and Final Call Balance Applications for 1,00,000 shares were received and allotment was made to all the applicants on … Read more
DDG Ltd. invited applications for issuing 75,000 equity shares of ₹75 each at a premium of ₹25 per share. The amount was payable as follows: On Application and Allotment – ₹40 per share On First and Final Call – Balance (including premium) Applications for 1,25,000 shares were received. Applications for 25,000 shares were rejected … Read more