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
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
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
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
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
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
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
Navnirman Ltd. issued 4,00,000 equity shares of Rs. 10 each at par. The amount per share was payable as follows: Rs. 3 on application; Rs. 2 on allotment; Rs. 2 on first call and Rs. 3 on final call. The issue was fully subscribed and the shares were allotted fully to all the applicants. All … Read more
ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing massive destruction and … Read more
Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 100 each. The company issued prospectus inviting applications for 50,000 equity shares of ₹ 100 each payable as ₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and balance on second call. Applications were received … Read more