Mahesh Ltd. purchased Plant and Machinery from Ish Ltd. for Rs. 4,50,000. Rs. 50,000 was paid by cheque to Ish Ltd. and the balance by issuing 6% debentures of Rs. 100 each at a discount of 20%. Pass the necessary Journal Entries for the above transactions in the books of Mahesh Ltd. Marks-3, CBSE: 2023-24/Zone-4/Set-1/Q-18* … Read more
Sai Ltd. invited applications for issuing 60,000 shares of Rs. 10 each. The amount was payable as follows: On application – Rs. 5 per share On allotment – Rs. 1 per share On first and final call – Balance – Applications were received for 58,000 shares. Rajat, the holder of 300 shares, … Read more
Pass necessary journal entries for forfeiture and reissue of shares in the following cases: (i) Neon Ltd. forfeited 2,000 shares of Rs. 10 each issued at a premium of Rs. 2 per share for non-payment of allotment money of Rs. 5 per share (including premium). The first and final call of Rs. 2 per share … Read more
Shri Ganga Ltd. was registered with an authorised capital of Rs. 7,00,000 divided into equity shares of Rs. 10 each. It offered to the public for subscription 50,000 equity shares. The amount was payable as follows: On application : Rs. 4 per share On allotment : Rs. 4 per share On first and final call … Read more
Zee Ltd. invited applications for issuing 40,000 shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows: On Application – Rs. 4 per share On Allotment – Rs. 5 per share (including premium) On First call – Rs. 2 per share On Second and … Read more
Pass necessary journal entries for forfeiture and reissue of shares in the following cases: (i) Star Ltd. forfeited 8,000 shares of Rs. 100 each issued at 10% premium for non-payment of allotment money of Rs. 40 per share (including premium) and first call of Rs. 30 per share. The second and final call of Rs. … Read more
RR Ltd. was registered with an authorised capital of Rs. 8,00,000 divided into 80,000 equity shares of Rs. 10 each. The company offered to the public for subscription 40,000 equity shares. The amount per share was payable as follows: On Application – Rs. 5 On Allotment – Rs. 3 On first and final call – … Read more
Printkit Limited invited applications for issue of 80,000 equity shares of Rs. 10 each. The amount was payable as follows: On Application – Rs. 3 per share On Allotment – Rs. 2 per share On First and Final call – Balance Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected … Read more
Qumtan 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 and Allotment – Rs. 8 per share (including premium Rs. 3) On First and Final call – Balance (including premium) Applications for 1,60,000 shares were … Read more
Shivalik Limited was registered with an authorized capital of Rs. 10,00,000 divided into equity shares of Rs. 10 each. It offered 50,000 equity shares to the public. The amount was payable as follows: On Application – Rs. 2 per share On Allotment – Rs. 6 per share On First and Final call – Balance … Read more