Saraswati Ltd. has an authorised capital of ₹10,00,000 divided into equity shares of ₹10 each. Subscribed and fully paid up share capital of the company was ₹4,00,000, To meet its new financial requirements, the company issued 20,000 equity shares of ₹10 each which were payable as follows: ₹3 on application; ₹3 on allotment, ₹2 on … Read more
OTUA Ltd. was registered with an authorised capital of 2,00,000 equity shares of ₹100 each. The company offered 60,000 shares for public subscription at 25% premium. The share was payable as ₹40 on application and balance on allotment with premium. Public had applied for 85,000 shares. Pro-rata allotment was made in the ratio of 5:4 … Read more
Altaur Ltd. was registered with an authorised Capital of ₹4,00,00,000 divided in 25,00,000 Equity Shares of ₹10 each and 1,50,000, 9% Preference Shares of ₹100 each. The company issued 8,00,000 Equity Shares for public subscription at 20% premium, payable ₹3 on application; ₹7 on allotment (including premium) and balance on call. Public had applied for … Read more
Random Ltd. took over running business of Mature Ltd. comprising of Assets of ₹45,00,000 and Liabilities of ₹6,40,000 for a purchase consideration of ₹36,00,000. The amount was settled by bank draft of ₹1,50,000 and balance by issuing 12% preference shares of ₹100 each at 15% premium. Pass entries in the books of Random Ltd. Marks-3, … Read more
Shaktimaan Ltd. invited applications for issuing 1,00,000 Shares of ₹10 each at a premium of ₹2 per share. The amount was payable as ₹4 on application (including premium); ₹5 on Allotment and balance on call. Applications were received shares for 1,80,000 of which Applications for 30,000 shares were rejected and remaining applicants were allotted on … Read more
The Directors of Rockstar Ltd. invited applications for 2,00,000 Shares of ₹10 each, issued at 20% premium. Share was payable as ₹5 on application, ₹4 (including premium) on allotment and balance on call. Public had applied for 3,20,000 shares out of which applications for 20,000 shares were rejected and remaining were allotted on pro-rata basis. … Read more
Disha Ltd. forfeited 500 shares of ₹100 each issued at 10% premium, ₹90 called up, on which the shareholders did not pay ₹30 per share on allotment (including premium) and first call of ₹20 per share. Out of these, 300 shares were reissued for ₹80 per share, fully paid up. Pass necessary journal entries for … Read more
Lilly Ltd. forfeited 100 shares of ₹10 each issued at10% premium (₹8 called up) on which a shareholder did not pay ₹3 of allotment (including premium) and first call of ₹2. Out of these 60 shares were reissued to Ram as fully paid for ₹8 per share and 20 shares to Suraj as fully paid … Read more
A company forfeited 4,000 shares of ₹10 each fully called-up, on which application money of ₹3 each has been paid. Out of these, 2,000 shares were reissued as fully paid up for ₹18,000. Pass necessary journal entries for above transactions. Marks-3, CBSE:2022-23/Zone-3/Set-1/Q-18* Answer : Back
From the following information complete Journal entries. Share Forfeiture A/c Marks-4, CBSE:2020-21/Sample/Q-16 Answer : Back