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 except from Mr. X holding 6,000 shares....

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Willow Ltd. was registered with an authorized capital of Rs.  10,00,000 divided into 1,00,000 equity shares of Rs.  10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed. All amounts were received except the final call of Rs.  2 per share...

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Janta Ltd. had an authorized capital of 2,00,000 equity shares of Rs.   10 each. The company offered to the public for subscription 1,00,000 shares. Applications were received for 97,000 shares. The amount was payable as follows on application was Rs.   2 per share, Rs.   4 was payable each on allotment...

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NK Ltd., a truck manufacturing company, is registered with an authorised capital of Rs.  1,00,00,000 divided into equity shares of Rs.  100 each. The subscribed and paid-up capital of the company is Rs.  50,00,000. The company decided to open technical schools in the Jhalawar district of Rajasthan to train the...

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Xansa Ltd. offered 22,000 equity shares of Rs.  100 each to the public at a premium of Rs.  20 per share. The amount per share was payable as Rs.  30 on application; Rs.  50 (including premium) on allotment; and the balance on first and final call. 20,000 shares were subscribed...

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Kansa Ltd. offered 32,000 equity shares of Rs.  100 each to the public at a premium of Rs.  20 per share. The amount was payable as: Rs.  20 on application; Rs.  40 (including premium) on allotment; and the balance on first and final call. 30,000 shares were subscribed by the...

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Akash Ltd. is registered with an authorized Capital of Rs.  8,00,00,000 divided into equity shares of Rs.  10 each. Subscribed and fully paid up share capital of the company was Rs.  4,00,00,000. For providing employment to the local youth and for the development of the rural areas of the Jammu...

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Raunit Styles Ltd. was registered with a capital of Rs.  85,00,000 divided into equity shares of Rs.  100 each. The company invited applications for issuing 45,000 shares. The amount was payable as Rs.  25 on application, Rs.  35 on allotment, Rs.  25 on first call and balance on final call....

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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...

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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 &...

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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...

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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...

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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...

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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...

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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. ...

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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....

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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...

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(i) R.P. Ltd. forfeited 1,500 shares of Rahim of Rs. 10 each issued at a premium of Rs. 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows: On application – Rs. 3 per share...

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X Ltd. forfeited 10 shares of ₹ 10 each, ₹ 7 called up on which the shareholder had paid application and allotment money of ₹ 5 per share. Out of these, 8 shares were re-issued to Y for ₹8 per share at ₹ 8 per paid up per share. Record...

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(a) AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were...

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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...

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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...

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Karur Ltd. invited applications for issuing 2,40,000 equity shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as under: On application – Rs. 4 per share (including premium Rs. 2) On allotment – Rs. 4 per share On first and final call...

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V.D. Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 6 per share. The amount per share was payable as follows: On application – Rs. 3 (including premium Rs. 1) On allotment – Rs. 7 (including premium Rs. 5) On first and...

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Eiko Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share. The amount was payable as follows: On Application – Rs. 4 per share On Allotment – Rs. 6 per share (including premium Rs. 3) On First and Final Call...

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K.N. Ltd. invited applications for issuing 6,00,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share. The amount was payable as follows: On Application and Allotment Rs. 3 per share. On First Call Rs. 4 per share. On Second and Final Call Balance (including premium)....

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Premier Tools Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows : On application – Rs. 5 per share (including premium) On allotment – Rs. 3 per share On first & final call...

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Concept Stationary Ltd. invited applications for issuing 3,00,000 shares of Rs. 10 each at a premium of Rs. 3 per share. The amounts were payable as follows : On application and allotment – Rs. 7 per share. On first & final call – balance (including premium of Rs. 3) Applications...

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EF Ltd. invited applications for issuing 80,000 equity shares of Rs.  50 each at a premium of 20%. The amount was payable as follows : On Application : Rs.  20 per share (including premium Rs.  5) On Allotment: Rs.  15 per share (including premium Rs.  5) On First Call :...

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Megha Ltd. invited applications for issuing 90,000 equity shares of Rs. 100 each at a premium of Rs. 60 per share. The amount was payable as follows: On Application – Rs. 30 per share (including premium Rs. 10) On Allotment – Rs. 70 per share (including premium Rs. 50) On...

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S Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each. The shares were issued at a premium of Rs. 5 per share. The amount was payable as follows : On Application and Allotment – Rs. 8 per share (including premium Rs. 3) On the First and Final...

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Royal Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 10 each at a premium of 25% payable with application. Applications for 4,50,000 shares were received. Applications for 1,00,000 shares were rejected and money refunded. Pro-rata allotment was made to the remaining applicants. The amount per share was payable...

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Anshika Ltd. issued applications for 2,00,000 equity shares of ₹10 each, at a premium of ₹4 per share. The amount was payable as follows: On application ₹ 6 (including ₹2 premium) On allotment ₹ 7 (including ₹2 premium) Balance on first and final call Applications for 3,00,000 shares were received....

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Manvet Ltd. invited applications for issuing 10,00,000 equity shares of Rs.   10 each payable as follows : On application and allotment Rs.   4 per share (including premium Rs.   1) On first call Rs.   4 per share, On second and final call Rs.   3 per share....

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X Ltd. invited applications for issuing 5,00,000 equity shares of Rs. 10 each at par. The amount per share was payable as follows: On Application Rs. 1 per share On Allotment Rs. 2 per share On First call Rs. 3 per share On Second and Final call – Balance. Applications...

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X Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 each. The amount was payable as follows: On Application : Rs. 2 per share On Allotment : Rs. 2 per share On First Call : Rs. 3 per share On Second and Final Call : Balance amount Applications...

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Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows : Rs. 50 – per share on application Rs. 10 – per share on allotment Balance – on first and final call. Applications were received for 40,000 shares. Full allotment was made to the applicants...

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Benolac Paints Ltd. invited application for issuing 1,20,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows: On application – Rs. 3 per share (including premium Rs. 1) On allotment – Rs. 3 per share. On first and final...

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Bayson Ltd. invited applications for issuing 54,000 shares of Rs. 100 each payable as follows : Rs. 50 per share on application Rs. 10 per share on allotment Balance on first and final call. Applications were received for 80,000 shares. Full allotment was made to the applicants of 14,000 shares....

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Konark Ltd. invited applications for issuing 3,00,000 shares of Rs. 10 each. The amount per share was payable as follows: Rs. 3 on application, Rs. 3 on allotment, and Rs. 4 on first and final call. The company received applications for 4,00,000 shares. Allotment was done as follows: (i) Applicants...

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Rathi Ltd. invited applications for issuing 1,00,000 shares of Rs. 10 each at a premium of Rs. 2 per share. Amount per share was payable as follows : On Application – Rs. 4 (including premium Rs. 1) On Allotment – Rs. 4 (including premium Rs. 1) On First and Final...

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Zee Ltd. invited applications for issuing 3,40,000 equity shares of Rs. 10 each at a premium of Rs. 5 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 and...

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Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows On Application – ₹ 30 On allotment – ₹ 30 (including a premium of ₹ 10) On 1st call – ₹ 30 On Final Call...

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Rathee Ltd. invited applications for issuing 1,00,000 equity shares of Rs.10 each. The shares were issued at a premium of 60%. The amount was payable as follows: On Application and Allotment – Rs. 6 per share (including premium Rs. 4) On First and Final Call – Balance including premium Applications...

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‘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...

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‘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...

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Sunstar Ltd. invited applications for issuing 2,00,000 equity shares of Rs.  50 each. The amount was payable as follows: On Application – Rs. 15 per share On Allotment – Rs. 10 per share On First and Final Call – Rs. 25 per share Applications for 3,00,000 shares were received. Allotment...

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Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10 each payable as follows: ₹2 on application ₹3 on allotment ₹2 on first call ₹3 on final call Applications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of...

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XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at par. The amount was payable as follows: On Application Rs. 3 per share. On Allotment Rs. 4 per share. On First and Final Call Rs. 3 per share. The issue was over-subscribed by three times. Applications...

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