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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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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‘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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