Q1.
Calls-in-Arrears
and Calls-in-advance
see in detail
Q3.
X Ltd. invited applications for 10 lakhs shares of Rs.100
each payable as follows:
|
|
Rs.
|
|
On
Application
|
20
|
|
On
Allotment (on 1st May, 2016)
|
30
|
|
On
First Call (on 1st Oct., 2016)
|
30
|
|
On
Final Call (on 1st Feb., 2017)
|
20
|
All the shares were applied for and allotted. A
shareholder holding 20,000 shares paid the whole of the amount due along with
allotment. Journalise the transactions, assuming all sums due were received. Interest
was paid to the shareholder concerned on 1st February, 2017.
see in detail
Q4.
A limited Company, with an authorized capital of Rs.20,00,000
divided into shares of ` 100 each, issued for subscription 10,000 shares
payable at Rs.25 per share on application, Rs.30 per share on allotment, Rs.20 per
share on first call three months after allotment and the balance as and when
required.
The subscription list closed on January 31, 2016 when
application money on 10,000 shares was duly received and allotment was made on
March 1, 2016.The allotment amount was received in full but, when the
first call was made, one shareholder failed to pay the amount on 1,000 shares
held by him and another shareholder with 500 shares paid the entire amount on
his shares.
Give journal entries in the books of the Company to
record these share capital transactions assuming that all amounts due were
received within one month of the date they were called.
see in detail
Q5.
B Ltd. issued 20,000 equity shares of Rs.100 each at a
premium of Rs.20 per share payable as follows: on application Rs.50; on
allotment Rs.50 (including premium); on final call Rs.20. Applications were received for 24,000
shares. Letters of regret were issued to applicants for 4,000 shares and shares
were allotted to all the other applicants. Mr. A, the holder of 150 shares,
failed to pay the allotment and call money, the shares were forfeited. Show the
Journal Entries and Cash Book in the books of B Ltd.
see in detail
