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प्रश्न
BBG Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 10 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 − Rs 5 per share (including Rs 3 premium)
On Second and final call − Balance amount
The issue was fully subscribed. Raghu, a shareholder holding 1000 shares, failed to pay the allotment money and Rahim, another shareholder holding 1500 shares, paid his entire share money along with allotment. Raghu's shares were forfeited immediately after allotment. Afterwards, the first call was made Deenanath, a shareholder holding 500 shares, failed to pay the first call money and Dayal, a shareholder holding 600 shares, paid his second call money along with the first call. Deenanath's shares were forfeited immediately after the first call. Later on the second call was made which was duly received.
Pass necessary journal entries for the above transactions in the books of BBG Ltd.
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उत्तर
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Journal |
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|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Bank A/c (2,00,000 × 4) |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Application A/c |
|
|
|
8,00,000 |
|
|
(Received application money on 2,00,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
4,00,000 |
|
|
To Securities Premium Reserve A/c |
|
|
|
4,00,000 |
|
|
(Transfer of application money to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c (2,00,000 × 5) |
Dr. |
|
10,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
6,00,000 |
|
|
To Securities Premium Reserve A/c |
|
|
|
4,00,000 |
|
|
(Allotment due on 2,00,000 shares ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (1,99,000 × 5) + (1,500 × 11) |
Dr. |
|
10,11,500 |
|
|
|
To Equity Share Allotment A/c (1,99,000 ×5) |
|
|
|
9,95,000 |
|
|
To Calls-in-Advance A/c (1,500 × 11) |
|
|
|
16,500 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c (1,000 × 5) |
Dr. |
|
5,000 |
|
|
|
Securities Premium Reserve A/c (1,000 × 2) |
Dr. |
|
2,000 |
|
|
|
To Equity Share Allotment A/c (1,000 × 5) |
|
|
|
5,000 |
|
|
To Equity Share Forfeiture A/c (1,000 × 2) |
|
|
|
2,000 |
|
|
(Forfeiture of 1,000 shares for non-payment of allotment money including premium of Rs 2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c (1,99,000 × 5) |
Dr. |
|
9,95,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
3,98,000 |
|
|
To Securities Premium Reserve A/c |
|
|
|
5,97,000 |
|
|
(Call money due on 1,99,000 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (1,98,500 × 5) − 7,500 + 3,600 |
Dr. |
|
9,88,600 |
|
|
|
Calls-in-Advance A/c (1,500 × 5) |
Dr. |
|
7,500 |
|
|
|
To Calls-in-Advance A/c (600 × 6) |
|
|
|
3,600 |
|
|
To Equity Share First Call A/c |
|
|
|
9,92,500 |
|
|
(Received call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c (500 × 7) |
Dr. |
|
3,500 |
|
|
|
Securities Premium Reserve A/c (500 × 3) |
|
|
1,500 |
|
|
|
To Equity Share First Call A/c (500 × 5) |
|
|
|
2,500 |
|
|
To Equity Share Forfeiture A/c (500 × 5) |
|
|
|
2,500 |
|
|
(Forfeiture of 500 shares for non-payment of call money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Second and Final Call A/c (1,98,500 × 6) |
Dr. |
|
11,91,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
5,95,500 |
| To Securities Premium A/c | 5,95,500 | ||||
|
|
(Call money due on 1,98,500 shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
11,78,400 |
|
|
|
Calls-in-Advance A/c (9,000 + 3,600) |
|
|
12,600 |
|
|
|
To Equity Share Second and Final Call A/c |
|
|
|
11,91,000 |
|
|
(Received call money on shares) |
|
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APPEARS IN
संबंधित प्रश्न
On 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of Rs 100 each at a discount of 7%, redeemable t a premium of 10% after 10 years. The company closes its books on 31st March every year. Interest on 9%debentures is payable on 30th September and 31st March every year. The rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 9% debentures and debenture interest for the year ended 31.3.2016.
Pass necessary journal entries in the given cases :
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Calculate goodwill of the firm on Kishore's admission and the new profit sharing ratio of Karan, Varun and Kishore. Also, pass necessary Journal Entry for the treatment of Goodwill on Kishore's admission considering that Kishore did not bring his share of goodwill premium in Cash.
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Narain Laxmi Ltd. invited applications for issuing 7500, 12% Debentures of Rs100 each at a premium of Rs 35 per Debenture. The full amount was payable on application.
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Pass necessary Journal Entries in the books of the company for the above transactions.
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On 1st April, 2008 a company made an issue of Rs 2,00,000, 6% Debentures of Rs 100 each, repayable at a premium of 10%. The terms of issue provided for the redemption of 400 debentures every year starting from the end of 31-3-2010 either by purchase from the open market or by draw of lots at the company’s option.
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Pass necessary Journal entries for the following transaction in the books of Fortune Ltd:
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(b) Allot 10,000 shares to Mohan who had applied for a similar number, and
(c) Allot the remaining share on a pro-rata basis.
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Answer in a sentence only.
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Select most appropriate alternative from those given below :
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Select most appropriate alternative from those given below :
The issue of debentures more than face value is called___________.
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Pass Journal entries and show how the amounts appear in Balance Sheet.
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- Prepare Loss on Issue of Debentures Account assuming there was existing balance of Securities Premium Account of ₹ 2,80,000.
- Pass entries for Interest on debentures on March 31, 2022 assuming interest is payable on 30 September and 31 March every year.
Pass necessary journal entries for the issue of debentures in the following cases:
- Issued 50,000, 9% debentures of ₹ 100 each at par redeemable at par.
- Issued 10,000, 8% debentures of ₹ 100 each at 7% premium redeemable at par.
- Issued 750, 8% debentures of ₹ 100 each at 10% discount redeemable at par.
- Issued 1,000, 9% debentures of ₹ 100 each at 5% premium redeemable at 8% premium.
- Issued 500, 9% debentures of ₹ 100 each at 10% discount redeemable at 10% premium.
Pass necessary journal entries for the issue of debentures in the following cases :
- Issued ₹ 75,00,000, 9% debentures of ₹100 each at a premium of 10% redeemable at a premium of 5% after 3 years.
- Issued 8,000, 9% debentures of ₹100 each at a discount of 6% redeemable at a premium of 3% after 5 years.
- Issued 90,000, 9% debentures of ₹100 each at par, redeemable at par after 4 years.
Pass necessary journal entries for the issue of debentures in the following cases :
- Issued ₹ 7,00,000, 9% debentures of ₹ 100 each at a premium of 20% redeemable at a premium of 10% after 6 years.
- Issued 10,000, 12% debentures of ₹ 100 each at 10% discount redeemable at a premium of 5% after 5 years.
- Issued 75,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 10% after three years.
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On 1st April 2022, Galaxy ltd. had a balance of ₹8,00,000 in Securities Premium account. During the year company issued 20,000 Equity shares of ₹10 each as bonus shares and used the balance amount to write off Loss on issue of Debenture on account of issue of 2,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P & L for the year for Loss on issue of Debentures would be:
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On 1st April, 2023, Ruth Ltd. purchased Plant and Machinery for ₹ 11,00,000 from Pablo Ltd. payable as to ₹ 1,00,000 by accepting a promissory note and the balance by an issue of 11% Debentures of ₹ 100 each at a premium of 10% to be redeemed at a premium of 2 % after six years. You are required to pass journal entries in the books of Ruth Ltd. only to record the payment made to Pablo Ltd.
The following balances have been extracted from the books of Nirvana Ltd, as at 31st March, 2024:
| Particulars | (₹) | Particulars | (₹) |
| Security deposit for electricity for ten years | 30,000 | Uncalled amount on partly paid-up shares | 8,00,000 |
| Underwriting commission | 20,000 | 10% Debentures | 5,00,000 |
| General Reserve | 70,000 | Statement of P/L (Dr.) | 10,000 |
| Fixed Deposits | 2,00,000 | Calls-in arrears @ ₹ 1 per share | 40,000 |
| Premium on redemption of Debentures | 20,000 | Securities Premium | 2,00,000 |
| Equity Share Capital (1,00,000 shares of ₹ 10 each) |
10,00,000 |
You are required to show the above items in Notes to Accounts accompanying the Balance Sheet of Nirvana Ltd. prepared as per Schedule III of the Companies Act 2013 as at 31st March, 2024.
