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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) |
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|
|
|
|
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|
|
|
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|
|
|
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 |
|
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(Allotment money received) |
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|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
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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
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Pass necessary journal entries for the issue of 11% debentures and debenture interest for the year ended 31.3.2016.
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On Application − Rs 3 per share
On Allotment − Rs 4 per share
On First and find call − Balance amount
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| I | 30,000 | 15,000 |
| II | 18,000 | 5,000 |
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2011 – 12 Rs |
| Revenue from operations | 8,05,000 | 6,14,000 | |
| Other Incomes | 43,000 | 51,000 | |
| Expenses | 5,59,000 | 4,88,000 |
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X Ltd. redeemable 100, 6% Debentures of Rs 100 each by converting them into Equity Shares of Rs 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.
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Pass the necessary Journal entries for the issue and redemption of debentures assuming that the company had already created the
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Pass necessary Journal entries for the above transaction in the books of Nav Lakshmi Ltd
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(a) Refuse allotment to the applicants of 10,000 shares,
(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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Devi Ltd., on 1st April 2006 acquired assets of the value of Rs 6,00,000 and liabilities worth Rs 70,000 from P & Co., at an agreed value of Rs 5,50,000. Devi Ltd. issued 12% Debentures of Rs 100 each at a premium of 10% in full satisfaction of purchase consideration. The Debentures were redeemable 3 years later at a premium of 5%. Pass entries to record the above including redemption of debentures.
Answer in a sentence only.
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
Write one word/term/phrase which can substitute the following
The debentures where a charge is created on the assets of company.
Select most appropriate alternative from those given below :
The issue of debentures less than the face value is called ___________.
State to whether the following statement is True/False.
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State to whether the following statement is True/False.
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On Application : Rs. 50
On Allotment : Rs. 60 (Premium included Rs. 10)
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Pass Journal entries and show how the amounts appear in Balance Sheet.
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1. At par
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Record necessary journal entries
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Pass the necessary journal entries for the above transactions in the books of BGP Ltd.
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