Double Entry Book Keeping Ts Grewal 2017 Solutions for Class 12 Commerce Accountancy Chapter 6 Joint Stock Company Accounts Issue Of Shares are provided here with simple step-by-step explanations. These solutions for Joint Stock Company Accounts Issue Of Shares are extremely popular among Class 12 Commerce students for Accountancy Joint Stock Company Accounts Issue Of Shares Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal 2017 Book of Class 12 Commerce Accountancy Chapter 6 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal 2017 Solutions. All Double Entry Book Keeping Ts Grewal 2017 Solutions for class Class 12 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 6.113:
Answer:
|
Balance Sheet of Gopal Ltd.
as at ……
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
| I. Equity and Liabilities | ||
|
1. Shareholders’ Funds
|
||
|
a. Share Capital
|
1
|
45,00,000 |
|
Total
|
|
45,00,000
|
| Notes to Accounts | ||
|
Particulars
|
Amount
(Rs)
|
|
| 1. Share Capital | ||
|
Authorised Share Capital
|
||
|
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
|
Issued Share Capital
|
||
|
5,00,000 Equity Shares of Rs 10 each
|
50,00,000
|
|
|
Subscribed Capital
|
||
|
Subscribed and fully paid-up
|
||
|
4,50,000 Equity Shares of Rs 10 each
|
45,00,000
|
|
Page No 6.113:
Answer:
|
Balance Sheet of Daily Needs Stores Ltd
as at …..
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
| I. Equity and Liabilities | ||
|
1. Shareholders’ Funds
|
||
|
a. Share Capital
|
1
|
13,00,000
|
|
Total
|
13,00,000
|
|
| Notes to Accounts |
|
|
| Particulars |
Amount
(Rs)
|
|
|
1. Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
1,00,000 Equity Shares of Rs 10 each
|
10,00,000
|
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
|
Issued Share Capital
|
|
|
|
75,000, Equity Shares of Rs 10 each
|
7,50,000
|
|
|
10,000, 10% Preference Shares of Rs 100 each
|
10,00,000
|
|
|
Subscribed Capital
|
|
|
|
Subscribed and fully paid-up
|
|
|
|
50,000, Equity Shares of Rs 10 each
|
5,00,000
|
|
|
Subscribed but not fully paid-up
|
|
|
|
10,000, 10% Preference Shares of Rs 100 each, Rs 80 called up
|
8,00,000
|
|
|
13,00,000
|
||
|
|
||
Page No 6.113:
Answer:
|
Balance Sheet of Moon Ltd.
as at ……
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
| I. Equity and Liabilities | ||
|
1. Shareholders’ Funds
|
||
|
a. Share Capital
|
1
|
19,40,000
|
| Total |
19,40,000
|
|
|
Notes to Accounts
|
|||
|
Particulars
|
Amount
(Rs)
|
||
| 1. Share Capital | |||
|
Authorised Share Capital
|
|||
|
3,00,000 Equity Shares of Rs 10 each
|
30,00,000
|
||
|
Issued Share Capital
|
|
||
|
2,00,000 Equity Shares of Rs 10 each
|
20,00,000
|
||
|
Subscribed Share Capital
|
|||
|
Subscribed and fully paid-up
|
|
||
|
1,70,000 Equity Shares of Rs 10 each
|
17,00,000
|
||
|
Subscribed but not fully paid-up
|
|||
|
30,000 Equity Shares of Rs 10 each
|
3,00,000 |
2,40,000
|
|
|
Less: Calls-in-arrears
|
60,000
|
||
|
19,40,000
|
|||
Page No 6.113:
Answer:
|
Journal
|
||||||
|
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
||
|
2016
|
||||||
|
Apr. 30
|
Bank A/c |
Dr.
|
20,00,000
|
|||
|
|
To Equity Share Application & Allotment A/c |
20,00,000
|
||||
|
|
(Application money received on 2,00,000 shares) | |||||
|
|
||||||
|
May 15
|
Equity Share Application & Allotment A/c |
Dr.
|
20,00,000
|
|||
|
|
To Equity Share Capital A/c |
20,00,000
|
||||
|
|
(Application money transferred to share capital account) | |||||
Page No 6.113:
Answer:
| Cash Book (With Bank Column Only) | ||||||||
| Dr. | Cr. | |||||||
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
Date
|
Particulars
|
L.F.
|
Amount
(Rs)
|
|
| Equity Share Application A/c |
|
60,000
|
Balance c/d |
|
1,62,000
|
|||
| Equity Share Allotment A/c |
|
60,000
|
|
|
||||
| Equity Share Calls-in-Advance A/c |
|
4,000
|
|
|
||||
| Equity Share First Call A/c |
|
38,000
|
|
|
||||
|
|
1,62,000
|
|
1,62,000
|
|||||
|
|
|
|
|
|||||
|
Journal
|
|||||
|
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
|
Equity Share Application A/c |
Dr.
|
60,000
|
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
|
(Application money transferred to share capital) |
|
|
|
|
|
|
|
|
|
||
|
|
Equity Share Allotment A/c |
Dr.
|
60,000
|
|
|
|
|
To Equity Share Capital A/c |
|
|
60,000
|
|
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
|
||
|
|
Equity Share First Call A/c |
Dr.
|
40,000
|
|
|
| To Equity Share Capital A/c | 40,000 | ||||
| (First call money due on 19,000 shares) | |||||
|
|
Calls-in-Advance A/c |
Dr.
|
2,000
|
|
|
|
|
To Equity Share First Call A/c |
|
|
2,000
|
|
| (First call amount is received in advance on 1,000 shares) | |||||
|
|
|
||||
|
Balance Sheet of C Ltd.
as at …
|
||
|
Particulars
|
Note
No.
|
Amount
(Rs)
|
| I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds
|
|
|
|
Share Capital
|
1
|
1,60,000
|
|
2. Current Liabilities
|
|
|
|
Other Current Liabilities
|
2
|
2,000
|
| Total |
|
1,62,000
|
| II. Assets |
|
|
|
Current Assets
|
|
|
|
Cash and Cash Equivalents
|
3
|
1,62,000
|
| Total |
|
1,62,000
|
|
|
|
|
|
Notes to Accounts
|
||
|
Particulars
|
Amount
(Rs)
|
|
| 1. Share Capital | ||
|
Authorised Share Capital
|
||
|
xxx Equity Shares of Rs 10 each
|
xxx
|
|
|
Issued Share Capital
|
|
|
|
20,000 Equity Shares of Rs 10 each
|
2,00,000
|
|
|
Subscribed Share Capital
|
||
|
Subscribed but not fully paid-up
|
||
|
20,000 shares of Rs 10 each, Rs 8 called-up
|
1,60,000
|
|
| 2. Other Current Liabilities | ||
|
Calls-in-advance
|
2,000
|
|
| 3. Cash and Cash Equivalents | ||
|
Cash at Bank
|
1,62,000
|
|
Page No 6.113:
Answer:
|
Cash Book (Bank Column) |
|||||||
|
Dr. |
Cr. |
||||||
|
Date |
Particulars |
L.F. |
Bank (Rs) |
Date |
Particulars |
L.F. |
Bank (Rs) |
|
Equity Share Application A/c |
|
1,60,000 |
Balance c/d |
|
3,95,500 |
||
|
|
Equity Share Allotment A/c |
|
1,20,000 |
|
|
|
|
|
|
Equity Share First & Final Call A/c |
|
1,15,500 |
|
|
|
|
|
|
|
|
3,95,500 |
|
|
|
3,95,500 |
|
|
|
|
|
|
|
|
|
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Equity Share Application A/c |
Dr. |
|
1,60,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
1,60,000 |
|
|
(Application money transferred to share capital account) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
1,20,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
|
(Allotment amount due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First and Final Call A/c |
Dr. |
|
1,20,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
1,20,000 |
|
|
(First and final call due on 40,000 shares @ Rs 3 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
4,500 |
|
|
|
To Equity Share First and Final Call A/c |
|
|
4,500 |
|
|
|
|
|
|
|
|
|
Balance Sheet as at ... |
||
|
Particulars |
Note No. |
Amount (Rs) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
3,95,500 |
|
b. Reserves and Surplus |
|
|
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
3,95,500 |
|
|
|
|
|
II Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
2 |
3,95,500 |
|
Total |
|
3,95,500 |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
|
Note No. |
Particulars |
Amount (Rs) |
|
|
1 |
Share Capital |
|
|
|
|
Authorised Share Capital |
|
|
|
|
… Equity Shares of Rs 10 each |
xxx |
|
|
|
|
|
|
|
|
Issued Share Capital |
|
|
|
|
40,000 Equity Shares of Rs 10 each |
4,00,000 |
|
|
|
|
|
|
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
|
40,000 shares of Rs 10 each |
4,00,000 |
|
|
|
Less: Calls-in-Arrears |
4,500 |
3,95,500 |
|
|
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
|
Cash at Bank |
3,95,500 |
|
|
|
|
|
|
|
|
|
|
|
Page No 6.114:
Answer:
Authorised Capital:
Equity Shares 7,50,000 of Rs 100 each
9% Preference Shares 2,50,000 of Rs 100 each
Issued Capital:
Equity Shares 1,00,000 of Rs 100 each
Payable as
Rs 10 on Application
Rs 40 on Allotment
Rs 25 on First Call
Rs 25 on Final Call
Preference Shares 50,000 of Rs 100 each
Payable as
Rs 25 on application
Rs 25 on allotment
Rs 50 on first and final call
|
Cash Book
|
|||||||
|
Dr.
|
|
Cr.
|
|||||
|
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
Date
|
Particulars
|
L.F.
|
Bank
Rs
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application
|
|
10,00,000
|
|
|
|
|
|
|
Preference Share Application
|
|
12,50,000
|
|
|
|
|
|
|
Equity Share Allotment
|
|
40,00,000
|
|
|
|
|
|
|
Preference Share Allotment
|
|
12,50,000
|
|
|
|
|
|
|
Equity Share First Call
|
|
25,00,000
|
|
|
|
|
|
|
Preference Share First and Final Call
|
|
25,00,000
|
|
|
|
|
|
|
Equity Share Final Call
|
|
25,00,000
|
|
Balance c/d
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,50,00,000
|
|
|
|
1,50,00,000
|
|
|
|
|
|
|
|
|
|
|
Journal
|
|||||
|
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c
|
Dr.
|
|
10,00,000
|
|
|
|
To Equity Share Capital A/c
|
|
|
10,00,000
|
|
|
|
(Equity share application of 1,00,000 shares of Rs 10 each transferred to Equity Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Application A/c
|
Dr.
|
|
12,50,000
|
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
|
(Preference share applications of 50,000 shares Rs 25 each transferred to 9% Preference Share Capital Account)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c
|
Dr.
|
|
40,00,000
|
|
|
|
To Equity Share Capital A/c
|
|
|
40,00,000
|
|
|
|
(Equity share allotment due on 1,00,000 shares at Rs 40 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share Allotment A/c
|
Dr.
|
|
12,50,000
|
|
|
|
To 9% Preference Share Capital A/c
|
|
|
12,50,000
|
|
|
|
(Preference share allotment due on 50,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c
|
Dr.
|
|
25,00,000
|
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
|
(Equity share first call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preference Share First and Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
|
To 9% Preference Share Capital A/c
|
|
|
25,00,000
|
|
|
|
(Preference share first and final call due on 50,000 shares at Rs 50 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Share Final Call A/c
|
Dr.
|
|
25,00,000
|
|
|
|
To Equity Share Capital A/c
|
|
|
25,00,000
|
|
|
|
(Equity share final call due on 1,00,000 shares at Rs 25 each)
|
|
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of the Companies Act, 2013, Company's Balance Sheet is presented as follows.
|
Balance Sheet
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
|
I. Equity and Liabilities
|
|
|
|
1. Shareholders’ Funds
|
|
|
|
a. Share Capital
|
1
|
1,50,00,000
|
|
2. Non-Current Liabilities
|
|
|
|
3. Current Liabilities
|
|
|
|
Total
|
|
1,50,00,000
|
|
|
|
|
|
II. Assets
|
|
|
|
1. Non-Current Assets
|
|
|
|
2. Current Assets
|
|
|
|
a. Cash and Cash Equivalents
|
2
|
1,50,00,000
|
|
Total
|
|
1,50,00,000
|
|
|
|
|
NOTES TO ACCOUNTS
|
Note No.
|
Particulars
|
Amount
(Rs)
|
|||
|
1
|
Share Capital
|
|
|||
|
|
Authorised Share Capital
|
|
|||
|
|
7,50,000 Equity Shares of Rs 100 each
|
7,50,00,000
|
|||
|
|
2,50,000 9% Preference Shares of Rs 100 each
|
2,50,00,000
|
10,00,00,000
|
||
|
|
Issued Share Capital
|
|
|||
|
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|||
|
|
50,000 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|||
|
|
1,00,000 Equity Shares of Rs 100 each
|
1,00,00,000
|
|
||
|
|
500 9% Preference Shares of Rs 100 each
|
50,00,000
|
1,50,00,000
|
||
|
|
|
|
|||
|
2
|
Cash and Cash Equivalents
|
|
|||
|
|
Cash at Bank
|
1,50,00,000
|
|||
|
|
|
|
|||
Page No 6.114:
Answer:
|
Journal |
||||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
||
|
(a) |
Bank A/c (2,00,000×15) |
Dr. |
|
30,00,000 |
|
|
|
|
To Share Application and Allotment A/c |
|
|
|
30,00,000 |
|
|
|
(Application Money Received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application and Allotment A/c |
Dr. |
|
30,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
20,00,000 |
|
|
|
To Security Premium Reserve A/c |
|
|
|
10,00,000 |
|
|
|
(Application money Transferred to Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Bank A/c (2,00,000×8) |
Dr. |
|
16,00,000 |
|
|
|
|
To Share Application A/c |
|
|
|
16,00,000 |
|
|
|
(Application Money Received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
16,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
To Security Premium Reserve A/c |
|
|
|
10,00,000 |
|
|
|
(Application money Transferred to Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share allotment A/c (2,00,000×3) |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
(Allotment money made due for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
|
6,00,000 |
|
|
|
(Allotment money received as Rs 3 per Share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (2,00,000×4) |
Dr |
8,00,000 |
||||
|
To Share Capital A/c |
8,00,000 |
|||||
|
Bank A/c |
Dr | 8,00,000 | ||||
|
To Share First and Final Call A/c |
8,00,000 | |||||
| (First Call Received as Rs 4 per Share) | ||||||
|
(c) |
Bank A/c (2,00,000×3) |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Application A/c |
|
|
|
6,00,000 |
|
|
|
(Application Money Received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
(Application money Transferred to Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (2,00,000×8) |
Dr. |
|
16,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
To Security Premium Reserve A/c |
|
|
|
10,00,000 |
|
|
|
(Allotment money made due along with the premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
16,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
|
16,00,000 |
|
|
|
(Allotment money received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (2,00,000×4) |
Dr. |
|
8,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
8,00,000 |
|
|
|
(First call money made due for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,00,000 |
|
|
|
|
To Share First and Final Call A/c |
|
|
|
8,00,000 |
|
|
|
(First Call Received as Rs 4 per Share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
Bank A/c (2,00,000×3) |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Application A/c |
|
|
|
6,00,000 |
|
|
|
(Application Money Received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
6,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
(Application money Transferred to Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c (2,00,000×6) |
Dr. |
|
12,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
6,00,000 |
|
|
|
To Security Premium Reserve A/c |
|
|
|
6,00,000 |
|
|
|
(Allotment money made due along with the premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
12,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
|
12,00,000 |
|
|
|
(Allotment money received for 2,00,000 Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c (2,00,000×6) |
Dr. |
|
12,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
|
8,00,000 |
|
|
|
To Security Premium Reserve A/c |
|
|
|
4,00,000 |
|
|
|
(First Call money made due along with the premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
12,00,000 |
|
|
|
|
To Share First and Final Call A/c |
|
|
|
12,00,000 |
|
|
|
(First Call money received for 2,00,000 Shares) |
|
|
|
||
Page No 6.114:
Answer:
Authorised capital 1,00,000 shares of Rs 10 each
|
Issued Shares
|
40,000
|
|
Less: Applied Shares
|
60,000
|
|
Over-subscribed Shares
|
(20,000)
|
Payable as:
|
Application
|
Rs
|
2
|
|
|
Allotment
|
Rs
|
5
|
(3 + 2)
|
|
First Call
|
Rs
|
3
|
|
|
Final Call
|
Rs
|
2
|
|
|
|
|
12
|
(10 + 2) per share
|
|
Books of ABC Ltd.
Journal
|
|||||
|
Date
|
Particulars
|
L.F.
|
Debit Amount
Rs
|
Credit Amount
Rs
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
|
To Share Application A/c
|
|
|
1,20,000
|
|
|
|
(Share application money received for 60,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
1,20,000
|
|
|
|
To Share Capital A/c
|
|
|
80,000
|
|
|
|
To Bank A/c
|
|
|
40,000
|
|
|
|
(Share application of 4,000 shares transferred to Share Capital and money of 20,000 over-subscribed shares refunded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
2,00,000
|
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
|
To Securities Premium A/c
|
|
|
80,000
|
|
|
|
(Allotment due on 40,000 shares at Rs 5 per share including Rs 2 securities premium)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,00,000
|
|
|
|
To Share Allotment A/c
|
|
|
2,00,000
|
|
|
|
(Allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First Call A/c
|
Dr.
|
|
1,20,000
|
|
|
|
To Share Capital A/c
|
|
|
1,20,000
|
|
|
|
(First call due on 40,000 shares at Rs 3 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
1,20,000
|
|
|
|
To Share First Call A/c
|
|
|
1,20,000
|
|
|
|
(First call money received )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Final Call A/c
|
Dr.
|
|
80,000
|
|
|
|
To Share Capital
|
|
|
80,000
|
|
|
|
(Final call due on 40,000 shares at Rs 2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
80,000
|
|
|
|
To Share Final Call A/c
|
|
|
80,000
|
|
|
|
(Final call money received)
|
|
|
|
|
|
|
|
|
|
|
|
As per the Schedule III of Companies Act 2013, the Company's Balance Sheet is presented as follows.
|
ABC Ltd.
|
||
|
Balance Sheet
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
|
I. Equity and Liabilities
|
|
|
|
1. Shareholders’ Funds
|
|
|
|
a. Share Capital
|
1
|
4,00,000
|
|
b. Reserves and Surplus
|
2
|
80,000
|
|
2. Non-Current Liabilities
|
|
|
|
3. Current Liabilities
|
|
|
|
Total
|
|
4,80,000
|
|
|
|
|
|
II. Assets
|
|
|
|
1. Non-Current Assets
|
|
|
|
2. Current Assets
|
|
|
|
a. Cash and Cash Equivalents
|
3
|
4,80,000
|
|
Total
|
|
4,80,000
|
|
|
|
|
NOTES TO ACCOUNTS
|
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
1,00,000 shares of Rs 10 each
|
10,00,000
|
|
|
Issued Share Capital
|
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
|
Subscribed, Called-up and Paid-up Share Capital
|
|
|
|
40,000 shares of Rs 10 each
|
4,00,000
|
|
|
|
|
|
2
|
Reserves and Surplus
|
|
|
Securities Premium
|
80,000
|
|
|
|
||
|
3
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
4,80,000
|
|
|
|
|
Page No 6.114:
Answer:
|
Journal
|
|||||
|
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
| Bank A/c (63,000 × 4) |
Dr.
|
2,52,000
|
|||
| To Equity Share Application A/c |
2,52,000
|
||||
| (Application money received on 63,000 shares) | |||||
| Equity Share Application A/c |
Dr.
|
2,52,000
|
|||
| To Bank A/c (WN) |
46,000
|
||||
| To Equity Share Capital A/c (WN) |
2,00,000
|
||||
| To Equity Share Allotment A/c (WN) |
6,000
|
||||
| (Application money adjusted) | |||||
| Equity Share Allotment A/c (50,000 × 6) |
Dr.
|
3,00,000
|
|||
| To Equity Share Capital A/c (50,000 × 4) |
2,00,000
|
||||
| To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
| (Allotment money due on 50,000 shares) | |||||
| Bank A/c |
Dr.
|
2,94,000
|
|||
| To Equity Share Allotment A/c (3,00,000 – 6,000) |
2,94,000
|
||||
| (Allotment money received) | |||||
| Equity Share Final Call A/c (50,000 × 4) |
Dr.
|
2,00,000
|
|||
| To Equity Share Capital A/c (50,000 × 2) |
1,00,000
|
||||
| To Securities Premium Reserve A/c (50,000 × 2) |
1,00,000
|
||||
| (First call money due on 50,000 shares) | |||||
| Bank A/c |
Dr.
|
2,00,000
|
|||
| To Equity Share Final call A/c |
2,00,000
|
||||
| (Final call money received) | |||||
|
Balance Sheet
as at 31st March 2014
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
| I. Equity and Liabilities | ||
|
1. Shareholders’ Funds
|
||
|
a. Share Capital
|
1
|
5,00,000 |
| b. Reserves & Surplus | 2 | 2,00,000 |
|
Total
|
|
7,00,000
|
| Notes to Accounts | ||
|
Particulars
|
Amount
(Rs)
|
|
| 1. Share Capital | ||
|
Authorised Share Capital
|
||
|
50,000 Equity Shares of Rs 10 each
|
5,00,000
|
|
|
Issued Share Capital
|
||
|
50,000 Equity Shares of Rs 10 each
|
5,00,000
|
|
|
Subscribed Capital
|
||
|
50,000 Equity Shares of Rs 10 each
|
5,00,000
|
|
| 2. Reserves and Surplus | ||
| Securities Premium Reserve | 2,00,000 | |
Working Notes: Computation Table
|
Category
|
Shares
Applied
|
Shares
Allotted
|
App. money received
@ Rs 4 each
|
Amount trsfd. to Share Capital Account @ Rs 4 each
|
Excess
money
|
Excess money (utilised on allotment)
|
Money refunded
|
|
I
|
12,000
|
1,000
|
48,000
|
4,000
|
44,000
|
6,000
|
38,000
|
|
II
|
2,000
|
– |
8,000
|
– |
8,000
|
– |
8,000
|
|
III
|
49,000
|
49,000
|
1,96,000
|
1,96,000
|
– | – | – |
|
Total
|
63,000
|
50,000
|
2,52,000
|
2,00,000
|
52,000
|
6,000
|
46,000
|
Page No 6.114:
Answer:
Amount payable as:
|
Application
|
Rs
|
10
|
|
|
Allotment
|
Rs
|
50
|
(40 + 10)
|
|
First and Final Call
|
Rs
|
60
|
(50 + 10)
|
|
|
|
120
|
(100 + 20)
|
|
Books of X Company
Journal
|
|||||
|
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,30,000
|
|
|
|
To Share Application A/c
|
|
|
2,30,000
|
|
|
|
(Share application money received for 23,000 shares at Rs 10 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c
|
Dr.
|
|
2,30,000
|
|
|
|
To Share Capital A/c
|
|
|
1,00,000
|
|
|
|
To Share Allotment A/c
|
|
|
50,000
|
|
|
|
To Bank A/c
|
|
|
80,000
|
|
|
|
(Share application of 10,000 shares transferred to Share Capital, Rs 50,000 adjusted on allotment and remaining amount returned)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c
|
Dr.
|
|
5,00,000
|
|
|
|
To Share Capital A/c
|
|
|
4,00,000
|
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
|
(Share allotment due on 10,000 shares at Rs 50 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
4,50,000
|
|
|
|
To Share Allotment A/c
|
|
|
4,50,000
|
|
|
|
(Share allotment money received)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First and Final Call A/c
|
Dr.
|
|
6,00,000
|
|
|
|
To Share Capital A/c
|
|
|
5,00,000
|
|
|
|
To Securities Premium A/c
|
|
|
1,00,000
|
|
|
|
(First and final call due on 10,000 shares at Rs 60 each including Rs 10 premium)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
6,00,000
|
|
|
|
To Share First and Final Call A/c
|
|
|
6,00,000
|
|
|
|
(Share first and final call money received)
|
|
|
|
|
|
|
|
|
|
|
|
Posting in the Company's Balance Sheet
|
X Ltd.
|
||
|
Balance Sheet
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
|
I. Equity and Liabilities
|
|
|
|
1. Shareholders’ Funds
|
|
|
|
a. Share Capital
|
1
|
10,00,000
|
|
b. Reserves and Surplus
|
2
|
2,00,000
|
|
2. Non-Current Liabilities
|
|
|
|
3. Current Liabilities
|
|
|
|
Total
|
|
12,00,000
|
|
|
|
|
|
II. Assets
|
|
|
|
1.Non-Current Assets
|
|
|
|
2.Current Assets
|
|
|
|
a. Cash and Cash Equivalents
|
3
|
12,00,000
|
|
Total
|
|
12,00,000
|
|
|
|
|
NOTES TO ACCOUNTS
|
Note No.
|
Particulars
|
Amount
(Rs)
|
|
1
|
Share Capital
|
|
|
|
Authorised Share Capital
|
|
|
|
…… shares of Rs 100 each
|
-
|
|
|
Issued Share Capital
|
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
|
Subscribed, Called up and Paid up Share Capital
|
|
|
|
10,000 shares of Rs 100 each
|
10,00,000
|
|
|
|
|
|
2
|
Reserves and Surplus
|
|
|
Securities Premium
|
2,00,000
|
|
|
|
||
|
3
|
Cash and Cash Equivalents
|
|
|
|
Cash at Bank
|
12,00,000
|
|
|
|
|
Working Notes:
|
Applied
Shares
|
Issued
Shares
|
Money received on Application
@ Rs 10 each
|
Money transferred to Share Capital
@ Rs 10 each
|
Excess
|
Allotment due
@ Rs 50 each
|
Excess money adjusted on Allotment
|
Excess money after Allotment
|
|
12,000
|
1,000
|
1,20,000
|
10,000
|
1,10,000
|
50,000
|
50,000
|
60,000 (return)
|
|
2,000
|
NIL
|
20,000
|
–
|
20,000 (return)
|
|
|
|
|
9,000
|
9,000
|
90,000
|
90,000
|
–
|
4,50,000
|
–
|
–
|
|
23,000
|
10,000
|
2,30,000
|
1,00,000
|
|
5,00,000
|
50,000
|
60,000
|
|
|
|||||||
|
Share Allotment due (10,000 share × Rs 50)
|
5,00,000
|
|
Less: Excess application money adjusted on allotment
|
50,000
|
|
Money received on Allotment
|
4,50,000
|
Page No 6.115:
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Bank A/c |
Dr. |
|
12,50,000 |
|
|
|
To Share Application A/c |
|
|
|
12,50,000 |
|
|
(Application money received on 2,50,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Application A/c |
Dr. |
|
12,50,000 |
|
|
|
To Share Capital A/c |
|
|
|
5,00,000 |
|
|
To Share Allotment A/c |
|
|
|
5,00,000 |
|
|
To Share First and Final Call A/c |
|
|
|
1,50,000 |
|
|
To Bank A/c |
|
|
|
1,00,000 |
|
|
(Application money transferred to Share Capital Account along with adjustment and refund of excess money) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Allotment A/c |
Dr. |
|
5,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
3,00,000 |
|
|
To Securities Premium A/c |
|
|
|
2,00,000 |
|
|
(Allotment money due on 1,00,000 shares @ Rs 5 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share First & Final Call A/c |
Dr. |
|
2,00,000 |
|
|
|
To Share Capital A/c |
|
|
|
2,00,000 |
|
|
(Amount due on first and final call @ Rs 2 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
|
To Share First & Final Call A/c |
|
|
|
50,000 |
|
|
(Amount received on first and final call) |
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
Computation Table
|
Categories |
Shares Applied
|
Shares Allotted
|
Money received on Application @ Rs 5 each |
Money transferred to Share Capital @ Rs 5 each |
Excess Application money |
Amount adjusted on Allotment @ Rs 5 |
Amount adjusted on First and Final Call |
Money refunded |
|
I |
2,30,000 |
1,00,000 |
11,50,000 |
5,00,000 |
6,50,000 |
5,00,000 |
1,50,000 |
Nil |
|
II |
20,000 |
Nil |
1,00,000 |
Nil |
1,00,000 |
|
1,00,000 |
|
|
|
2,50,000 |
1,00,000 |
12,50,000 |
5,00,000 |
7,50,000 |
5,00,000 |
1,50,000 |
1,00,000 |
|
|
|
|
|
|
|
|
|
|
Page No 6.115:
Answer:
|
Balance Sheet of Herbal Ltd.
as at ...
|
||
|
Particulars
|
Note No.
|
Amount
(Rs)
|
| I. Equity and Liabilities | ||
|
1. Shareholders’ Funds
|
||
|
a. Share Capital
|
1
|
8,00,000
|
|
2. Non-Current Liabilities
|
||
|
3. Current Liabilities
|
|
|
|
Total
|
|
8,00,000
|
| II. Assets |
|
|
|
1. Non-Current Assets
|
|
|
|
2. Current Assets
|
|
|
|
Total
|
|
|
|
|
||
| NOTES TO ACCOUNTS | |||
|
Note No.
|
Particulars
|
Amount
| |