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12th Class Accountancy Sample Paper Accountancy - Sample Paper-7

  • question_answer
    Batra Ltd. issued 20,000 shares of Rs. 100 each at a premium of Rs. 25 per share, payable as follows: Rs. 20 per share on application Rs. 45 per share on allotment (including premium of Rs. 15) Rs. 60 per share on first and final call (including premium of Rs. 10) The issue was oversubscribed by 10,000 shares. Applicants of 8,000 shares were allotted only 1,000 shares and applicants of 1,000 shares were sent letters of regret. Excess amount received at the time of application was to be adjusted only against allotment and overpayments exceeding the amount due on allotment were to be refunded. All the money due at the time of allotment and call was duly received. Pass necessary entries in the books of the firm. Or Vardhman Ltd. invited applications for 1,00,000 equity shares of Rs. 10 each. The amount was payable as follows: On application Rs. 3 per share, on allotment Rs. 5 per share, and on first and final call Rs. 2 per share. Application were received for 1,50,000 shares and pro rate allotment was made to all the applicants. Naveen, who was allotted 1,500 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares, 1,250 shares were reissued as fully paid-up @ Rs. 8 per share. Pass journal entries to record the above transactions.

    Answer:

                                                                            JOURNAL
    Date Particulars LF Amt (Dr) Amt (Cr)
    Bank A/c \[\left( 30,000\times 20 \right)\] Dr 6,00,000
                To Share Application A/c 6,00,000
    (Being application money received on 30,000 shares)
    Share Application A/c Dr 6,00,000
                To Share Capital A/c \[\left( 20,000\times 20 \right)\] 4,00,000
                To Share Allotment A/c 85,000
                To Bank A/c (WN1) 1,15,000
    (Being application money transferred to capital account at the time of allotment and the excess adjusted in allotment and balance refunded)
    Share Allotment A/c \[\left( 20,000\times 45 \right)\] Dr 9,00,000
                To Share Capital A/c \[\left( 20,000\times 30 \right)\] 6,00,000
                To Securities Premium Reserve A/c \[\left( 20,000\times 15 \right)\] 3,00,000
    (Being allotment money due)
    Bank A/c Dr 8,15,000
                To Share Allotment A/c (WN 2) 8,15,000
    (Being the balance of allotment money received)
    Share First and Final Call A/c \[\left( 20,000\times 60 \right)\] Dr 12,00,000
                To Share Capital A/c \[\left( 20,000\times 50 \right)\] 10,00,000
                To Securities Premium Reserve A/c \[\left( 20,000\times 10 \right)\] 2,00,000
    (Being final call money due)
    Bank A/c Dr 12,00,000
                To Share First and Final Call A/c 12,00,000
    (Being final call money received)
    Working Notes 1.                                                         Analysis Table
    Shares Issued Shares Applied Shares Allotted Application Money Received Application Money Due Excen Money Adjusted at Allotment Refunded
    20,000 30,000
    8,000 1,000 1,60,000 20,000 1,40,000 45,000 95,000
    \[\left( 1,000\times 45 \right)\] (1,60,000 ? 45,000 ? 20,000)
    1,000 - 20,000 - - - 20,000
    21,000 19,000 4,20,000 3,80,000 40,000 40,000 -
    (30,000 - 9,000) (20,000 ? 1,000) - - - (4,20,000 ? 3,80,000) -
    85,000 1,15,000
    2. Amount to be Received at the Time of Allotment = Amount Due at the Time of Allotment - Money Received at the Time of Application Adjusted Towards Allotment = 9,00,000 ? 85,000 = Rs. 8,15,000 Or


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    Date Particulars LF Amt (Dr) Amt (Cr)
    Bank A/c \[\left( 1,50,000\times 3 \right)\] Dr 4,50,000
                To Equity Share Application A/c 4,50,000
    (Being the application money received on 1,50,000 shares)
    Equity Share Application A/c Dr 4,50,000
                To Equity Share Capital A/c \[\left( 1,00,000\times 3 \right)\] 3,00,000
                To Equity Share Allotment A/c \[\left( 50,000\times 3 \right)\] 1,50,000
    (Being the application money adjusted)
    Equity Share Allotment A/c \[\left( 1,00,000\times 5 \right)\] Dr 5,00,000
                To Equity Share Capital A/c 5,00,000
    (Being allotment money due)
    Bank A/c Dr 3,44,750
                To Equity Share Allotment A/c 3,44,750
    (Being the remaining allotment money received on 98,500 shares) (WN2)
    Equity Share First and Final Call A/c \[\left( 1,00,000\times 2 \right)\] Dr 2,00,000
                To Equity Share Capital A/c 2,00,000
    (Being the first call money due)
    Bank A/c Dr 1,97,000
                To Equity Share First and Final Call A/c 1,97,000
    (Being first call money received on 98,500 shares @ Rs.  2 per share)
    Equity Share Capital A/c Dr 15,000
                To Equity Share Allotment A/c 5,250
                To Equity Share First and Final Call A/c 3,000
                To Forfeited Shares A/c 6,750