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12th Class Accountancy Sample Paper Accountancy - Sample Paper-4

  • question_answer
    On 1st June, 2017, Kartik Ltd. Offered for subscription 50,000  equity Shares of Rs. 100 each at a premium of Rs. 20 per share payable as given below: On application Rs. 20 per share; on allotment (including premium) Rs. 50 per share and two months after allotment Rs. 50 per share. Applications were received for 84,000 shares. On 1st July, 2017, the Directors proceeded to allot shares proportionately. Of these, application for 4,500 shares were accompanied with full amount and hence were accepted in full and the balance allotment was made on pro-rata basis. Excess amount paid by applicants was utilised towards allotment and call money due form them. One of the applicants to whom 300 shares were allotted proportionately, failed to pay the call money. His shares were forfeited on 30th November, 2017 and subsequently issued @ Rs. 130 per share. Record entries relating to these transactions in the journal of the company. Or Jatin Ltd. Has been registered with an authorised Capital of Rs. 2,00,000 Divided into 2,000 shares of Rs. 100 each of which 1,000 shares were offered for public subscription at a premium of Rs. 5 per share payable as under. On application Rs. 10; on allotment Rs. 25 (including premium); on first call 40 and on final call 30. Applications were received for 1,800 shares of which applications for 300 shares were rejected outright, the rest of the applications were allotment. All the money were duly received except form Sachin, a holder of 200 shares, who failed to pay allotment and first call money. His shares were later on forfeited and reissued to Shyam at Rs. 60 per share, Rs. 70 paid-up. Final call has not been made. Record necessary journal entries.

    Answer:

                                                                            JOURNAL
    Date Particulars LF Amt (Dr) Amt (Cr)
    2017
    Jun 1 Bank A/c \[(79,500\times 20)\,+\,(4,500\times 120)\] Dr 21,30,000
                To Equity Share Appliation A/c 21,30,000
    (Being share application money received)
    Jul 1 Equity share Application A/c Dr 21,30,000
                To Equity Share Capital A/c \[(50,000\times 20)\] 10,00,000
                To Equity Share Allotment A/c \[(6,80,000\,+\,2,25,000)\] 9,05,000
                To Calls-in-Advance A/c \[(4,500\times 50)\] 2,25,000
    (Being adjustment of share application money)
    Jul 1 Equity Share Allotment A/c \[(50,000\times 50)\] Dr 25,00,000
                To Equity Share Capital A/c \[(50,000\times 30)\] 15,00,000
                To Securities Premium Reserve A/c \[(50,000\times 20)\] 10,00,000
    (Being balance of allotment money due, including premium)
    Jul 1 Bank A/c Dr 15,90,000
                To Equity Share Allotment A/c 15,90,000
    (Being balance of share allotment money received)
    Sep 1 Equity Share First and Final Call A/c \[(50,000\times 50)\] Dr 25,00,000
                To Equity Share Capital A/c 25,00.000
    (Being share first and final call money due)
    Sep 1 Bank A/c Dr 22,60,000
    Calls-in-Advance A/c Dr 2,25,000
                To Equity Share First and final Call A/c 24,85,000
    (Being share first and final call money received after adjustment of calls-in-advance and calls-in-arrears)
    Nov 30 Equity Share Capital A/c \[(300\times 100)\] Dr 30,000
                To Equity Share First and Final Call A/c \[(300\times 50)\] 15,000
                To Share Forfeited A/c \[(300\times 50)\] 15,000
    (Being forfeiture of 300 shares)
    Nov 30 Bank A/c \[(300\times 130)\] Dr 39,000
                To Equity Share Capital A/c \[(300\times 100)\] 30,000
                To Securities Premium Reserve A/c \[(300\times 30)\] 9,000
    (Being reissue of 300 forfeited shares @ Rs. 130 each)
    Nov 30 Share Forfeited A/c Dr 15,000
                To Capital Reserve A/c 15,000
    (Being balance of share forfeited account transferred to capital reserve)
                Working Note
    Amt (Rs.)
    Amount received on 79,500 shares @ Rs. 20 per share 15,90,000
    (-) Adjustment of application money for 45,500 allotted shares @ Rs. 20 (9,10,000)
    Remaining amount adjusted on allotment for 45,500 shares 6,80,000
    Amount received on 4,500 allotted shares @ Rs. 120 per share 5,40,000
    (-) Adjustment of application money \[(4,500shares\,\times Rs.\,20\,per\,share)\] (90,000)
    4,50,000
    (-) Adjustment of allotment money \[(4,500\times 50)\] (2,25,000)
    Remaining amount adjusted with call, i.e. calls-in-advance 2,25,000
    Or JOURNAL


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    Date Particulars LF Amt (Dr) Amt (Cr)
    Bank A/c \[(1,800\times 10)\] Dr 18,000
                To Share Application A/c 18,000
    (Being application money on 1,800 @ Rs. 10 each received)
    Share Application A/c Dr 18,000
                To  Share Capital A/c \[(1,000\times 10)\] 10,000
                To Bank A/c \[(300\times 10)\] 3,000
                To Share Allotment A/c \[(500\times 10)\] 5,000
    (Being share application money transferred to share capital account on 1,000 shares @ Rs. 10 each on the pro-rata basis)
    Share Allotment A/c Dr 25,000
                To Share Capital Ac/ \[(1,000\times 20)\] 20,000
                To Securities Premium Reserve A/c \[(1,000\times 5)\] 5,000
    (Being share first call money due)
    Bank A/c Dr 16,000
                To Share Allotment A/c 16,000
    (Being share allotment money received with exception of Rs. 4,000)
    Share First Call A/c Dr 40,000
                To Share Capital A/c \[(1,000\times 40)\] 40,000
    (Being share first call money received)
    Bank A/c \[(800\times 40)\] Dr 32,000