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12th Standard Accountancy English Medium - Company Accounts 5 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

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Questions:

Generic 5

15 x 5 = 75

Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs. 4 on appliction first call Rs.1 and on second and final call Rs.2. Applications were received fot 1,00,000 shares. All the applicants were allotted 1 saree for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

Bharath Ltd. issued 1,00,000 equity shares of Rs. 10 each to the public at par. The details of the amount payable on the shares are as follows: Mar. 20
On application Rs.5 per share
On allotment Rs.3 per share
On first and final call Rs. 2 per share
Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

Narayanan Ltd. has an authorised capital oft 4,00,000 divided into shares of Rs.20 each, the whole of which is issued and subscribed at premium of 2 per share, the amount was payable as of Rs. 10 on Application.
(Rs.) 7 on Allotment (including premium)
(Rs.) 5 on First call;
All sums due were received except from Shankar holding 2000 shares. who failed to pay the call money and his shares were forfeited. They were later re-issued at Rs.14 per share as fully paid. Pass journal entries.

Sriram.Ltd. issued 10,000 shares of Rs. 100 each at Rs.120 payable as follows:
Rs.25 on Application.
Rs.45 on Allotment (including premium)
Rs.20 on First calls, and
Rs.30 on Final call.
9,000 shares were applied for-and-allotted. All money was received with the exception of firs and the final calls on 200 shares held by Ram. These share were forfeited. Give the Journal entries.

Arun Ltd. offered to the public 20,000 equity shares oft 10 each payable.
Rs.4 on Application
Rs. 2 on Allotment
Rs.2 on First call and the balance on final call
Application totalled for 35,000 shares. Applications 10,000 shares were rejected. Excess applications money was utilised towards the money due on allotment then calls were made. One share holder Balu Holding 500 shares failed to pay the two calls and consequently his shares were forfeited 200 of these Shares to as fully paid at Rs.6 per share Pass Journal entries.

Meena Ltd, issued 60,000 shares of Rs.10 each at a premium of Rs.2 per share payable as Rs. 3 on Application, Rs. 5 (including Premium) on allotment and the balance-on first and final call. Application-were received for 1,02,000 Shares.The Directors resolved to allot as follows:

(A) Application of 60,000 Shares	30,000 shares
(B) Aplication of 40,000 Shares	30,000 Shares
(C) Application of 2,000 Shares	NIL

Nikhil who had a applied for 1,000 shares in category A, and vish who was allotted 600 shares in category B failed to pay the allotment money, calculate the amount received on allotment.

Paradise:Ltd purchased assets of Rs.4,40,000 from Suguna Furniture Ltd. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is: (a) at par and (b) at premium of 10%.

Abdul Ltd. issues 50,000 shares of Rs.10 each payable fully-on application. Pass journal entries if shares are issued
i) at par,
ii) at a premium of 3 per share.

Vairam Ltd. issued 60,000 shares of Rs10 each at a premium of Rs.2 per share payable as follows:

On application	Rs.6
On allotment	Rs.4 (inchiding premium)
On tlrst arid final call	Rs.2

Issue was fully subscribed and the amounts due were received except Saritha to whom 1,000 shares were allotted who failed to pay the allotment.money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Parimala at Rs.7 per share. Pass journal entries.

10.

Kasthuri Ltd. had allotted 20,000 shares to applicants of 30,000 shares on a pro rata basis. The amount payable was Rs.1 on application, Rs.5 on allotment (including premium off 2 each), and Rs.2 on first call and Rs.2 on flnal calls. Subin, a shareholder failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them 400 shares were re-issued @ Rs.8 per share. Pass necessary journal entries.

11.

United Industries Ltd. issued shares of Rs.10 each at 10% premiuam payable Rs.3.application,Rs.4 on allotment (including premium), Rs.2 first call and Rs.2 on final call.Journalise the transactions relatng to forfeiture of shares for the following situations:Manoj who holds 250 shares· failed to pay the second and final calI and. his shares were forfeited.
Manoj who holds 250 shares failed to pay the allotment ino.ney and first call and second Manoj who holds 250 shares failed to pay the allotment money.and first call money and his shares were forfeited after the first call.

12.

A company, forfeited 200 shares of 10 each fully called up for non-payment of first call of 2/-per share and final call-of 3 per share. 120 of these shares were reissued at· Rs 6 per hare fully paid. up.
Give up the necessary entrie.

13.

Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

14.

Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

15.

Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

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Answers Key:

Generic 5

15 x 5 = 75

Journal Entries

Particular		Debit	Credit
Bank A/c	Dr	4,00,000
To Equity share app. A/c			4,00,000
(Share App. Money received)
Equity share app. A/c	Dr	2,00,000
To Equity share capital A/c			2,00,000
(Share app. Money transferred to equity
share capital)
Equity share app. A/c	Dr	2,00,000
To Equity share allotment A/c			1,50,000
To Calls in advance A/c			50,000
(Share app. Excess amount utilized for allotment)
Equity share allotment A/c	Dr	1,50,000
To Equity share capital A/c			1,50,000
(Share·Allotment due)
Share 1st call A/c		50,000
To Equity share capital A/c			50,000
( Share 1st call due)
Calls in advance A/c	Dr	50,000
To Equity share 1^stcall A/c			50,000
( Share 1st call due)
Equity share final call A/c	Dr	1,00,000
To Equity share capital A/c			1,00,000
(Equity share final call due)
Bank A/c	Dr	1,00,000	1,00,000
To Equity share final call A/c
(Share final call money received)

In the books of Bharath Ltd.
Journal·Entries

Particulars		Debit (Rs.)	Credit (Rs.)
Bank A/c ( 1,20,000 x 5)	Dr	6,00,000
To Equity share application A/c			6,00,000
(Application money received)
Equity share application A/c (1,00,000 x 5)	Dr	5,00,000
To Equity share capital A/c			5,00,000
(Transfer of share application money to share capital)
Equity share application A/c (20,000 x 5)	Dr	1,00,000
To Bank A/c			1,00,000
Excess share a lication mone refunded)
Equity share allotment A/c	Dr	3,00,000
To Equity share capital A/c			3,00,000
(Allotment mone received)
Equity share first and final call A/c	Dr	2,00,000
To Equity share· capital A/c			2,00,000
(Share first and final call money due)
Bank A/c	Dr	2,00,000
To Equity share first and final call A/c			2,00,000
(share first and final call mane received)

Capital reserve A/c Rs.500.

Particulars		Debit (Rs.)	Credit (Rs.)
Bank A/c	Dr	2,00,000
To Share Application A/c			2,00,000
(Application money received for
20,000 shares @ Rs. 10 each)
Share Application A/c	Dr	2,00,000
To Share capital A/c			2,00,000
(Transfer of application money, on
20,000 shares to share capital)
Share Allotment A/c	Dr	1,40,000
To Share capital A/c			1,00,000
(Transfer of application money, on
20,000 shares to share capital)
Share Allotment A/c	Dr	1,40,000
To Share capital A/c			1,00,000
(Allotment money and premium
Bank A/c	Dr	1,40,000
To Share capital Allotment A/c			1,40,000
(Allotment money, received)
Share first & final call A/c	Dr	1,00,000
To Share capital A/c			1,00,000
(First & final call money due on
20,000 shares @·Rs. 5 each)
Bank A/c	Dr	90,000
To Share first & final call A/ c			90,000
(First & final call money received on
19,000 shares)
Share capital A/c (2000 x 20)	Dr	40,000
To Forfeited shares A/c (2000 x 15)			30,000
To Share first & final call A/c (2000 x 5)			10,000
(Forfeited of 2000 shares for non-
payment of final call)
Bank A/c (2000 x 14)	Dr	28,000
Forfeited shares A/c (2000 x 6)	Dr	12,000
To Share First call A/c (2000 x 20)			40,000
(2000 forfeited shares received)
Forfeited shares A/c	Dr	18,000
To Capital reserve A/c			18,000
(Profit on reissue transferred to
capital reserve)

Capital reserve A/c Rs.18,000

Journal entries in the books of Sri Ram Ltd.

Particulars		Debit (Rs.)	Credit (Rs.)
Pank A/c	Dr	2,25,000
To Share Application A/c			2,25,000
(Application money received for 9,000
shares @ Rs.25 each)
Share Application A/c	Dr	2,25,000
To Share capital A/c			2,25,000
(Transfer of application money, on 9,000
shares to share capital)
Share Allotment A/c	Dr	4,05,000
To Share capital A/c			2,25,000
To Securities premium A/c			1,80,000
(Allotment money and premium money
due on ·9,000 shares @Rs.45 each)
Bank A/c	Dr	4,05,000
To Share Allotment A/c			4,25,000
(Allotment money received)
Share first call A/c	Dr	1,80,000
To Share capital A/c			1,80,000
(First call money due on 9,000 shares @Rs.20 each)
Bank A/c	Dr	1,76,000
To Share first call A/c			1,76,000
(First call money received on 8,800 shares)
Share second and final call A/c	Dr	2,70,000
To Share capital A/c			2,70,000
(Second and final call money due on
9,000 shares @ Rs.30 each)
Bank A/c	Dr	2,64,000
To Share second and final call A/c			2,64,000
(Second and final call money received on 8,800 shares)
Share capital A/c (200 x 10)	Dr	20,000
To Foreited shares A/c (200 x 50)			10,000
To Share First call A/c (200 x 20)			4,000
To Share final A/c (200 x 30)			6,000
(Forfeited of 200 shares for non-payment of final call)

(i) Calculation of Excess application money refunded and adjusted

Particulars	No.of ApplicationXApplication Money	Amount
Amount Received:	35,000\(\times\)4	1,40,000
Less: Transfer to share Capital	20,000 \(\times\) 4	80,000
Excess Applicatio n money.	15,000 \(\times\) 4	60,000
Less: Refunded	10,000 \(\times\) 4	40,000
Surplus application money	5,000 \(\times\) 4	20,000
Adjusted for Alloment	5,000 \(\times\)4	20,000

(ii) Calculation of Allotment money to be received

		Rs.
Allotment money due	(20,000 \(\times\) 2)	40,000
Less: surplus application money adjusted		20,000
Therefore symbol Allotment money to be received		20,000

Journal Entries

Date	Particulars		LF	Debit Rs.	Credit Rs.
	Bank A/c	Dr		1,40,000
	(Application money received for
	35,000 shares @ Rs.4 each)
	Share Application A/c	Dr		80,000
	To Share capital A/c				80,000
	(Transfer of application money on
	20,000 shares refunded)
	Share Application A/c	Dr		40,000
	To Bank A/c				40,000
	(Refund of excess application
	money on 10,000 shares)
	Share Application A/c	Dr		20,000
	To Share Allotment A/c				20,000
	(Surplus application money adjusted
	towards allotment)
	Share Allotment A/c	Dr		40,000
	To Share capital A/c				40,000
	(Aliotment money due on 20,000 shares @ Rs.2 each)
	Bank A/c	Dr		20,000
	To Share Allotment A/c				20,000
	(Allotment money received after adjusting the surplus application money)
	Share first call A/c	Dr		40,000
	To Share capital A/c				40,000
	(First call money due on 20,000 shares @ Rs.2 each)
	Bank A/c	Dr		39,000
	To Share first call A/c				39,000
	(First call money received on 19,500 shares)
	Share second and final call A/ c	Dr		40,000
	To Share Capital A/c				40,000
	(First call money due on 19,500 shares @ Rs.2 each)
	Bank A/c	Dr		39,000
	To Share second and final call A/c
	(Final call money received on 19,500 shares)
(500 \(\times\) 10)	Share capital A/c	Dr		5,000
(500 \(\times\) 6)	To Forfeited shares A/c				3,000
(500 \(\times\) 2)	To Share First call A/c				1,000
(500 \(\times\) 2)	To Share final A/c				1,000
	(Forfeited of 500 shares for· non- payment of first call and final call)
(200 \(\times\) 6)	Bank A/c	Dr		1,200
(200 \(\times\) 4)	Forfeited shares	Dr		800
(200 \(\times\) 10)	To Share capital A/c				2,000
	(200 forfeited shares reissued)
	Forfeited shares A/c	Dr		400
	To Capital reserve A/c				400
	(Profit on reissue of forfeited shares transferred to capital reserve)

Calculation of profit on reissue

Particulars	Rs.	Rs.
Income on 500 forfeited shares	(500 \(\times\) 6)	3,000
Income on 200 forfeited shares	(200 \(\times\) 6)	1,200
Less: Loss on reissue		800
Profit on reissue		400

Particular	Shares Applied(Rs.)	Shared Applied (Rs.)
Total	1,02,000	60,000
Less: Rejected	2,000	-
	1,00,000
Less. Pro rata allotment (i)	60,000	30,000
	40,000	30,000
Less: Pro rata allotment (ii)	40,000	30,000
	NIL	NIL

Total money due on Allotment (60,000 \(\times\) 5)	3, 00,000
Less: Received in advance (90,000 + 30,000)	1, 20,000
	1, 80,000
Less: Unpaid amount on allotment (1,000 + 1,800)	1,800
	1, 78,200

Working Notes:

(i) Application money received	1, 80,000
Less: Application money required	90,000
Excess money received on· application	90,000
ii) Application money received	1, 20,000
Less: Application money required	90,000
Excess money received on Application	30,000
(iii) Calculation of nikkhil's share:
Alotted = \(\frac{Total\ of\ Allotted}{Total\ of \ Applied} \times \frac{30,000}{60,000}\times1000=500\) shares
Application money received	3,000
Less: Application money required	1,500
Excess	1,500
Less: Adjusted on Allotment (500 \(\times\) 5)	2,500
Unpaid amount on allotment	1,000
(iv) Calculation for Vish's share:
Applied = \(\tfrac{40,000}{30,000}\times600\)shares
Application money received	4,000
Less: Application money required	1,800
Excess amount received on application.	2,200
Less: Adjusted on allotment	3,000
Unpaid amount on.allotment	800

Amount received on allotment Rs.1,78,200

Date	Particular		Debit	Credit
(a)	Assets A/c	Dr	4,40,000
	To Suguna furniture A/c			4,40,000
	(Assets purchased from Suguna furniture co. Ltd. on credit)
	suguna furniture co. A/c	Dr	4,40,000
	To Equity share capital A/c			4,40,000
	9 Share issued to Suguna furniture
(b)	Assets A/c	Dr	4,40,000
	To Equity share capital A/c			4,00,000
	To Securities premium A/c			40,000
	(Shares issued@ premium of 10%)

Total Amount = Rs.4,40,000 face value of shares is 10 - Premium @ 10%: premium amount Rs.1.
Issue Price = Face Value and Securities Premium 10 + 1 = 11.
(a) Share capital account Rs.4,40,000 ;
(b) Share capital account Rs. 4,00,000 ; Securities premium account Rs.40,000

(a) Issued at Par
In the books of Abdul Ltd. Journal Entries

Particulars		Debit	Credit
Bank A/c (50000x10)	Dr	5,00,000
To Share Application A/c			50,000
(Application money received).
Share Application A/c	Dr	5,00,000
To Share Capital A/c			500000
(Share Application money transfered to share. capital A/c)

(b) Issued at Premium

Particulars		Debit	Credit
Bank A/c	Dr	6,50,000
To Share Application A/c			6,50,000
(Application money received)
Share Application A/c	Dr	6,50,000
To Share Capital			500000
To Securities premimum A/c			150000
(Application money transferred)

Particulars		Amt(Rs.)	Amt(Rs.)
Bank A/c	Dr	3,60,000
To Share application Alc			3,60,000
(Share app. Money received)
share application A/c	Dr	3,60,000	3,60,000
To Share capital A/c
(Share app. Money tr.to capital)
Share allotment	Dr	2,40,000
To Share capital A/c			1,20,000
To Securities premium A/c			1,20,000
(Share allotment due)
Bank A/c	Dr	2,36,000
To Share allotment A/c			2,36,000
(Share allotment money received)
Share 1^st call A/c	Dr	1,20,000
To Share capital A/c			1,20,000
(Share 1st call money due)
Bank A/c	Dr	1,18,000
To Share 1^stcall A/c			1,18,000
Share 1^stcall money received)
Share capital A/c	Dr	10,000
Securities premium A/c	Dr	2,000
To Share allotment A/c			4,000
To Share 1^st call A/c			2,000
To share final call A/c			6,000
(1,000 Shares- were forfeited)
Share forfeited A/c	Dr	7,000
	Dr	3,000
To Share capital A/c			10,000
( 1,000 Shares were received at Rs.7)
Share forfeited A/c	Dr	3,000
To Capital reserve A/c			3,000
(Profit sale on reissue tr. to capital reserve)

Capital reserve account : Rs.3,000

10.

Particulars		Debit	Credit
Bank A/c	Dr	30,000
To Share app A/c			30,000
(Share app. money received)
Share app. A/c	Dr	20,000
To Share capital A/c			20,000
( Share app. money tr.to capital)
Share app. A/c	Dr	10,000
To Share allotment A/c			10,000
(Share app. excess money used for share allotment)
Share allotment	Dr	1,00,000
To Share capital A/ c			60,000
To Securities premium A/c			40,000
(Share allotment due)
Bank A/c	Dr	90,000
To Share allotment A/ c			90,000
(Shar€ allotment money received)
Share 1^st call A/c	Dr	40,000
To Share capital A/c			40,000
(Share 1^st call money due)
Bank A/c	Dr	39,000
To Share 1^st call A/ c			39,000
Share 1^st call money due)/
Share final call A/ c	Dr	40,000
To Share capital A/c			40,000
(Share final call money due)
Bank A/c	Dr	5,000
To Share forfeited A/c			3,000
To Share 1st call A/c			1,000
To Share final call A/ c			1,000
(500 Shares were forfeited)
Bank A/c	Dr	3,200
Share forfeited A/c	Dr	800
To Share capital A/c			4,000
( 400 Shares were reissued)
Bank A/c	Dr	3,200
Share forfeited A/c	Dr	800
To Share capital A/c			4,000
( 400 Shares were reissued)
Share forfeited A/c	Dr	1,600
To Capital reserve A/c			1,600
(Profit on reissue tr To reserve capital)

Capital reserve account :·Rs.600

11.

Dr Journal Entries Cr

Date	Particulars		Debit	Credit
(i)	Share Capital A/c	Dr	2,500
	To Share forfeited A/c			2,000
	(250 Shares forfeited failed to pay final call)
(ii)	Share capital A/c	Dr	2,500
	Share premium A/c	Dr	250
	To Share allotment A/c			1,000
	To Share 1^st call A/c			500
	To Share forfeiture A/c			750
	(250 share were forfeiture failed to pay allotment, 1^stcalls final call)
(iii)	Share Capital A/c	Dr	2,000
	Securities premium A/c	Dr	250
	To Share allotment A/c			1, 000
	To Share 1^stcall A/c			500
	To Share forfeited A/c			750
	(250 share were forfeited failed to pay allotment and 1^st calls )

Forfeited shares account: (i) Rs.2,000; (ii) Rs.750; (iii) Rs.750.

12.

Particulars		Debit	Credit
Share capital account	Dr	2,000
To Share forfeited A/c			1,000
To Share first call A/c			400
To Share final call A/c			600
(200 shares were forfeited)
Bank A/c (120 x 6)	Dr	720
Share forfeited A/c	Dr	480
To Share capital A/c			1,200
(120 shares were reissued)
Bank forfeited A/c	Dr	120
To Capital reserve Al/c
(Profit on reissue transferred to capital reserve)

Calculate of Amount Transfer to Capital Reserve
= No.of shares x (Reisstie price-paid up amount)
= 120 X (6 - 5)
= 120 X 1 = Rs.120

13.

(i) When final call money is not paid

In the books of Global company Journal entries
Particulars		Debit Rs.	Credit Rs.
Equity share capital A/c (50 x 10)	Dr.	500
To Equity share second and final call A/c (50 x 3)			150
To Forfeited shares A/c (50 x 7)			350
(50 shares forfeited)

Note: Since the premium amount is received by the company, premium should not be cancelled.
(ii) When allotment, first call money and second and final call money is not paid

In the books of Y company Journal entries
Particulars		Debit Rs.	Credit Rs.
Share capital A/c (50 x 10)	Dr.	500
Share premium A/c (50 x 1)	Dr.	50
To Share allotment A/c (50 x 3)			150
To Share first call A/c (50 x 3)			150
To Share second and final call A/c (50 x 3)			150
To Shares forfeited A/c (50 x 2)			100
(50 shares forfeited)

(iii) When allotment and first call money is not paid

In the books of Y company Journal entries
Particulars		Debit Rs.	Credit Rs.
Share capital A/c (50 x 7)	Dr.	350
Share premium A/c (50 x 1 )	Dr.	50
To Share allotment A/c (50 x 3)			150
To Share first call A/c (50 x 3)			150
To Shares forfeited A/c (50 x 2)			100
(50 shares forfeited)

14.

In the books of Thai Ltd Journal entries
Date	Particulars		L.F.	Debit Rs.	Credit Rs.
	Bank A/c	Dr.		2,50,000
	To Equity share application Ale				2,50,000
	(Application money received)
	Equity share application A/c	Dr.		2,50,000
	To Equity share capital A/c				2,50,000
	(Transfer of share application money to share capital)
	Equity share allotment A/c	Dr.		1,00,000
	To Equity share capital A/c				1,00,000
	(Share allotment money due)
	Bank A/c	Dr.		1,00,000
	To Equity share allotment A/c				1,00,000
	(Allotment money received)
	Equity share first call A/c	Dr.		1,00,000
	To Equity share capital A/c				1,00,000
	(Share first call money due)
	Bank A/c	Dr.		1,00,000
	To Equity share first call A/c				1,00,000
	(Share first call money received)
	Equity share second and final call A/c	Dr.		50,000
	To Equity share capital A/c				50,000
	(Share second and final call money due)
	Bank A/c	Dr.		50,000
	To Equity share second and final call A/c				50,000
	(Share second and final call money received)

15.

Journal Entries in the Books of Preeti Ltd.
Particulars		Debit Rs.	Credit Rs.
Bank A/c (1,00,000 x 4)	Dr	4,00,000
To Equity shares application A/c			4,00,000
(Application money received)
Equity share application A/c (50000 x 4)	Dr	2,00,000
To Equity share capital A/c			2,00,000
(Application money transferred to share capital A/c)
Equity share application A/c (50000 x 4)	Dr	2,00,000
To Equity share allotment A/c (50000 x 3)			1,50,000
To Calls in advance A/c			50,000
(balancing figure)
(Excess amount adjusted towards allotment and call)
Share Allotment A/c (50,000 x 3)	Dr	1,50,000
To Share Capital A/c			1,50,000
(Allotment money due)
Equity share first call A/c (50,000 x 1)		50,000
To Equity share capital A/c			50,000
(First call money due)
Bank A/c	Dr	50,000
Calls in advance A/c	Dr	50,000
To Equity share first call A/c			1,00,000
(First call money received and calls in advance adjusted)
Equity share second and final
call A/c (50,000 x 2)		1,00,000
To Equity share capital A/c			1,00,000
(Second and final call money due)
Bank A/c (50,000 x 2)	Dr	1,00,000
To Equity share second and final call A/c			1,00,000
(Second and final call money received)