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12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - II

Published on: 02/06/2021

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Std: 12th Standard - Accountancy

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Questions:

Generic 5

2 x 5 = 10

Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

Khan Ltd. issued 50,000 shares of Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Generic 2

3 x 2 = 6

Write a short note on securities premium account.

What is over-subscription?

Jeyam Tyres issued 15,000 ordinary shares of Rs.10 each payable as follows:
Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

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Answers Key:

Generic 5

2 x 5 = 10

**In the books of Aruna Mills Ltd. Journal entries**
Particulars	Debit Rs.	Credit Rs.
Bank A/c (20,000 × 4)Dr	80,000
To Share application A/		80,000
(Application money received
Share application A/cDr.	80,000
To Share capital A/c		80,000
(Application money transferred to share capital A/c)
Share allotment A/c (20,000 × 4) Dr.	80,000
To Share capital A/c		80,000
(Allotment money due)
Bank A/c (20,000 × 4) + (300x2) Dr.	80,600
To Share allotment A/c		80,000
To Calls in advance A/c (300 × 2)		600
(Allotment money received)
Share first and final call A/c (20,000 × 2) Dr.	40,000
To Share capital A/c		40,000
(First and final call money due)
Bank A/c (19,700 × 2) Dr.	39,400
Calls in advance A/c Dr.	600
To Share first and final call A/c		40,000
(First call money received and calls in advance adjusted)

In the books of Khan Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (65,000 × 4)	Dr.	2,60,000
To Equity share application A/c			2,60,000
(Application money received)
Equity share application A/c (50,000 × 4)	Dr.	2,00,000
To Equity share capital A/c			2,00,000
(Transfer of share application money to share capital)
Equity share application A/c (15,000 × 4)	Dr.	60,000
To Equity share allotment A/c			60,000
(Excess share application money utilised for allotment)
Equity share allotment A/c	Dr.	2,00,000
To Equity share capital A/c			2,00,000
(Share allotment money due)
Bank A/c (2,00,000 – 60,000)	Dr.	1,40,000
To Equity share allotment A/c			1,40,000
(Allotment money received)
Equity share first and final call A/c (50,000 × 2)	Dr.	1,00,000
To Equity share capital A/c			1,00,000
(Share first and final call money due)
Bank A/c	Dr.	1,00,000
To Equity share first and final call A/c			1,00,000
(Share first and final call money received)

Generic 2

3 x 2 = 6

When a company issues shares at a price more than the face value (nominal value), the shares are said to be issued at premium. The excess is called as premium amount and is transferred to securities premium account. Securities premium account is shown under reserves and surplus as a separate head in the Note to Accounts to the balance sheet.

When the number of shares applied for is more than the number of shares offered for subscription, it is said to be over subscription.

Journal entries
Particulars		Debit Rs.	Credit Rs.
Equity share first and final call A/c (15,000 × 2)	Dr.	30,000
To Share capital A/c			30,000
(Share first and final call money due)
Bank A/c (14,900 × 2)	Dr.	29,800
Calls in arrear A/c (100 × 2)	Dr.	200
To Equity share first and final call A/c			30,000
(Amount received on calls and amount not
received transferred to calls in arrear account)