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12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - II updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 5

4 x 5 = 20

Saranya Ltd. issued 20,000 equity shares of Rs.10 each to the public at par. The details of the amount payable on the shares are as follows:
On application Rs.3 per share On allotment Rs.4 per share On first and final call Rs.3 per share Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

Progress Ltd. issued 50,000 ordinary shares of Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
Rs.3 on application
Rs.5 (including premium) on allotment
Rs.4 on first and final call
There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

Generic 3

1 x 3 = 3

Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.

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Answers Key:

Generic 5

4 x 5 = 20

In the books of Saranya Ltd Journal entries Date Particulars L.F Debit Rs. Credit Rs. Bank A/c (30,000 x 3) Dr 90,000 To Equity share application A/c 90,000 (Application money received) Equity share application A/c (20,000 x 3) Dr 60,000 To Equity share capital A/c 60,000 (Transfer of share application money to share
capital) Equity share application A/c (10000 x 3) Dr 30,000 To Bank A/c 30,000 (Excess share application money refunded) Equity share allotment A/c (20,000 x 4) Dr 80,000 To Equity share capital A/c 80,000 (share allotment money due) Bank A/c Dr 80,000 To Equity share allotment A/c 80,000 (Allotment money received) Equity share first and final call A/c Dr 60,000 To Equity share capital A/c 60,000 (share first and final call money due) Bank A/c Dr 60,000 To Equity share first and final call A/c 60,000 (share first and final money received)

Particulars		Debit Rs.	Credit Rs.
Bank A/c (50,000 x 2)	Dr	1,00,000
To Share application A/c			1,00,000
(Application money received)
Share application A/c	Dr	1,00,000
To Share capital A/c			1,00,000
(Transfer of share application money to share capital)
Share allotment A/c	Dr	2,00,000
To Share capital A/c			2,00,000
(Share allotment money due)
Bank A/c	Dr	2,00,000
To Share allotment A/c			2,00,000
(Allotment money received)
Equity share first call A/c	Dr	1,00,000
To Share capital A/c			1,00,000
(Share first call money due)
Bank A/c	Dr	1,00,000
To Share first call A/c			1,00,000
(Share first call money received)
Share second and final call A/c	Dr	1,00,000
To Share capital A/c			1,00,000
(Share second and final call money due)
Bank A/c	Dr	1,00,000
To Share second and final call A/c			1,00,000
(Share second and final call money received)

In the books of Divya Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (14,000 × 2)	Dr.	28,000
To Equity share application A/c			28,000
(Application money for 14,000 shares received)
Equity share application A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(Application money transferred to share capital)
Equity share application A/c (4,000 × 2)	Dr.	8,000
To Equity share allotment A/c			8,000
(Excess application money adjusted towards allotment)
Equity share allotment A/c (10,000 × 5)	Dr.	50,000
To Equity share capital A/c (10,000 × 3)			30,000
To Securities premium A/c (10,000 × 2)			20,000
(Allotment money due)
Bank A/c (50,000 – 8,000)	Dr.	42,000
To Equity share allotment A/c			42,000
(Allotment money received)
Equity share first call A/c (10,000 × 3)	Dr.	30,000
To Equity share capital A/c			30,000
(First call amount due)
Bank A/c (9,700 × 3)	Dr.	29,100
To Equity share first call A/c			29,100
(First call money received for 9,700 shares)
Equity share second and final call A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(Second and final call amount due)
Bank A/c (9,700 × 2)	Dr.	19,400
To Equity share second and final call A/c			19,400
(Second and final call money received for 9,700 shares)
Equity share capital A/c (300 × 10)	Dr.	3,000
To Equity share first call A/c (300 × 3)			900
To Equity share second and final call A/c (300 × 2)			600
To Shares forfeited A/c			1,500
(Forfeiture of 300 shares for non-payment first and second calls)
Bank A/c (200 × 9)	Dr.	1,800
Shares forfeited A/c	Dr.	200
To Equity share capital A/c			2,000
(Re-issue of 200 forfeited shares)
Shares forfeited A/c	Dr.	800
To Capital reserve A/c			800
(Profit on re-issue of 200 forfeited shares transferred to capital reserve account)

Working note:
Amount forfeited for 300 shares = Rs.1,500

Amount forfeited for 200 shares =	\(\frac{1,500}{300}\) x 200 =	1,000
Less: Loss on reissue		200
Net gain transferred to capital reserve		800

Note: Number of shares rejected = 4,00,000 - 3,00,000 = 1,00,000

In the books os Shero Health Care Ltd Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (4,00,000 × 3)	Dr.	12,00,000
To Equity share application A/c			12,00,000
Application money on 4,00,000 shares @ Rs.3 per share received)
Equity share application A/c (3,00,000 × 3)	Dr.	9,00,000
To Equity share capital A/c			9,00,000
(Share application transferred to share capital)
Equity share application A/c (1,00,000 × 3)		3,00,000
To Bank A/c			3,00,000
(Money refunded for rejected applications)
Equity share allotment A/c (3,00,000 × 5)	Dr.	15,00,000
To Equity share capital A/c (3,00,000 × 3)			9,00,000
To Securities premium A/c (3,00,000 × 2)			6,00,000
(Share allotment money Rs.5 per share including Rs.2 premium receivable for 3,00,000 shares)
Bank A/c (3,00,000 × 5)	Dr.	15,00,000
To Equity share allotment A/c			15,00,000
(Allotment money received)
Equity share first and final call A/c	Dr.	12,00,000
To Equity share capital A/c (3,00,000 × 4)			12,00,000
(Call money receivable)
Bank A/c	Dr.	12,00,000
To Equity share first and final call A/c			12,00,000
(Call money received)

Generic 3

1 x 3 = 3

(i) Issued at par

In the books of Sara Company Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (10,000 x10)	Dr.	1,00,000
To Equity share application A/c			1,00,000
(Application money received)
Equity share application A/c	Dr.	1,00,000
To Equity share capital A/c			1,00,000
(Application money transferred to share capital)

(ii) Issued at a premium

Particulars		Debit Rs.	Credit Rs.
Bank A/c (10,000 × 12)	Dr.	1,20,000
To Equity share application A/c			1,20,000
(Application money received)
Equity share application A/c	Dr.	1,20,000
To Equity share capital A/c (10,000 × 10)			1,00,000
To Securities premium A/c (10,000 × 2)			20,000
(Application money transferred to share capital)