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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 9751. |
Midee Ltd. invited applications for issuing 27,000 shares of ₹ 100 each payable as follows: ₹ 50 per share on application; ₹ 10 per share on allotment; and Balance on First and Final call. Applications were received for 40,000 shares. Full allotment was made to the applicants of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro rata basis. Excess money received on applications was adjusted towards allotment and call. Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 200 shares. Ankur’s shares were forfeited after the First and Final call. These shares were later reissued at ₹ 105 per share as fully paid-up. Pass necessary journal entries in the books of Midee Ltd. for the above transactions, by opening Calls-in-Arrears and Calls-in-Advance Accounts wherever necessary. |
| Answer» MARK me brainiest caused this is a LONG answer do IR MATE | |
| 9752. |
Krishna & Co. Ltd. with an authorised capital of ₹ 2,00,000 divided into 20,000 Equity Shares of ₹ 10 each, issued the entire amount of the shares payable as: ₹ 5 on application (including premium ₹ 2 per share), ₹ 4 on allotment, and ₹ 3 on call. All share money is received in full with the exception of the allotment money on 200 shares and the call money on 500 shares (including the 200 shares on which the allotment money has not been paid). The above 500 shares are duly forfeited and 400 of these( including the 200 shares on which allotment money has not been paid) are reissued at ₹ 7 per share payable by the purchaser as fully paid-up. Pass journal entries(including cash transactions) and show the balances in the Balance Sheet giving effect to the above transactions. |
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Answer» TE YOUR ANSWER IS3 on call.All share money is received in full with the exception of the allotment money on 200 shares and the call money on 500 shares (including the 200 shares on which the allotment money has not been paid).The above 500 shares are duly FORFEITED and 400 of these( including the 200 shares on which allotmentHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9753. |
What do you mean by auditing |
| Answer» AUDITING Explanation: IT MEANS THE CONDUCT FINANCIAL INSPECTION OF A COMPANY OR ITS ACCOUNT | |
| 9754. |
A Ltd issued 20,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share, payable as ₹ 7 (including premium) on application, ₹ 5 on allotment and the balance after three months of allotment. A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for ₹ 1,600. Give necessary entries in company’s journal and the Balance Sheet. . |
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Answer» Reserve is Rs.15 EXPLANATION:Payment on APPLICATION = Rs.7Payment on ALLOTMENT = Rs.5On FIRST call and the Last Call = Rs.3 Total (7+5+3) = 15. |
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| 9755. |
Kamal Ltd. was formed on 1st April, 2010 with an authorised capital of ₹ 2,00,000, divided into 2,000 Equity Shares of ₹ 100 each. 1,000 shares were issued as fully paid to the vendors of building for payment of the purchase consideration. The remaining 1,000 shares were offered or public subscription at a premium of ₹ 5 per share payable as: Applications were received for 900 shares which were duly allotted and the allotment money was received in full. At the time of the first call, a shareholder who held 100 shares failed to pay the first call money and his shares were forfeited. These shares were reissued @ ₹ 60 per share, ₹ 70 per share paid-up. Final call has not been made. You are required to (i) give necessary journal entries to record the above transactions and (ii) show how share capital would appear in the Balance Sheet of the company. |
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Answer» 150 shares of ₹ 10 each issued at a premium of ₹ 4 PER share payable with allotment were forfeited for non-payment of allotment MONEY of ₹ 8 per share including premium. The first and final call of ₹ 4 per Pass Journal entries in the books of X LTD. for the aboveHOPE it's helpMark as brainliest Follow mw |
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| 9756. |
150 shares of ₹ 10 each issued at a premium of ₹ 4 per share payable with allotment were forfeited for non-payment of allotment money of ₹ 8 per share including premium. The first and final call of ₹ 4 per Pass Journal entries in the books of X Ltd. for the above. |
| Answer» RES of ₹ 10 each issued at a PREMIUM of ₹ 4 PER share payable with allotment were forfeited for non-payment of allotment money of ₹ 8 per share including premium. The first and final call of ₹ 4 per PassExplanation:Calculation is GIVEN in the Tabular column. | |
| 9757. |
Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share, his shares were forfeited. These shares were reissued at the rate of ₹ 8 per share credited as fully paid. Pass journal entries to record the forfeiture and reissue of shares. |
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Answer» TE YOUR ANSWER ISBut he was allotted only 2500 SHARES on pro rata basis. After having PAID RS. 3 per share on application, he did not pay allotment money of Rs. 4.50 pHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️ |
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| 9758. |
Commence Publications Ltd. issued 50,000 Equity Shares of ₹ 10 each at a premium of 10% payable as under: The calls were made by the company and all the money was duly received except the allotment and call money on 500 shares. These shares were, therefore, forfeited and later reissued @ ₹ 9 per share as fully paid-up. Pass necessary journal entries to record the above transactions. |
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Answer» e your ANSWER ISBY adding these shares 500 RUPEES per monthand 50 rupess per day These will help to pay compansation |
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| 9759. |
The Directors of a company forfeited 300 shares of ₹ 10 each issued at a premium of ₹ 3 per share, for the non-payment of the first call money of ₹ 2 per share. The final call of ₹ 2 per share has not been made. Half the forfeited shares were reissued at ₹ 1,500 as fully paid-up. Record the journal entries for the forfeiture and reissue of shares. |
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Answer» Reserve is 900.Explanation:Calculation of Balance of forefeiture of REISSUED shares.Share forefeiture PER share Cr. =Rs.6Less ( Share forefeiture per share Dr) =NIlBalance of forefeiture of reissued shares = Rs.6Capital Reserve=Balance of forefeiture of reissued shares × NUMBER of Shared reissued= 6 ×150 = Rs.900 |
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| 9760. |
Pass necessary journal entries in the books of the company for the following transactions: Vishesh Ltd. forfeited 1,000 Equity Shares of ₹ 10 each issued at a premium of ₹ 2 per share for non-payment of allotment money of ₹ 5 per share including premium. The final call of ₹ 2 per share was not yet called on these shares. Of the forfeited shares 800 shares were reissued at ₹ 12 per share as fully paid-up. The remaining shares were reissued at ₹ 11 per share fully paid-up. |
| Answer» TE YOUR ANSWER ISshare was not yet CALLED on these shares. Of the forfeited shares 800 shares were reissued at ₹ 12 PER share as fully paid-up.The REMAINING shares were reissued at ₹ 11 per share fully paid-up.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ | |
| 9761. |
A share of ₹ 100 issued at a premium of ₹ 10 on which ₹ 80 (including premium) was called and ₹ 60 (including premium) was paid, has been forfeited. This share was afterwards reissued as fully paid-up for ₹ 70. Give Journal entries to record the above. |
| Answer» E your ANSWER isHe had to issues as 100 rupess for month and 10 rupess per DAY .These ENTRIES to record the above question | |
| 9762. |
JCV Ltd., forfeited 200 shares of ₹ 10 each issued at a premium of ₹ 2 per share for the non-payment of allotment money of ₹ 3 per share (including premium). The first and final call of ₹ 4 per share has not been made as yet. 50% of the forfeited shares were reissued at ₹ 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares. |
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Answer» TE YOUR ANSWER ISforfeited SHARES were reissued at ₹ 8 PER share as FULLY paid-up. Pass necessary JOURNAL entries for the forfeiture and reissue of shares.HOPE THIS HELPS❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9763. |
VT Ltd forfeited 200 shares of ₹ 10 each, issued at a premium of ₹ 5 per share, held by Mohan for non-payment of the final call of ₹ 3 per share. 100 out of these shares were reissued to Narendra at a discount of ₹ 4 per share. Journalise. |
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Answer» estions Solution 150 Shares of ₹ 10 Each ISSUED at a Premium of ₹ 4 per Share Payable with Allotment Were Forfeited for Non-payment of Allotment Money of ₹ 8 per Share Including Premium. CONCEPT: Accounting Treatment of Forfeiture and Re-issue of Share.Hope it's helpMark as brainliest FOLLOW me |
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| 9764. |
Pass journal entries in the following cases: M Ltd. forfeited 200 Equity Shares of ₹10 each issued at a premium of ₹ 5 per share, held by Ram for non-payment of the final call of ₹ 3 per share. Of these, 100 shares were reissued to Vishu at a discount of ₹ 4 per share. |
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Answer» TE YOUR ANSWER ISshare. Of these, 100 shares were REISSUED to Vishu at a discount of ₹ 4 per shareHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9765. |
A Ltd. company with registered capital of ₹ 5,00,000 in shares of ₹ 10 each issued 20,000 of such shares payable ₹ 2 on application, ₹ 4 on allotment, ₹ 2 on final call . All the money payable on allotment was duly received but on the first call being made, one shareholder paid the entire balance on his holding of 300 shares and five shareholders with a total holding of 1,000 shares failed to pay their dues on the first call. These shares were forfeited for non-payment of first call money. Final call was made and all the money due was received. Later on, forfeited shares were reissued @ ₹ 6 per share as fully paid-up. Record the above in the company’s journal and prepare the Balance Sheet. |
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Answer» TE YOUR ANSWER ISand five shareholders with a TOTAL holding of 1,000 shares failed to pay their DUES on the FIRST call. These shares were forfeited for non-payment of first call money. Final call was made and all the money due was RECEIVED. Later on, forfeited shares were reissued @ ₹ 6 per share as fully paid-up.Record the above in the company’s JOURNAL and prepare the Balance Sheet.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9766. |
New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. The amounts received in respect of these shares were: The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were subsequently reissued at ₹ 3 per share. Pass journal entries recording the above transactions and prepare the company’s Balance Sheet. |
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Answer» mpany Ltd. has a nominal capital of ₹ 2,50,000 in SHARES of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first CALL and ₹ 1 on SECOND call. The amounts received in respect of these shares were:The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were SUBSEQUENTLY reissued at ₹ 3 per share.Pass JOURNAL entries recording the above transactions and prepare the company’s Balance Sheet.. |
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| 9767. |
X Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as: On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second and final call ₹ 4 per share. All sums payable on application, allotment and calls were duly received with the following exceptions: (i) A, who held 200 shares, failed to pay the money on allotments and calls. (ii) B to whom 150 shares were allotted, failed to pay the money on first call and final call. (iii) C, who held 50 shares did not pay the amount of second and final call. The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%. Pass necessary journal entries to record these transactions in the books of X Ltd. |
| Answer» C Dr.1,44,800To Share APPLICATION A/c1,44,800(Being Application money received)Share application A/c Dr.1,44,800To Share CAPITAL A/c1,00,000To Share allotment A/c20,800To Bank A/c21,000To Calls in advance A/c3,000(Being application money transferred)ORShare application A/c Dr.1,44,800HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️ | |
| 9768. |
Record the journal entries for forfeiture and reissue of shares in the following cases: (i) X Ltd. forfeited 20 shares of ₹ 10 each, ₹ 7 called-up on which the shareholder had paid application and allotment money of ₹ 5 per share. Out of these, 15 shares were reissued to Naresh as ₹ 7 per share paid-up for ₹ 8 per share. (ii) Y Ltd. forfeited 90 shares of ₹ 10 each, ₹ 8 called-up issued at a premium of ₹ 2 per share to R for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as ₹ 8 called-up for ₹ 10 per share. |
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Answer» WER TO THIS QUESTION ISBut he was allotted only 2500 shares on PRO RATA basis. After having paid RS. 3 per share on application, he did not pay allotment MONEY of Rs. 4.50 pHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9769. |
A holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share on application. B holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share on application and allotment respectively. C holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 on first call. They all fail to pay their arrears and the second call of ₹ 2 per share. Shares are forfeited and subsequently reissued @ ₹ 11 per share as fully paid-up. journalise the above. |
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Answer» as:On Application : 1On Allotment : 2ON First : 3ON SECOND call: 2Total called up: 8Calculation of capital reserve SHARE forfeiture of 100 shares held by A (Cr.) = 100Share forfeiture of 200 shares held by B (Cr.) = 600Share forfeiture of 300 shares held by C (Cr.) = 1800Total share forfeiture cr. (at the time of cancellations of share) = 2500Total share forfeiture cr. (at the time of cancellations of share) = 2500less : Total shares forfeiture (dr.) (at the time of reissue) = 0Capital reserve = 2500 |
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| 9770. |
Star Ltd. forfeited 500 Equity Shares of ₹ 100 each for non-payment of first call of ₹ 30 per share. The final call of ₹ 10 per share was not yet made. Out of these, 60% shares were reissued for ₹ 39,000 fully paid. journalise the forfeiture and reissue of shares. |
| Answer» TE YOUR ANSWER ISfor ₹ 39,000 fully paid. JOURNALISE the FORFEITURE and reissue of shares.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ | |
| 9771. |
v ltd.has given one right share for existing 3 equity shares value of one equity share is 100 and market value is 200 per share .find out the value of right share |
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Answer» f each right share should be Rs.33.33Explanation:Right Shares: As per the definition given in Section 62 of Companies Act,2013,Right shares are issues of securities,in which an offer of specific securities is made FIRST to the shareholder of a listed COMPANY.The Right shares HOLD a price much lower than that of common stock/shares listed and are first offered to the shareholders of the company.It is the discretion of the shareholders whether to purchase those right shares or not. Shareholders are ALSO provided with the option to sell their right shares to a person who is not a shareholder in that company.If the shareholders decide not to buy any Right shares then the company has the right to sell those right shares in the Secondary market.The Value of Right shares can be calculated as follows:Value of Right share = Market price of each share - Subscription price No. of right shares required to get 1 share = = Rs.33.33 |
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| 9772. |
Show the forfeiture and reissue entries under each of the following cases: (i) X Ltd. forfeited 300 shares of ₹ 10 each, ₹ 8 called-up held by Mr. A for non-payment of second call money of ₹ 3 per share. These shares were reissued to Mr. Z for ₹ 10 per share as fully paid-up. (ii) Y Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per share. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up. (iii) Z Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment @ ₹ 8 per share as fully paid-up to Mr. P. |
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Answer» TE YOUR ANSWER ISY Ltd. forfeited 400 SHARES of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per SHARE. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up.(iii) Z Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment @ ₹ 8 per share as fully paid-up to Mr. P.Hope this helps |
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| 9773. |
X Ltd. forfeited 100 shares of ₹ 10 each (₹ 8 called-up) issued at a premium of ₹ 2 per share to Mr. R on which he had paid applications money of ₹ 5 per share, for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 70 shares were reissued to Mr . Sanjay as ₹ 8 called-up for ₹ 7 per share. Give necessary journal entries relating to forfeiture and reissue of shares. |
| Answer» MARK it as BRAINIEST vause its ALONG QUESTION | |
| 9774. |
A Limited Company forfeited 100 Equity Shares of the face value of ₹ 10 each, ₹ 6 per share called-up, for non-payment of first call of ₹ 2 per share. The forfeited shares were subsequently reissued as fully paid-up @ ₹ 7 each. Give necessary entries in the company’s journal. |
| Answer» TE YOUR ANSWER ISA LIMITED Company FORFEITED 100 Equity Shares of the face value of ₹ 10 each, ₹ 6 per share called-up, for non-payment of first call of ₹ 2 per share. The forfeited shares were subsequently reissued as FULLY paid-up @ ₹ 7 each.Give necessary entries in the company’s journalHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ | |
| 9775. |
Give necessary journal entries: (i) The Directors of Devendra Ltd. resolved on 1st January, 2010 that Equity Shares of ₹ 10 each, ₹ 8 paid-up be forfeited for non-payment of final call of ₹ 2. On 1st February, 60 of these shares were reissued @ ₹ 7 per share as fully paid-up. (ii) Virender Limited forfeited 20 shares of ₹ 100 each(₹ 60 called-up) issued at par to Mukesh on which he had paid ₹ 20 per share. Out of these, 15 shares were reissued to Sanjeev as ₹ 60 paid-up for ₹ 45 per share. |
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Answer» share a/c DR 420 to Devendra LTD a/c 420sorry I don't KNOW 2nd one |
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| 9776. |
On 1st May, 2014, Directors of a Limited Company forfeited 200 shares of ₹ 20 each, ₹ 15 per share called-up, on which ₹ 10 per share has been paid by the amount of the first call of ₹ 5 per share being unpaid. Ten days Later, the Directors reissued the forfeited shares to B credited as ₹ 15 per share paid-up, for a payment of ₹ 10 per share. Give journal entries in the company’s books to record the forfeited shares and their reissue. |
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Answer» jjjmmmnnkmkklkkooikkjjjjk |
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| 9777. |
The Hindustan Manufacturing Ltd. had a total subscribed capital of ₹ 10,00,000 in Equity Shares of ₹ 10 each of which ₹ 7.50 were called-up. A final call of ₹ 2.50 was made and all amount paid except two calls of ₹ 2.50 each in respect of 100 shares held by D. These shares were forfeited and reissued at ₹ 8 per share. Pass necessary journal entries (including that of cash) to record the transactions of final call forfeiture of shares and reissue of forfeited shares. Also, prepare the Balance Sheet of the company. |
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Answer» The Hindustan Manufacturing Ltd. had a total subscribed capital of ₹ 10,00,000 in Equity SHARES of ₹ 10 each of which ₹ 7.50 were called-up. A final call of ₹ 2.50 was made shares and reissue of forfeited shares. ALSO, prepare the Balance Sheet of the company.Explanation:PLEASE BHAI MARK AT BRAINLIESTS ANSWER PLEASE BRO |
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| 9778. |
A company issued 20,000 shares of ₹ 100 each payable ₹ 25 per share on application, ₹ 25 per share on allotment and the balance in two calls of ₹ 25 each. The company did not make the final call of ₹ 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ ₹ 75 per share paid-up for a sum of ₹ 28,000. journalise the above transactions and prepare Share Capital Account. |
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Answer» TE YOUR ANSWER ISBank A/c Dr.1,44,800To Share APPLICATION A/c1,44,800(Being Application money RECEIVED)Share application A/c Dr.1,44,800To Share capital A/c1,00,000To Share ALLOTMENT A/c20,800To Bank A/c21,000To Calls in advance A/c3,000(Being application money transferred)ORShare application A/c Dr.1,44,800HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️ ❤️ |
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| 9779. |
X Ltd. forfeited 900 Equity Shares of ₹ 100 each for the non-payment of allotment money of ₹ 30 per share and the first call of ₹ 20 per share. The second and final call of ₹ 25 per share has not been made. The forfeited shares were reissued for ₹ 90 per share, ₹ 75 paid-up. Journalise the above. |
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Answer» TE YOUR ANSWER ISbeen made. The FORFEITED SHARES were reissued for ₹ 90 per SHARE, ₹ 75 paid-up. JOURNALISE the above.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9780. |
Super Star Ltd. makes an issue of 10,000 Equity Shares of ₹ 100 each, payable as: On application and allotment ₹ 50 per share On first call ₹ 25 per share On second and final call ₹ 25 per share. Members holding 400 shares did not pay the second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @ ₹ 50 per share. Pass journal entries in the books of the company. |
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Answer» TE YOUR ANSWER ISsecond and FINAL call and the shares are duly FORFEITED, 200 of which are reissued as fully paid-up @ ₹ 50 per share. PASS journal entries in the BOOKS of theHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️❤️ |
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| 9781. |
The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each, ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50. On 10th June, 2015, ₹ 1,800 of these shares were reissued for ₹ 6 per share. Give necessary Journal entries. |
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Answer» TE YOUR ANSWER ISTHE Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each, ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50. On 10th JUNE, 2015, ₹ 1,800 of these shares were REISSUED for ₹ 6 per share. Give necessary Journal entries.Hope this HELPS ❤️please mark as brainliest ❤️ |
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| 9782. |
A company issued 10,000 shares of the value of ₹ 10 each, payable ₹ 3 on application, ₹ 3 on allotment and ₹ 4 on the first and final call. All amounts are duly received except the call money on 100 shares. These shares are subsequently forfeited by Directors and are resold as fully paid-up for ₹ 500. Give necessary journal entries for the transactions. |
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Answer» ..................................... |
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| 9783. |
U.P. Sugar Works Ltd. was registered on 1st January, 2014 with an authorised capital of ₹ 15,00,000 divided into 15,000 shares of ₹ 100 each. The company issued on 1st April, 2014, 5,000 shares of ₹ 100 each at a premium of ₹ 5 per share payable ₹ 25 per share on application, ₹ 30(including premium) on allotment and the balance in two equal installments of ₹ 25 each on 1st July ad 1st October respectively. All the allotments and call moneys were paid when due except in case of one shareholder who failed to pay the final call on 100 shares held by him. His shares were forfeited on 1st November after giving him a due notice. Show necessary entries in the books of the company to record these transactions. |
| Answer» E your ANSWER ishe had to pay 25 percentage rupess on 1stvjuly and 100 rupess on 1ST October These entries for the above QUESTION | |
| 9784. |
A company issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 3 per share payable ₹ 5 on application, ₹ 5 (including premium) on allotment and the balance on first call. All the shares offered were applied for and allotted. All the money due on allotment was received except on 200 shares. Call was made. All the amount due thereon was received except on 300 shares. Directors forfeited 200 shares on which both allotment and call money were not received. Pass necessary journal entries to record the above. |
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Answer» TE YOUR ANSWER ISthe MONEY due on allotment was received except on 200 shares. CALL was made. All the amount due thereon was received except on 300 shares. DIRECTORS forfeited 200 shares on which both allotment and call money were not received.Pass necessary journal ENTRIES to record the above.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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| 9785. |
Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹ 4,59,500. ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹ 10 each at a premium of 10% in favour of Sanchar Ltd. Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. |
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Answer» e your ANSWER isSandesh had to PAY 7000 per glday to OVERCOME it's 10 percentage so that he will pay the money |
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| 9786. |
A Co Ltd. was registered with a nominal capital of ₹ 1,00,000 in Equity Shares of ₹ 10 each. It offered to the public 6,000 shares for subscription. The applications were received for 8,000 shares. The Directors rejected applications for 1,000 shares and returned the money received thereon. The application money received on the other 1,000 shares was adjusted towards allotment money. The amount payable on shares was: ₹ 2 per share on application, ₹ 4 per share on allotment and the balance on first call. One shareholders holding 100 shares failed to pay the first call money and as a result his shares were forfeited. Pass necessary journal entries and prepare Cash Book to record the above transactions. |
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Answer» tion:A Co LTD. was registered with a nominal capital of ₹ 1,00,000 in Equity Shares of ₹ 10 each. It OFFERED to the public 6,000 shares for subscription. The applications were received for 8,000 shares. The Directors rejected applications for 1,000 shares and returned the money received thereon. The application money received on the other 1,000 shares was adjusted towards ALLOTMENT money. The amount PAYABLE on shares was: ₹ 2 per share on application, ₹ 4 per share on allotment and the balance on first call. One shareholders holding 100 shares failed to pay the first call money and as a result his shares were forfeited.Pass necessary journal entries and prepare Cash Book to record the above TRANSACTIONS. |
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| 9787. |
Z Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share. Mr Gupta was allotted 100 shares. Pass necessary journal entry relating to the forfeiture of shares in each of the following alternative cases: Case I: If Mr Gupta failed to pay the allotment money and his shares were forfeited. Case II: If Mr Gupta failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Case III: If Mr Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited. |
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Answer» e your answer ISIN case 1 Mr Gupta failed because of 10 percentage of COMPENSATION In case 2 Mr Gupta failed because of FIRST callIn case 3 he failed because of his shares |
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| 9788. |
A company purchased a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully paid shares of ₹ 10 each and balance through cheque. The assets and liabilities consisted of the following: You are required to pass necessary journal entries in the company’s books. |
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Answer» tion:A company PURCHASED a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully PAID shares of ₹ 10 each and balance through cheque.The assets and liabilities consisted of the following:You are REQUIRED to pass NECESSARY journal entries in the company’s BOOKS. |
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| 9789. |
A company issued 30,000 fully paid-up shares of ₹ 100 each for purchase of the following assets and liabilities from Sharma Co: You are required to pass necessary journal entries. |
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Answer» d is the FILE |
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| 9790. |
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly. |
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| 9791. |
Light Lamps Ltd. issued 50,000 shares of ₹ 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of ₹ 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions. |
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Answer» d is the FILE |
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| 9792. |
Z Ltd. purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each at a premium of ₹ 10 per share. Pass necessary Journal entries in the books of Z Ltd. |
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Answer» ets A/c ...dr. 2,20,000 To C.D. LTD. A/c 2,20,000(Assets purchased from C.D. Ltd.)2). C.D. Ltd. A/c ...dr. 2,20,000 To 9% PREF. share capital A/c 2,00,000 To securities premium A/c 20,000(being 9%(2000) preferenceshare Rs. 100 each issued atRs. 10 per share)Explanation:Working note of above entries: No. of shares issued: 2,20,000/(100 + 10) = 2000 shares.A journal ENTRY is defined as the record of transactions associated with the business in the ACCOUNTING books. A correctly accounted journal entry includes the date of transaction, the debit amount, and the amount that will be deposited, details of the transaction, along with a specific reference number.This is the first and main book of accounting. Small traders whose number of transactions are LIMITED, they use the journal as a book of initial accounts.Learn more: journal entriesbrainly.in/question/8370405 |
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| 9793. |
2,000 Equity Shares of ₹ 10 each were issued to Limited from whom assets of ₹ 25,000 were acquired. Pass Journal entry. |
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| 9794. |
Better Prospect Ltd. acquired land costing ₹ 1,00,000 and in payment allotted 1,000 Equity Shares of ₹ 100 each as fully paid. Further, the company issued 4,000 Equity Shares to public. The shares were payable as: ₹ 30 on application; ₹ 30 on allotment; ₹ 40 on first and final call. Applications were received for all shares which were allotted. All the money was received except the call on 200 shares. Pass journal entries and prepare Balance Sheet of the company. |
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Answer» TE YOUR ANSWER TO THIS QUESTION ISThe shares were payable as: ₹ 30 on application; ₹ 30 on allotment; ₹ 40 on first and final call.Applications were received for all shares which were allotted. All the money was received except the call on 200 shares.Pass JOURNAL entries and PREPARE Balance Sheet of the company.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️ |
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| 9795. |
Goodluck Ltd purchased machinery costing ₹ 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity Shares of ₹ 10 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd. |
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Answer» mount of MACHINERY = 10,00,000Price of SHARES = 10Premium = 25%To Find:Journal entriesSolution:Number of shares = 10,00,000 ( 10 + 2.5) ( 25% premium)= 10,00,000/12.5= 80,0001. Machinery A/c Dr. 10,00,000To FAIR DEALS A/c 10,00,000( Being machinery purchased)2. Fair Deals Ltd. A/c Dr. 10,00,000To Equity Share CAPITAL 8,00,000To Securities Premium 2,00,000( Being 80,000 shares issued @ 10 at 25% premium) |
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| 9796. |
Jain Ltd purchased machinery costing ₹ 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the remaining 50%, the company issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries in the books of Jain Ltd. for the above transaction. |
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Answer» TE YOUR ANSWER ISTHE company issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries in the books of JAIN Ltd. for the above transaction.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️FOLLOW ME |
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| 9797. |
A Ltd was registered with a capital of ₹ 5,00,000 in shares of ₹ 10 each and issued 20,000 such shares at a premium of ₹ 2 per share payable as ₹ 2 per share on application, ₹ 5 per share on allotment (including premium) and ₹ 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money. Pass journal entries to record the above transactions and show how they will appear in the company’s Balance Sheet. |
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| 9798. |
A limited company issued 800 Equity Shares of ₹ 100 each at a premium of 25% as fully paid-up in consideration of the purchase of plant and machinery of ₹ 1,00,000. Pass entries in company’s journal. |
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Answer» SWER IS VERY NICEXYZ Ltd. issued 5,000, 10% Debentures of ₹ 100 each on 1st APRIL, 2015 at a discount of 10% redeemable at a premium of 10% after 4 years. Give journal entries for the year ended 31st March, 2016, ASSUMING that the interest was payable half-yearly on 30th SEPTEMBER and 31st March. Tax is to be DEDUCTED @ 10%.HOPE THIS HELPS FOLLOW ME!!MARK AS BRAINLIEST |
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| 9799. |
XYZ Ltd.issued 8,000 Equity Shares of ₹ 10 each. ₹ 5 per share was called, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. All the money was duly received with the following exceptions: A who holds 250 shares paid nothing after application. B who holds 500 shares paid nothing after allotment. C who holds 1,250 shares paid nothing after first call. Prepare journal and the Balance Sheet. |
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| 9800. |
Rajan Ltd. purchased assets from Geeta & Co. for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company. |
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Answer» e your ANSWER isRajan had to pay 25 PERCENTAGE of compensation to overcome it's fees These above TRANSACTION SHOWS above question |
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