Q.1 X Ltd issued 5000 equity shares of rupees hundred each at Rs.120,face value was Rs.100 company received applications for6000 equity shares allotment was made to the applicants of 5500 shares remaining applicants sent a letter of regret. A shareholder who was having 500 shares failed to pay the allotment and calls. Amount was paid Rs.50 on application Rs.40 on allotment and balance on call. The shares were reissued at the rate Rs.90 per share.pass necessary journal entries in the books of the company.
Q.2 X Ltd purchase running business of while Ltd for a consideration of Rs.16 lakh. Company paid the amount Rs.5 lakh but draft and the balance amount by issuing equity shares of rupees hundred eachat 10% security premium. Company acquired the following assets and liabilities machinery Rs.3 lakh, plant Rs.5 lakh, debtors Rs.2 lakh, Furniture Rs.5 lakh, creditors Rs.2 lakh, outstanding expenses Rs.2 lakh. Pass necessary journal entries.
Q.3 Rajesh Ltd took over the assets of Rs.7 lakh 20,000 and creditors of Rs.1 lakh offRohan Ltd for a sum of Rs.6 lakh payable 10% by a cheque and the balance by issue of fully paid equity shares of Rs.10 each. Pass necessary journal entries.
Q.4 be limited issued shares of Rs.10 lakh of Rs.10 each at a premium of Rs.10 per share. Amount was payable 20% on application 40% on allotment and balance with call. Half of the premium Call with allotment and balance with call. Company received application for 1.6 lakh shares.Pro rata allotment was made to the applicant of 1.4 lakh applicants. Remaining applications rejected. Shareholder having 500 shares fail to pay allotment call. A shareholder who applied for 700 sharesfail to pay allotment. His shares were forfeited before the call was made. All the shares were issued at Rs.12 per share. Pass necessary Journal entries.
Q.5 J Ltd invited application for issuing 50,000 equity shares of Rs.10 each at par the amount was payable as follows.
On application – Rs.2 per share, on allotment – Rs.4 per share, and on the first and final call – balance amount the issue was oversubscribed three times. Application for 30% shares what reject it and money refunded. Allotment was made to the remaining applicants as follows,
(1)Applications 80,000–40,000 allotted, (2)applications 25,000–10,000 allotted.
Exes money paid by applicants who were allotted shares was adjusted to words Sam due on allotment.
Deepak, a shareholder belonging to category one who had applied for 1000 shares, failed to pay the allotment money. Raju, a shareholder holding 100 shares, also failed to pay allotment money. Raju belong to category second. Shares of both Deepak and Raju were forfeited immediately after allotment. Afterwords first and final call was made and duly received.The forfeited shares of the plane Raju worry issued at Rs.11 per share fully paid-up pass necessary journal entries for the about transactions in the books of the company.
Q.6 do you Limited made an issue of one lakh equity shares of Rs.10 each at a premium of 20% payable as follows, on application – Rs.2.5 Per share, on allotment Rs.4.5 per share and on the first and final call balance. Application was received for two lakh equity shares and the directors madePro Rata allotment. Rae know who had applied for 800 shares did not pay the allotment and final call money. As a result of shares were forfeited. Later on all the shares were reissued at Rs.8 per share fully paid up. Pass necessary journal entries.
Q.7 while Ltd acquired running business of Black Ltd consideration was payable in cash Rs.6 lakh, and the equity shares of rupees hundred eachat 20% premium. Assets and liabilities were acquired as follows,
Machinery Rs.5 lakh, plant Rs.3 lakh, patents Rs.2 lakh, trademark Rs.1 lakh, furniture Rs.7 lakh, debtors Rs.3 lakh, creditorsRs.5 lakh, there was a provision for doubtful debts Rs.50,000 in the books of accounts. Pass necessary Journal entries in the books of company for the acquisition and payment. Show your working clearly for the calculation of purchase consideration.
Q.2 X Ltd purchase running business of while Ltd for a consideration of Rs.16 lakh. Company paid the amount Rs.5 lakh but draft and the balance amount by issuing equity shares of rupees hundred eachat 10% security premium. Company acquired the following assets and liabilities machinery Rs.3 lakh, plant Rs.5 lakh, debtors Rs.2 lakh, Furniture Rs.5 lakh, creditors Rs.2 lakh, outstanding expenses Rs.2 lakh. Pass necessary journal entries.
Q.3 Rajesh Ltd took over the assets of Rs.7 lakh 20,000 and creditors of Rs.1 lakh offRohan Ltd for a sum of Rs.6 lakh payable 10% by a cheque and the balance by issue of fully paid equity shares of Rs.10 each. Pass necessary journal entries.
Q.4 be limited issued shares of Rs.10 lakh of Rs.10 each at a premium of Rs.10 per share. Amount was payable 20% on application 40% on allotment and balance with call. Half of the premium Call with allotment and balance with call. Company received application for 1.6 lakh shares.Pro rata allotment was made to the applicant of 1.4 lakh applicants. Remaining applications rejected. Shareholder having 500 shares fail to pay allotment call. A shareholder who applied for 700 sharesfail to pay allotment. His shares were forfeited before the call was made. All the shares were issued at Rs.12 per share. Pass necessary Journal entries.
Q.5 J Ltd invited application for issuing 50,000 equity shares of Rs.10 each at par the amount was payable as follows.
On application – Rs.2 per share, on allotment – Rs.4 per share, and on the first and final call – balance amount the issue was oversubscribed three times. Application for 30% shares what reject it and money refunded. Allotment was made to the remaining applicants as follows,
(1)Applications 80,000–40,000 allotted, (2)applications 25,000–10,000 allotted.
Exes money paid by applicants who were allotted shares was adjusted to words Sam due on allotment.
Deepak, a shareholder belonging to category one who had applied for 1000 shares, failed to pay the allotment money. Raju, a shareholder holding 100 shares, also failed to pay allotment money. Raju belong to category second. Shares of both Deepak and Raju were forfeited immediately after allotment. Afterwords first and final call was made and duly received.The forfeited shares of the plane Raju worry issued at Rs.11 per share fully paid-up pass necessary journal entries for the about transactions in the books of the company.
Q.6 do you Limited made an issue of one lakh equity shares of Rs.10 each at a premium of 20% payable as follows, on application – Rs.2.5 Per share, on allotment Rs.4.5 per share and on the first and final call balance. Application was received for two lakh equity shares and the directors madePro Rata allotment. Rae know who had applied for 800 shares did not pay the allotment and final call money. As a result of shares were forfeited. Later on all the shares were reissued at Rs.8 per share fully paid up. Pass necessary journal entries.
Q.7 while Ltd acquired running business of Black Ltd consideration was payable in cash Rs.6 lakh, and the equity shares of rupees hundred eachat 20% premium. Assets and liabilities were acquired as follows,
Machinery Rs.5 lakh, plant Rs.3 lakh, patents Rs.2 lakh, trademark Rs.1 lakh, furniture Rs.7 lakh, debtors Rs.3 lakh, creditorsRs.5 lakh, there was a provision for doubtful debts Rs.50,000 in the books of accounts. Pass necessary Journal entries in the books of company for the acquisition and payment. Show your working clearly for the calculation of purchase consideration.
