Accounting for Companies (CBSE Class-12 Accountancy): Questions 1 - 3 of 21
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Question number: 1
» Accounting for Companies » Accounting for Share Capital » Accounting for Share Capital
Describe in Detail
Janata Ltd. invited application for issuing 70, 000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows:
On application Rs. 4 per share (including premium)
On allotment Rs. 3 per share
On first and final Balance
Applications for 1, 00, 000 shares were received. Applications for 10, 000 shares were rejected. Shares were allotted to the remaining applicants on pro-rata basis. Excess money received with applications were adjusted towards sums due on allotment. All calls were made and were duly received except first and final call on 700 shares allotted to Kanwar. His shares were forfeited.
The forfeited shares were re-issued for Rs. 77, 000 fully paid up.
Pass necessary journal entries for the books of the company for the above transactions.
Bank A/c ……Dr.
4, 00, 000
To Share Application A/c
(Being application money received on 1, 00, 000 shares@Rs. 4 per… (242 more words) …
Question number: 2
» Accounting for Companies » Accounting for Debentures » Debentures
Write in Short
Deepak Ltd. purchased furniture Rs. 2, 20, 000 from M/s Furniture Mart. 50 % of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issue 9 % debentures of Rs. 100 each at a premium of 10 % in favour of Furniture Mart. Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.
Question number: 3
» Accounting for Companies » Accounting for Share Capital » Share and Share Capital
Write in Brief
Give the meaning of ‘minimum subscription’.