CBSE Set Qa4 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 9
Q 9 XY Ltd.
invited applications for issuing 50,000 equity shares of Rs. 10 each.
The amount was payable as follows :
On application Rs. 3 per share
On allotment Rs. 4 per share
On first and final call Rs. 3 per share
Applications were received for 75,000 shares and pro-rata allotment was made as
follows :
Applicants for 40,000 shares were allotted 30,000 shares on pro-rata basis.
Applicants for 35,000 shares were allotted 20,000 shares on pro-rata basis.
Ramu to whom 1,200 shares were allotted out of the group applying for 40,000
shares failed to pay the allotment money. His shares were forfeited immediately
after allotment. Shamu who had applied for 700 shares out of the group applying
for 35,000 shares failed to pay the first and final call. His shares were also
forfeited. Out of the forfeited shares 1,000 shares were
re-issued @ Rs. 8 per share fully paid up. The re-issued shares included all the
forfeited shares of Shamu. Pass necessary journal entries to record the above
transactions. (Marks 12)
Ans. 9) Working Notes :
50000 x 10 (3, 4, 3)
Applied for Allotted
40000 Pro-rata 30000
35000 Pro-rata 20000
75000 50000
Ramu was allotted = 1200 shares
He applied for = 1200 x 40000/30000 = 1600
Paid on application = 4800
Due on application = 3600
Surplus received = 1200
Due on allotment = 4800
Less: Already received = 1200
unpaid 3600
Total amount due on Allotment = 50000 x 4 = 200000
Less : Adjusted from application 75000
Less: Unpaid by Ramu 3600
Received on allotment 121400
Shamu was allotted = 700 x 20000/35000 = 400 shares
XY Ltd. JOURNAL
|
Date |
Particulars |
Lf |
Amount (Dr.) |
Amount (Cr.) |
|
Bank A/C ..............................Dr |
225000 |
|
||
Working Notes :
Calculation of amount to be transferred to capital reserve:
Share forfeited account balance of Shamu = 2800 (A)
on 400 shares
Share forfeited balance of Ramu's 1200 Shares = 4800
... On 600 Shares = 4800/1200 x 600
= 2400 (B)
Thus, total amount is share forfeited A/C = 5200 (A) + (B)
(for the shares re-issued)
Capital Reserve = 5200 - 2000
=
3200
OR
The Balance Sheet of Seema Ltd. disclosed, the following
information on 1.1.1995 :
15% Debentures Rs. 15,00,000
Debenture Redemption Fund Rs. 11,60,000
15% Debenture Redemption Fund Investment Rs. 11,60,000
The annual contribution to the Debenture Redemption Fund was Rs. 1,30,000 for
the year 1995 and 1996. The debentures were redeemable on 31st December, 1996.
On 31st December, 1996 the investments were sold for Rs. 13,80,000 and the
debentures were redeemed.
Prepare Debenture Account, Debenture Redemption Fund Account and Debenture
Redemption Fund Investment Account for the year 1995 and 1996.
Ans.
Dr......................................... 15% Debentures Account..........................................Cr.
|
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
|
31.12.93 |
To balance C/d |
1500000 |
1.1.96 |
By Balance b/d |
1500000 |
Dr.............................Debenture Redemption Fund Account..............................Cr.
|
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
|
31.12.95 |
To Balance C/d |
1464000 |
1.1.95 |
By balance b/d |
1160000 |
Dr...............................Db. Redemption Fund Investment A/C.........................Cr.
|
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
|
1.1.95 |
To balance b/d |
1160000 |
31.12.95 |
By balance C/d |
1464000 |
|
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