Anupama Ltd. issued 12,000; 8% Debentures of Rs. 100 each at a discount of 5% payable as 25% on application; 20% on allotment and balance after three months. Pass Journal entries. Post category:Accountancy Reading time:1 mins read Solution Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostIron Products Ltd. issued 5,000; 9% Debentures of Rs. 100 each at a premium of Rs. 40 payable as follows; (i) Rs. 40, including premium of Rs. 10 on applications; (ii) Rs. 45, including premium of Rs. 15 on allotment; and (iii) Balance as first and final call. The issue was subscribed and allotment made. Calls were made and due amount was received. Pass Journal entries. Next PostAlka Ltd. issued 5,000, 10% Debentures of Rs. 1,000 each at a discount of 10% redeemable at a premium of 5% after 5 years. According to the terms of issue Rs. 500 was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures. You Might Also Like Jain Ltd purchased machinery costing Rs. 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 Rs. 100 each at a premium of 25%. Pass necessary Journal entries in the books of Jain Ltd. for the above transaction. July 14, 2022 Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows Rs. 50—per share on application; Rs. 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 Rs. 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. July 14, 2022 Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (C.B.S.E. 2020, Mumbai, Chennai) September 23, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Jain Ltd purchased machinery costing Rs. 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 Rs. 100 each at a premium of 25%. Pass necessary Journal entries in the books of Jain Ltd. for the above transaction. July 14, 2022
Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows Rs. 50—per share on application; Rs. 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 Rs. 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. July 14, 2022
Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (C.B.S.E. 2020, Mumbai, Chennai) September 23, 2022