Accountancy

Star Ltd. is registered with capital of Rs. 50,00,000 divided into 50,000 equity shares of Rs. 100 each, The Company issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due amount was duly received, except the first and final call of Rs. 20 per share on 600 shares. Show the ‘Share Capital’ in the Balance Sheet of the company

Solution

Continue ReadingStar Ltd. is registered with capital of Rs. 50,00,000 divided into 50,000 equity shares of Rs. 100 each, The Company issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due amount was duly received, except the first and final call of Rs. 20 per share on 600 shares. Show the ‘Share Capital’ in the Balance Sheet of the company

Nishant Co. Ltd. has authorised share capital of Rs. 1,00,00,000 divided into 1,00,000 Equity Shares of Rs. 100 each. It has existing issued and paid up capital of Rs. 25,00,000. It further issued to public 25,000 Equity Shares at a premium of 20% for subscription payable as under:

 On Application:     Rs. 30 On Allotment:     Rs. 60 and On Call:    Balance Amount. The issue was fully subscribed and allotment was made to all the applicants. The company did not make the call during the year.Show…

Continue ReadingNishant Co. Ltd. has authorised share capital of Rs. 1,00,00,000 divided into 1,00,000 Equity Shares of Rs. 100 each. It has existing issued and paid up capital of Rs. 25,00,000. It further issued to public 25,000 Equity Shares at a premium of 20% for subscription payable as under:

Madanlal Ltd has authorised share capital of  Rs. 50,00,000 divided into 5,00,000 Equity Shares of  Rs. 10 each. It has existing issued and paid up capital of  Rs. 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:

 On Application:     Rs. 3 On Allotment:     Rs. 4 and On Call:   Balance Amount. The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly…

Continue ReadingMadanlal Ltd has authorised share capital of  Rs. 50,00,000 divided into 5,00,000 Equity Shares of  Rs. 10 each. It has existing issued and paid up capital of  Rs. 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:

Gopal Ltd. was registered with an authorised capital of  Rs. 50,00,000 divided into Equity Shares of  Rs. 100 each . The company offered for public subscription all the shares . Public applied for 45,000 shares and allotment was made to all the applicants. All the calls were made and were duly received except the final call of  Rs. 20 per share on 500 shares. Prepare the Balance Sheet of the company showing the different types of share capital.

Solution

Continue ReadingGopal Ltd. was registered with an authorised capital of  Rs. 50,00,000 divided into Equity Shares of  Rs. 100 each . The company offered for public subscription all the shares . Public applied for 45,000 shares and allotment was made to all the applicants. All the calls were made and were duly received except the final call of  Rs. 20 per share on 500 shares. Prepare the Balance Sheet of the company showing the different types of share capital.

Girish and Satish are partners in a firm. Their Capitals on April 1, 2018 were Rs. 5,60,000 and Rs. 4,75,000 respectively. On August 1, 2018 they decided that their Capitals should be Rs. 5,00,000 each. The necessary adjustment in the Capitals were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending March 31, 2019.

Solution: Calculation of Interest on Capitals Girish: On Rs. 5,60,000 for 4 months = 5,60,000 * 6/100 * 4/12 = 11,200 On Rs. 5,00,000 for 8 months = 5,00,000 *…

Continue ReadingGirish and Satish are partners in a firm. Their Capitals on April 1, 2018 were Rs. 5,60,000 and Rs. 4,75,000 respectively. On August 1, 2018 they decided that their Capitals should be Rs. 5,00,000 each. The necessary adjustment in the Capitals were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending March 31, 2019.