company accounts unit 1

Q.1 Tata rubber ltd. Invited application for 5,00,000 shares of Rs. 10 each. Payments were to be made as follows – Rs. 3 on application, Rs. 3 on allotment, Rs. 2 on first call and Rs. 2 on final call. All the shares applied. Prepare journal entries, ledger account and opening balance sheet of the company assuming that all sums due on allotment and calls have been received. Share issue expenses amounted to Rs. 40,000. And 25,000 fully paid-up shares were issued to promoters for their services. Q.2 Bharti cosmetics Ltd. Was registered with an nominal capital of Rs. 1,00,00,000 divided in 10,00,000 equity shares of Rs. 10 each. Company issued 4,00,000 equity shares at a premiumof Rs. 3 per share, payable as – Rs. 4 on application, Rs. 5 on allotment, Rs. 2 on first call and Rs. 2 on final call. All the shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs. 2,00,000 which was fully written off against security premium. Prepare journal entries, bank account and opening balance sheet. Q.3 Sachin Sports Ltd. Issued 10,00,000 shares of Rs.10 each at discount of 10%. Payments were to be made as follows – Rs. 3 on application, Rs.4 on allotment, Rs. 2 on first and final call. Application were received for 9,00,000 shares and all were accepted. All money was duly received. Prepare journal entries and balance sheet. Q.4 Ashish Ltd. Purchased the business of Siddanth Ltd. For Rs. 90,000 payable in fully paid up shares of Rs. 10 each. Pass the entries in the books of Ashish Ltd. If such issue is – 1. At par 2. At premium of 25% 3. At discount of 10% Q.5 Mayank and Ankur Ltd.issued 15,000 preference shares of Rs.100 each at discount of 5% Payments were to be made as follows – Rs. 25 on application, Rs. 35 on allotment, Rs. 35 on first and final call.

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Q.1 Tata rubber ltd. Invited application for 5,00,000 shares of Rs. 10 each. Payments were to be made as follows –

Rs. 3 on application, Rs. 3 on allotment, Rs. 2 on first call and Rs. 2 on final call.

All the shares applied. Prepare journal entries, ledger account and opening balance sheet of the company assuming that all sums due on allotment and calls have been received. Share issue expenses amounted to Rs. 40,000. And 25,000 fully paid-up shares were issued to promoters for their services.

Q.2 Bharti cosmetics Ltd. Was registered with an nominal capital of Rs. 1,00,00,000 divided in 10,00,000 equity shares of Rs. 10 each. Company issued 4,00,000 equity shares at a premiumof Rs. 3 per share, payable as –

Rs. 4 on application, Rs. 5 on allotment, Rs. 2 on first call and Rs. 2 on final call.

All the shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs. 2,00,000 which was fully written off against security premium.

Prepare journal entries, bank account and opening balance sheet.

Q.3 Sachin Sports Ltd. Issued 10,00,000 shares of Rs.10 each at discount of 10%. Payments were to be made as follows –

Rs. 3 on application, Rs.4 on allotment, Rs. 2 on first and final call.

Application were received for 9,00,000 shares and all were accepted. All money was duly received. Prepare journal entries and balance sheet.

Q.4 Ashish Ltd. Purchased the business of Siddanth Ltd. For Rs. 90,000 payable in fully paid up shares of Rs. 10 each. Pass the entries in the books of Ashish Ltd. If such issue is –

1. At par

2. At premium of 25%

3. At discount of 10%

Q.5 Mayank and Ankur Ltd.issued 15,000 preference shares of Rs.100 each at discount of 5% Payments were to be made as follows –

Rs. 25 on application, Rs. 35 on allotment, Rs. 35 on first and final call.

Applications were received for 14,000 shares and all were accepted. All the money was duly received except first and final call on 200 shares. Prepare journal entries and balance sheet.

Prepare journal entries, cash book and opening balance sheet of the company.

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