1. XYZ Limited issued 50,000 equity shares of Rs. 10 each at a premium of Rs. 6 per share and 20,000 10% preference shares of Rs. 10 each.
2. The amounts were payable in stages - equity shares had application money of Rs. 4 per share, allotment including premium of Rs. 8 per share, and first call of Rs. 4 per share. Preference shares had application of Rs. 5 per share and allotment of Rs. 5 per share.
3. Journal entries were passed to record the share application, allotment, and call amounts. The transactions were also recorded in the cash book.
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Mia Mia is one of the best listing website for IPCC Classes in Mumbai. We are also known for our systematic listing of various IPCC, CA Final and CPT CLasses in Mumbai. QLI is a class where each student is our priority. We are one of the best listing website for CA Classes in Mumbai.
Reconstruction of Companies problem with answer is discussed in this PPt.
#ReconstructionofComapnies
#Dr MamataRathi
#InternalReconstruction
#Externalreconstruction
#ReconstructionNotes
#ReconstructionBcomSY
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Reconstruction of Companies problem with answer is discussed in this PPt.
#ReconstructionofComapnies
#Dr MamataRathi
#InternalReconstruction
#Externalreconstruction
#ReconstructionNotes
#ReconstructionBcomSY
#Accounting
#Corporate Accounting
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http://sandymillin.wordpress.com/iateflwebinar2024
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Thesis Statement for students diagnonsed withADHD.ppt
Share capital special cases
1. Issue of Shares –Special Cases
Presented by:
Harshit Garg
Assistant Professor
IBM (UG)
2. Issue of Shares to Vendors
• When assets are purchased:
Assets Account Dr.(with the purchase price of assets)
To Vendors’ Account
(Being assets purchased)
• (b) When shares are issued for payment –
(i) if this issue of shares is at par –
Vendors account Dr.
To Share Capital Account
3. • (c) If the issue of shares is at premium –
• Vendors’ Account Dr. (with the purchase price)
To Share Capital Account (with the
nominal value of shares allotted)
To Share Premium Account (with the
amount of premium)
4. Question 1
• 9. Kumar Ltd. purchased assets of ₹. 6, 30,000
from Bhanu Oil Ltd. Kumar Ltd. issued equity
share of ₹. 100 each fully paid in
consideration. What journal entries will be
made, if the shares are issued, (a) at par, and
(b) at premium of 20%?
5. IN The books of Kumar Ltd.
DATE PARTICULAR LF Amount (Dr)Amount(Cr)
Assets A/c Dr 630000
To Bhanu Oil Ltd. 630000
(Assets purchased from Bhanu Oil Ltd.)
a) Bhanu Oil Ltd Dr 630000
To Share Capital 630000
(6,300 shares issued at par to Bhanu Ltd.)
b) Bhanu Oil Ltd Dr 630000
To Share Capital
(5250x100) 525000
To Security Premium A/c(5250x20) 105000
(5,250 share are issued at 20%
premium to Bhanu Ltd. in consideration
of assets purchased)
6. WORKING NOTE
A) No of shares issued
AMOUNT PAYABLE/ Issue Price
630000/100 Per share
63000 shares
B) issue price = Face value + premium
.=100+20= Rs120
No of share issued
.=630000/120=5250 Shares
7. Question -2
Bansal Heavy machine Ltd purchased machine
worth ₹ 3, 20,000 from Handa Trader. Payment
was made as ₹ 20,000 cash and remaining
amount by issue of equity share of the face
value of ₹ 10 each fully paid.
• What journal entries will be made, if the
shares are issued,
• (a) at par, and
• (b) at premium of 50%?
8. IN The books of Bansal Heavy Ltd.
DATE PARTICULAR LF Amount (Dr) Amount(Cr)
Machine A/c Dr 320000
To HANDA Ltd. 300000
To Cash 20000
(Assets purchased from Handa Ltd.)
a) Handa Ltd Dr 300000
To Share Capital 300000
(30,000 shares issued at par To Handa Ltd..)
b) Handa Ltd Dr 300000
To Share Capital (20000x10) 200000
To Security Premium A/c(20000x5) 100000
(20,000 share are issued at 50% premium to Handha
For consideration of assets purchased)
9. Question 2A
• Atlas Co. Ltd. Purchased a machine from HMT
Co. for Rs 64,000. It was decided to pay L
10,000 in cash and balance will be paid by
issue of shares of L 10 each, Pass journal
entries shares
• (a) Issued at par
• (b) Issued at premium of 20%
10. • Machinery Account Dr. 64,000
To HMT Ltd. 54,000
To Bank Account 10,000
(Being the machine purchased and L 10,000 paid cash and
balance to be paid by issue of shares)
(a) When shares are issued at par
HMT Ltd. (Vendor) Dr. 54,000
To Share Capital 54,000
(Being 5,400 shares of L 10 each at pa to HMT Ltd.)
(b) When shares are issued at premium
HMT Ltd. (vendor) Dr. 54,000
To Share Capital Account 45,000
To Security Premium Account 9,000
(Being 4,500 shares of issued to vendor at a premium of L 2
per share 54,000/10+2 = 4500)
11. 2. In Case of Purchase of Business
• When a company purchases the business of another
company, it takes over the assets as well as the
liabilities of the company at a predetermined price.
• Moreover, the difference in the prices of the assets and
liabilities which is taken over is called ‘Net Assets’.
• net assets is less than purchase consideration, Goodwill
account is debited with the difference.
• net assets is more than purchase consideration, Capital
Reserve account is credited with the difference.
12. The journal entry which is passed is:
Sundry Assets A/c Dr. XXX
Goodwill A/c (Bal f.) Dr. XXX
To Sundry Liabilities A/c XXX
To Vendor’s A/c XXX
To Capital Reserve A/c (Bal.f) XXX
(Being the purchase the business takes place)
13. Issue of shares to promoters:
• A company may issue its fully paid shares to
its promoters in recognition of their services
to the company.
• Goodwill Account Dr. (with the
nominal value of shares allotted)
To Share Capital Account
14. Question -3
• A company issued 15,000 fully paid up equity
shares of Rs. 100 each for the purchases of the
following assets and liabilities from Gupta Bros.
• Plant - 3,50,000;
• Stock 4,50,00;
• Land and Building 6,00,000;
• Sundry Creditors 1,00,000
• Pass necessary Journal entries
15. IN The books of Company.
DATE PARTICULAR LF Amount (Dr) Amount(Cr)
Plant A/c Dr 350000
Stock A/c Dr 450000
Land & Building A/c Dr 600000
Goodwill A/c (bf) Dr 200000
To Sundry Creditors 100000
To Gupta Bros. 1500000
( Being the purchases of business)
b) Gupta Bros. Dr 1500000
To Share Capital (15000 x10) 1500000
(Being 15000 shares @10 each issued to
gupta bros. ltd)
WORKING NOTE
A) Calculation of GOODWILL/CAPITAL RESERVE
Purchase consideratiom 1500000
.+ Liabilities 100000
.-- Assets 1400000
GOODWILL 200000
16. Question -4
• A company purchased a running business from
Mahesh for a sum of 1,50,000 payable as 1,20,000 in
fully paid equity shares of 10 each and balance in cash.
• The assets and liabilities consisted of the following
• Plant and Machinery 40,000;
• Stock 50,000;
• Building 40,000;
• Cash 20,000
• Sundry debtors 30,000;
• Sundry creditors 20,000
• Pass necessary Journal entries.
17. DATE PARTICULAR LF Amt (Dr) Amt(Cr)
A) Plant & Machinary A/c Dr 40000
Stock A/c Dr 50000
Building A/c Dr 40000
Cash A/c Dr 20000
Debtors A/c Dr 30000
To Capital Reserve 10000
To Sundry Creditors 20000
To Mahesh 150000
( Being the purchases of business)
b) Mahesh Dr 150000
To Share Capital (12000 x10) 120000
To Bank(150000-120000) 30000
(Being to Mahesh in form of shares)
WORKING NOTE
Calculation of GOODWILL/CAPITAL RESERVE
Purchase consideratiom 150000
.+ Liabilities 20000
.-- Assets 180000
Goodwill / (Capital Reserve) -10000
18. Question 4A
• Illustration 9 : Pass necessary journal entries for the following transactions
in the Books of Rajan Ltd.
(a) Rajan Ltd. purchased machinery of L 7,20,000 from Kundan Ltd. The
payment was made to Kundan Ltd. by issue of equity shares of L100 each at
20% Premium.
(b) Rajan Ltd. purchased a running business from Vikas Ltd. for a sum of
L2,50,000 payable as L2,20,000 in fully paid equity shares of L10 each and
balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery L 90,000;
Buildings L 90,000;
Sundry Debtors L 30,000;
Stock L 50,000;
Cash L 20,000;
Sundry Creditors L 20,000
19. IN The books of Bansal Heavy Ltd.
DATE PARTICULAR LF
Amount
(Dr)
Amount(C
r)
Machine A/c Dr 720000
To Kundan Ltd. 720000
(Assets purchased from To Kundan Ltd.)
b) Kundan Ltd Dr 720000
To Share Capital (6000x100) 600000
To Security Premium
A/c(6000x20) 120000
(6,000 share are issued at 20% premium to Kundan Ltd.
For consideration of assets purchased)
B) issue price = Face value + premium
.=100+20=120
No of share issued
.=720000/120=6000 Shares
20. DATE PARTICULAR LF Dr Cr
A) Plant & Machinary A/c Dr 90000
Stock A/c Dr 50000
Building A/c Dr 90000
Cash A/c Dr 20000
Debtors A/c Dr 30000
To Capital Reserve 10000
To Sundry Creditors 20000
To Vikas Ltd 250000
( Being the purchases of business)
b) Vikas Ltd Dr 250000
To Share Capital (22000x10) 220000
To Bank 30000
(Being to Vikas Ltd in form of shares)
WORKING NOTE
Calculation of GOODWILL/CAPITAL RESERVE
Purchase consideratiom 250000
.+ Liabilities 20000
.-- Assets 280000
Goodwill / (Capital Reserve) -10000
21. Question -3 Both Equity And
Preference share
Equity Shares Preference Shares
On Application ₹ 3 per share ₹ 3 per share
On Allotment ₹ 5 per share ₹ 4 per share
(including a
premium)
On First Call ₹ 4 per share ₹ 3 per share
Q11.- A limited company offered for subscription of 1, 00,000
equity shares of ₹ 10 each at a premium of ₹ 2 per share. 2,00,000.
10% Preference shares of ₹ 10 each at par.
All the shares were fully subscribed, called-up and paid.
Record these transactions in the journal and cash book of the
company:
The amount on share was payable as under:
22. Date Particulars L.F. Debit ₹ Credit₹
Equity Share Application A/c(100000x3) Dr. 3,00,000
10% Preference Share Application A/c (200000x3) Dr. 6,00,000
To Equity Share Capital A/c 3,00,000
To 10% Preference Share Capital A/c 6,00,000
(Application money transferred to Equity Share
Capital
Equity Share Allotment A/c (100000x5) Dr. 5,00,000
10% Preference Share Allotment A/c(200000x4) Dr. 8,00,000
To Equity Share Capital A/c(100000x3) 3,00,000
To Securities Premium A/c(100000x2) 2,00,000
To 10% Preference Share Allotment A/c 8,00,000
(Amount due on
allotment)
Equity Share First and Final Call A/c(100000x4) Dr. 4,00,000
10% Preference Share First and Final Call
A/c(200000x3)
Dr. 6,00,000
To Equity Share Capital A/c 4,00,000
To 10% Preference Share Capital A/c 6,00,000
(Amount on First and Final call due)
23. Cash Book( Bank Column)
Particulars ₹ Date Particulars ₹
Equity Share Application(1LX3) 3,00,000 Balance c/d 32,00,000
10% Preference Share
Application(2lx3)
6,00,000
Equity Share Allotment(1Lx5) 5,00,000
10% Preference Share Allotment(2Lx4) 8,00,000
Equity Share First and Final Call (1Lx4) 4,00,000
10% Preference Share First & Final Call
(2lx3)
6,00,000
32,00,000 32,00,000
24. Question -4
XYZ limited company Issued for subscription of 50,000 equity shares o
₹ 10 each at a premium of ₹ 6 per share. 20,000. 10% Preference shares
of ₹ 10 each at par.
• All the shares were fully subscribed, called-up and paid.
• Record these transactions in the journal and cash book of the
company:
• The amount on share was payable as under:
Equity Shares Preference Shares
On Application ₹ 4 per share ₹ 5 per share
On Allotment ₹ 8 per share ₹ 5 per share
(including a
premium)
On First Call ₹ 4 per share
25. Date Particulars Debit ₹ Credit₹
Equity Share Application A/c(50000x4)) Dr. 2,00,000
10% Preference Share Application A/c (20000x5) Dr. 1,00,000
To Equity Share Capital A/c 2,00,000
To 10% Preference Share Capital A/c 1,00,000
(Application money transferred to Equity Share Capital
Equity Share Allotment A/c (50000x8) Dr. 4,00,000
10% Preference Share Allotment A/c(20000x5) Dr. 1,00,000
To Equity Share Capital A/c(50000x2) 1,00,000
To Securities Premium A/c(50000x6) 3,00,000
To 10% Preference Share Allotment A/c 1,00,000
(Amount due on allotment)
Equity Share First and Final Call A/c(50000x4) Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
(Amount on First and Final call due)
26. Date Particulars ₹ Date Particulars ₹
Equity Share
Application(50000x4)
2,00,000 Balance
c/d
10,00,000
10% Preference Share
Application(20000x5)
1,00,000
Equity Share
Allotment(50000x8)
4,00,000
10% Preference Share
Allotment(20000x5)
1,00,000
Equity Share First and
Final Call (50000x4)
2,00,000
10,00,000 10,00,000