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    Sri Sankara'S Degree College: Liabilities Rs. Assets Rs

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    sowjanya
    NGR co Ltd issued 10,000 shares at Rs. 100 each that were oversubscribed by 1,000 shares. Share applications were Rs. 20 per share, allotment Rs. 25 per share, first call Rs. 30 per share, and remaining Rs. 25 per share. 500 shares were forfeited and reissued at Rs. 50 per share. The balance sheet of A Ltd shows 1,00,000 shares of Rs. 10 each that are Rs. 7.50 paid up. It was decided to make partly paid shares fully paid from profit and loss account and issue one bonus share for every two shares held, using share premium first and then general reserve.

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    Sri Sankara'S Degree College: Liabilities Rs. Assets Rs

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    sowjanya
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    NGR co Ltd issued 10,000 shares at Rs. 100 each that were oversubscribed by 1,000 shares. Share applications were Rs. 20 per share, allotment Rs. 25 per share, first call Rs. 30 per share, and remaining Rs. 25 per share. 500 shares were forfeited and reissued at Rs. 50 per share. The balance sheet of A Ltd shows 1,00,000 shares of Rs. 10 each that are Rs. 7.50 paid up. It was decided to make partly paid shares fully paid from profit and loss account and issue one bonus share for every two shares held, using share premium first and then general reserve.

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    we are iimicro students from sankaras degree college

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    iimicro students

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    NGR co Ltd issued 10,000 shares at Rs. 100 each that were oversubscribed by 1,000 shares. Share applications were Rs. 20 per share, allotment Rs. 25 per share, first call Rs. 30 per share, and remaining Rs. 25 per share. 500 shares were forfeited and reissued at Rs. 50 per share. The balance sheet of A Ltd shows 1,00,000 shares of Rs. 10 each that are Rs. 7.50 paid up. It was decided to make partly paid shares fully paid from profit and loss account and issue one bonus share for every two shares held, using share premium first and then general reserve.

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    Download as docx, pdf, or txt
    10 views2 pages

    Sri Sankara'S Degree College: Liabilities Rs. Assets Rs

    Uploaded by

    sowjanya
    NGR co Ltd issued 10,000 shares at Rs. 100 each that were oversubscribed by 1,000 shares. Share applications were Rs. 20 per share, allotment Rs. 25 per share, first call Rs. 30 per share, and remaining Rs. 25 per share. 500 shares were forfeited and reissued at Rs. 50 per share. The balance sheet of A Ltd shows 1,00,000 shares of Rs. 10 each that are Rs. 7.50 paid up. It was decided to make partly paid shares fully paid from profit and loss account and issue one bonus share for every two shares held, using share premium first and then general reserve.

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    of 2

    SRI SANKARAS DEGREE COLLEGE

    1. NGR co Ltd issued 10,000 @ 100 each shares. The applications was over subscribed
    for 1000 @ 100 each.
    Share Application 20/Share Allotment
    25/Share first call
    30/Share first call
    25/All the shares amount received, Except 500 shares forfeitured,reissed 50/- per
    share.
    2. The balance sheet of A ltd as on 31.12.2000 is given below
    Liabilities
    Rs.
    Assets
    Rs.
    1,00,000 equity shares of
    10,00,00
    Fixed assets
    15,00,00
    Rs.10 each
    0
    Current Assets
    0
    1,00,000 equity shares of
    7,50,000
    Rs.10 each
    5,00,000
    4,00,000
    Rs.7.50 per share
    2,00,000
    paid up
    2,50,000
    General reserve
    4,00,000
    Share premium
    Profit and loss account
    20,00,00
    20,00,00
    creditors
    0
    0
    The company decided to make partly paid shares fully paid out of P & L Account. It was also
    decide to issue one fully paid bonus share for every two shares held and for this purpose
    the share premium was to be fully used first and later general reserve. Give journal entries
    for the above.
    _____________________________________________________________________________________

    SRI SANKARAS DEGREE COLLEGE


    1. NGR co Ltd issued 10,000 @ 100 each shares. The applications was over subscribed
    for 1000 @ 100 each.
    Share Application 20/Share Allotment
    25/Share first call
    30/Share first call
    25/All the shares amount received, Except 500 shares forfeitured,reissed 50/- per
    share.
    1. The balance sheet of A ltd as on 31.12.2000 is given below
    Liabilities
    Rs.
    Assets
    Rs.
    1,00,000 equity shares of Rs.10
    10,00,00 Fixed assets
    15,00,00
    each
    0
    Current Assets
    0

    1,00,000 equity shares of Rs.10


    each
    Rs.7.50 per share
    paid up
    General reserve
    Share premium
    Profit and loss account
    creditors

    7,50,000
    4,00,000
    2,00,000
    2,50,000
    4,00,000

    5,00,000

    20,00,00
    0

    20,00,00
    0

    The company decided to make partly paid shares fully paid out of P & L Account. It was also
    decide to issue one fully paid bonus share for every two shares held and for this purpose
    the share premium was to be fully used first and later general reserve. Give journal entries
    for the above.

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