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Accounts Test Paper 22.06.19
Accounts Test Paper 22.06.19
invited application for 11,000 shares of Rs 10 each, issued at 20% premium payable as: Application
Rs 3 (including Re. 1 premium)
Allotment Rs 4 (Including Re. 1 premium)
1ST call Rs 3
2ND call Rs 2
Applications were received for 24,000 shares
Category I:- One fourth of the shares applied for allotted 2000 shares
Category II:- Two fourth of the applied for allotted 9000 shares
Category III:- Remaining application were rejected
Excess amount received is to be adjusted towards allotment and any amount beyond that shall be refunded.
Mr. Ram, holding 300 shares out of category II failed to pay allotment and two calls and his shares were
forfeited and re- issued @ Rs 11 fully paid up.
Pass Journal Entries.
Q.2 RB Ltd. came up with public issue of 30, 00,000 equity shares of Rs 10 each at Rs 15 per share. A,B & C took
underwriting of the issue in 3:2:1 ratio. Application were received for 27,00,000 shares. The marked
applications were received as under:
A 8,00,000 shares: B 7,00,000 shares,: C 6,00,000 shares
Commission payable to underwriters is at 5% on the face value of shares.
i) Compute the liability of each underwriter as regards the number of shares to be taken up.
ii) Pass journal entries in the books of MA Ltd. to record the transactions relating to underwriters.
Q.3 The Balance sheet of X Ltd. as on 31St March, 2015 is as follows:
1 Shareholders Funds
Current Liabilities
2 TOTAL 3,94,500
ASSETS Fixed
Assets
Current Assets
TOTAL 3,94,500
The share capital of the company consists of Rs 50 each equity shares of Rs 2, 25,000 and Rs 100 each preference
shares of Rs 65,000 (Issued on 1.4.2013). Reserves and surplus comprise profit and Loss account only.
In order to facilitate the redemption of preference shares at a premium of 10% the company decided: