Issue of Share Past Paper PDF

WARGHADE ACADEMY SHAHAPUR Ch- ISSUE OF SHARE Q.1] Akshat co. Ltd made an issue of 10,000 equity share of Rs 10 each payable as follows On Application Rs 2 per share On Allotment Rs 4 per share First call RS 3 per share On second and final call RS 1 per share The company received application for 15,...

WARGHADE ACADEMY SHAHAPUR Ch- ISSUE OF SHARE Q.1] Akshat co. Ltd made an issue of 10,000 equity share of Rs 10 each payable as follows On Application Rs 2 per share On Allotment Rs 4 per share First call RS 3 per share On second and final call RS 1 per share The company received application for 15,000 equity share of which application for 5,000 share were rejected and money refunded. All the money was due and received Q.2] Bandekar industries co ltd issued Rs 60,000 equity share of Rs 100 each payable as follows On Application RS 20 On Allotment Rs 30 On first Call RS 25 On Second call and Final Call Rs 25 The company received Application for 75,000 equity share. All the money was due and received. The Excess Application Money was Adjust Against Allotment. Pass necessary Journal Entries. Q.3] Manish and co Ltd made an issue of 40,000 equity share of Rs 20 each at a Premium of Rs 5 per share payable as Follows Application Rs 5 per share Allotment RS 15 per share {Including premium} First call Rs 3 per share Second and final call Rs 2 per share The company received Application for 50,000 share of which application for 10,000 share were rejected and refunded. Pass journal entries in the books of the company Q.4] Aniket Ltd issued 40,000 share of RS 100 each at a premium of Rs 10 per share payable as follows On application Rs 20 On Allotment Rs 40 {Including Premium} On first call RS 30 On second Call RS 20 The company received application for 50,000 equity share. The excess application money received on Application was adjusted towards Allotment. Q.5] Modern chemicals Co ltd made an issue of 60,000 share of Rs 20 each payable as follows On Application RS 5 per share On Allotment RS 5 per share On first call RS 4 per share On Second call RS 3 per share The company received application for 65,000 share of which application for 5000 share were rejected and adjust against Allotment Pass journal entries in the books of co. Q.6] Mahalaxmi Industries Ltd. Kundur issued 15000 equity shares of Rs. 100 each. They were payable as follows: On Application Rs. 20 On Allotment Rs. 30 On First Call Rs. 25 On Second Call Rs. 25 The company received application for 20,000 shares. All the applications were accepted and shares were alloted. The excess application were Refunded. Pass journal entries in the books of the company. Q.7] Joshi - Patil Ltd. issued 2,000, 10% Preference of Rs. 100 each, payable Rs. 20 on application Rs 40 on Allotment and the balance on 1st and Final Call. Company received applications for 2,500 Preference, out of which applications for 2,000 were allotted fully and remaining applications were rejected and the money refunded. Journalise the above transactions, assuming that all the sums were received Q.8] yogeshwari co ltd made an issue of 20,000 equity share of RS 20 each payable as follows Application for RS 5 per share Allotment for RS 10 per share First call for RS 3 per share Second and final call Rs 2 per share The company received Application for 25000 share of which application for 5000 share were rejected and adjust against Allotment. Pass journal entries in the books of the co. Q.9] Khandelwal Co. Ltd. made an issue of 40,000 equity shares of Rs. 20 each, at discount of Rs 2 per share payable as follows: Application : Rs. 5 per share Allotment : Rs. 8 per share. First call: Rs. 3 per share. Second and Final call: Rs. 2 per share. The company received applications for 45,000 shares of which applications for 5000 shares were rejected and the money refunded. Pass journal entries in the books of the co Q.10] Milind and Co. Ltd. Issued 20,000 equity shares of Rs. 100 each at a discount of RS 5 per share payable as under: On Application Rs. 20 per share. On Allotment Rs. 3 per share. On First Call Rs. 25 per share. On Second call Rs. 20 per share. The Company received applications for 30,000 equity shares. Applications for 20,000 shares were accepted and allotted shares. Applications for 10,000 shares were rejected and adjusted against Allotment. The money due on allotment and both the calls was received in full. The expenses of issue amounted to Rs. 5000. Pass necessary journal entries in the books of the company