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T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 8 - Company Accounts - Accounting for Share Capital

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T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 8 - Company Accounts - Accounting for Share Capital Page/Excercise 8.117

Solution Ex. 1

Gopal Ltd

Balance Sheet

Particulars

Note No.

Rs.

 I. Equity and Liabilities 

 

 

----1. Shareholder's Funds 

 

 

------a. Share Capital 

1

44,90,000

----2. Non - Current Liabilities 

 

 

----3. Current Liabilities 

 

 

Total

 

44,90,000

II. Assets 

 

 

----1. Non - Current Assets 

 

 

----2. Current Assets 

 

 

------a. Cash and Cash Equivalents 

2

44,90,000

Total

 

44,90,000

 

NOTES TO ACCOUNTS

Note No.

Particulars

 

Rs.

1.

Share Capital

 

 

 

Authorised Share Capital

 

 

 

50,000 equity Shares of Rs.100 each

 

50,00,000

 

Issued Share Capital

 

 

 

50,000 equity shares of Rs.100 each

 

50,00,000

 

Subscribed, Called -up and Paid up Share Capital

 

 

 

45,000 equity Share of Rs.100 each

45,00,000

 

 

Less: Calls in Arrears (500 Shares × Rs.20)

(10,000)

44,90,000

 

 

 

 

2.

Cash and Cash Equivalents

 

 

 

Cash at Bank

 

44,90,000

 

 

 

 

 

Solution Ex. 2

Balance Sheet of Himmat Ltd.

Particulars

Note No

Rs.

I. Equity and Liabilities

 

 

----1. Shareholders' Funds

 

 

-------Share Capital

1

20,00,000

Total

 

20,00,000

 

 

 

II. Assets 

 

 

----2. Current Assets

 

 

-------Cash and Cash Equivalents

2

20,00,000

Total

 

20,00,000

 

 

 

 

NOTES TO ACCOUNTS

Note No.

Particulars

 

Rs.

1.

Share Capital

 

 

 

Authorised Share Capital

 

 

 

5,00,000 equity Shares of Rs.10 each

 

50,00,000

 

Issued Share Capital

 

 

 

50,000 equity shares of Rs.10 each

5,00,000

 

 

1,50,000 Equity Shares of Rs.10 Each

15,00,000

20,00,000

 

Subscribed and Paid up Share Capital

 

 

 

50,000 equity Share of Rs.10 each

5,00,000

 

 

1,50,000 Equity Shares of Rs.10 each

15,00,000

20,00,000

 

 

 

 

2.

Cash and Cash Equivalents

 

 

 

Bank

 

20,00,000

 

 

 

 

 

Solution Ex. 3

Balance Sheet of Lennova Ltd

Particulars

Note No.

Rs.

I. Equity and Liabilities

 

 

----1. Shareholder's Funds

 

 

------a. Share Capital

1

42,50,000

------b. Reserve and Surplus

2

5,00,000

Total

 

47,50,000

 

 

 

II. Assets 

 

 

----1. Current Assets

 

 

-------Cash and Cash Equivalents

3

47,50,000

Total

 

47,50,000

 

 

 

 

NOTES TO ACCOUNTS

Note No

Particulars

 

Rs.

1.

Share Capital

 

 

 

Authorised Share Capital

 

 

 

1,00,000 equity Shares of Rs.100 each

 

1,00,00,000

 

Issued Share Capital

 

 

 

25,000 equity shares of Rs.100 each

25,00,000

 

 

25,000 Equity Shares of Rs.100 each

25,00,000

50,00,000

 

Subscribed and Paid up Share Capital

 

 

 

Fully Called-up and Paid- up Capital

 

 

 

25,000 Equity Shares of Rs.100 each

25,00,000

 

 

Partially Called - up andPaid - up Capital

 

 

 

25,000 Equity Shares Rs.100 each Rs.70 Called up

17,50,000

42,50,000

 

 

 

 

2.

Reserves and Surplus

 

 

 

Securities Premium Reserve

 

5,00,000

 

(25,000 shares @ Rs.20 per share)

 

 

 

 

 

 

3.

Cash and Cash Equivalents

 

 

 

Bank

 

47,50,000

 

 

 

 

 

Solution Ex. 4

Authorised Capital: Rs.25,00,000 (2,50,000 Shares of Rs.10 each)

Issued and subscribed Capital: Rs.25,00,000 (2,50,000 Shares of Rs.10 each)

 

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

25,00,000

 

 

--------To Equity Share Application A/c

 

 

 

25,00,000

 

(Being share application money received for 2,50,000 equity share of Rs.10 each)

 

 

 

 

 

 

 

 

 

 

 

Equity share Application A/c

Dr.

 

25,00,000

 

 

--------To Equity Share Capital A/c

 

 

 

25,00,000

 

(Being share application of 2,50,000 equity shares of Rs.10 each transferred to equity share capital A/c)

 

 

 

 

 

 

 

 

 

 

 

 

Solution Ex. 5

Authorised Capital: Rs.16,00,000 (1,60,000 Shares of Rs.10 each)

Issued and subscribed Capital: Rs.8,00,000 (80,000 Shares of Rs.10 each)

 

Books of XYZ Limited

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

8,00,000

 

 

--------To Equity Share Application A/c

 

 

 

8,00,000

 

(Being share application money received for 80,000 equity share of Rs.10 each)

 

 

 

 

 

 

 

 

 

 

 

Equity share Application A/c

Dr.

 

8,00,000

 

 

--------To Equity Share Capital A/c

 

 

 

8,00,000

 

(Being share application of 80,000 equity shares of Rs.10 each transferred to equity share capital A/c)

 

 

 

 

 

 

 

 

 

 

 

Solution Ex. 6

Issued and Subscribed Capital 10,000 shares of Rs.100 each Payable as:

On Application

Rs.20

On Allotment

Rs.30

On First Call

Rs.20

On Final Call

Rs.30

Total

Rs.100

 

Books of XYZ Limited

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

2,00,000

 

 

-------- To Share Application A/c

 

 

 

2,00,000

 

(Being share application money received for 10,000 shares at Rs.20 per share)

 

 

 

 

 

 

 

 

 

 

 

Share Application A/c

Dr.

 

2,00,000

 

 

-------- To Share Capital A/c

 

 

 

2,00,000

 

(Being share application of 10,000 shares of Rs.20 each transferred to share Capital)

 

 

 

 

 

 

 

 

 

 

 

Share Allotment A/c

Dr.

 

3,00,000

 

 

-------- To Share Capital A/c

 

 

 

3,00,000

 

(Being share allotment due on 10,000 shares at Rs.30 per share)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

3,00,000

 

 

-------- To Share Allotment A/c

 

 

 

3,00,000

 

(Being share allotment money received for 10,000 Shares at Rs.30 per share)

 

 

 

 

 

 

 

 

 

 

 

Share First Call A/c

Dr.

 

2,00,000

 

 

-------- To Share Capital A/c

 

 

 

2,00,000

 

(Being share first call due on 10,000 shares at Rs.20 per share)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

2,00,000

 

 

-------- To Share First call A/c

 

 

 

2,00,000

 

(Being share first call received on 10,000 shares at Rs.20 per share)

 

 

 

 

 

 

 

 

 

 

 

Share Final Call A/c

Dr.

 

3,00,000

 

 

-------- To Share Capital A/c

 

 

 

3,00,000

 

(Being share Final call due on 10,000 shares at Rs.30 per shares

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

3,00,000

 

 

-------- To Share Final Call A/c

 

 

 

3,00,000

 

(Being share final call received on 10,000 shares of Rs.30 per share)

 

 

 

 

 

 

Solution Ex. 7

 

Journal 

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

 

 

 

 

 

 

 

Share Application A/c

Dr.

 

90,000

 

 

 To Share Capital

 

 

 

90,000

 

(Application money transferred to Capital A/c)

 

 

 

 

 

 

 

 

 

 

 

Share Allotment A/c

Dr.

 

1,20,000

 

 

 To Share Capital A/c

 

 

 

1,20,000

 

(Allotment money transferred to Capital A/c)

 

 

 

 

 

 

 

 

 

 

 

Share First and Final Call A/c

Dr.

 

90,000

 

 

 To Share Capital A/c

 

 

 

90,000

 

(Call money transferred to Capital A/c)

 

 

 

 

 

Cash Book (Bank Column)

Dr.

 

Cr.

Particulars

Amount

Rs. 

Particulars

Amount

Rs. 

Share Application A/c

90,000

Balance c/d

3,00,000

Share Allotment A/c

1,20,000

 

 

Share First and Final Call A/c

90,000

 

 

 

3,00,000

 

3,00,000

 

 

 

 

 

 

Solution Ex. 8

 

Cash Book

Dr.

 

 

 

 

Cr.

Date

Particulars

Bank

Rs.

Date

Particulars

Bank Rs. 

 

To Equity Share Application A/c

10,000

 

By Balance c/d

1,50,000

 

To Preference Share Application A/c

12,500

 

 

 

 

To Equity Share Allotment A/c

40,000

 

 

 

 

To Preference Share Allotment A/c

12,500

 

 

 

 

To Equity Share First Call A/c

25,000

 

 

 

 

To Preference share First and Final Call A/c

25,000

 

 

 

 

To Equity Share Final Call A/c

25,000

 

 

 

 

 

1,50,000

 

 

1,50,000

 

 

 

 

 

 

 

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Equity Share Application A/c

Dr.

 

10,000

 

 

------- To Equity Share Capital A/c

 

 

 

10,000

 

(Being equity Share application of 1,000 shares of 10 each transferred to equity share capital account)

 

 

 

 

 

 

 

 

 

 

 

Preference Share Application A/c

Dr.

 

12,500

 

 

-------- To 9% Preference Share Capital A/c

 

 

 

12,500

 

(Being preference share application of 500 shares Rs.25 each transferred to 9% preference share capital account)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Allotment A/c

Dr.

 

40,000

 

 

-------- To Equity Share Capital A/c

 

 

 

40,000

 

(Being equity share allotment due on 1,000 shares at Rs.40 each)

 

 

 

 

 

 

 

 

 

 

 

Preference Share Allotment A/c

Dr.

 

12,500

 

 

-------- To 9% Preference Share Capital A/c

 

 

 

12,500

 

(Being preference share allotment due on 500 shares at Rs.25 each)

 

 

 

 

 

 

 

 

 

 

 

Equity Share First Call A/c

Dr.

 

25,000

 

 

-------- To Equity Share Capital A/c

 

 

 

25,000

 

(Being equity share first call due on 1,000 shares at Rs.25 each)

 

 

 

 

 

 

 

 

 

 

 

Preference Share First and Final Call A/c

Dr.

 

25,000

 

 

--------- To 9% Preference Share Capital A/c

 

 

 

25,000

 

(Being preference share first and final call due on 500 shares at Rs.50 each)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Final Call A/c

Dr.

 

25,000

 

 

------- To Equity Share Capital A/c

 

 

 

25,000

 

(Being equity share final call due on 1,000 shares at Rs.25 each)

 

 

 

 

 

 

Balance Sheet

Particulars

Note No

Rs.

I. Equity and Liabilities

 

 

----1. Shareholder's Funds 

 

 

------a. Share Capital

1

1,50,000

----2. Non - Current Liabilities

 

 

----3. Current Liabilities

 

 

Total

 

1,50,000

 

 

 

II. Assets 

 

 

----1. Non - Current Assets 

 

 

----2. Current Assets 

 

 

------a. Cash and Cash Equivalents

2

1,50,000

Total

 

1,50,000

 

 

 

NOTES TO ACCOUNTS

Note No

Particulars

 

Rs.

1.

Share Capital

 

 

 

Authorised Share Capital

 

 

 

75,000 equity Shares of Rs.100 each

7,50,000

 

 

25,000 9% Preference Shares of Rs.100 each

2,50,000

10,00,000

 

Issued Share Capital

 

 

 

1,000 Equity shares of 100 each

1,00,000

 

 

500 9 % Preference Shares of 100 each

50,000

1,50,000

 

Subscribed Called-up and Paid up Share Capital

 

 

 

1,000 Equity Shares of Rs.100 each

1,00,000

 

 

500 9% Preference Shares of Rs.100 each

50,000

1,50,000

 

 

 

 

2.

Cash and Cash Equivalents

 

 

 

Bank

 

1,50,000

 

 

 

 

 

T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 8 - Company Accounts - Accounting for Share Capital Page/Excercise 8.118

Solution Ex. 9

Issued 1,00,000 equity shares of Rs.10 each at a premium of Rs.5

Applied shares: 1,00,000 

Books of Shiva Limited

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

15,00,000

 

 

-------- To Equity Share Application and Allotment A/c

 

 

 

15,00,000

 

(Being share application and allotment money received for 1,00,000 Shares at Rs.15 each including 5 premium)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Application and Allotment A/c

Dr.

 

15,00,000

 

 

-------- To Equity Share Capital A/c

 

 

 

10,00,000

 

-------- To Securities Premium A/c

 

 

 

5,00,000

 

(Being application and allotment money of 1,00,000 shares transferred to equity Share capital account at Rs.10 each and securities premium at Rs.5 each)

 

 

 

 

 

 

 

 

 

 

 

Solution Ex. 10

Issued 10,000 shares of Rs.25 each at premium of Rs.5 Applied 10,000 shares Payable as :

On Application

Rs.5

On Allotment (5 + 5)

Rs.10

On First Call

Rs.5

On Second Call 

Rs.5

On Final Call

Rs.5

Total (25 + 5)

Rs.30

 

Cash Book

Dr.

 

 

 

 

Cr.

Date

Particulars

Bank

Rs.

Date

Particulars

Bank Rs. 

 

 

 

 

By Balance c/d

2,97,000

 

To Share Application A/c

50,000

 

 

 

 

To Share Allotment A/c

1,00,000

 

 

 

 

To Share First Call A/c

50,000

 

 

 

 

To Share Second Call A/c

49,000

 

 

 

 

To Share Final Call A/c

48,000

 

 

 

 

 

2,97,000

 

 

2,97,000

 

 

 

 

 

 

 

Journal

Date

Particulars

 

L.F.

Debit

Rs.

Credit

Rs. 

 

 

 

 

 

 

 

Share Application A/c

Dr.

 

50,000

 

 

-------- To Share Capital A/c

 

 

 

50,000

 

(Being application money of 10,000 shares of Rs.5 each transferred to Share Capital)

 

 

 

 

 

 

 

 

 

 

 

Share Allotment A/c

Dr.

 

1,00,000

 

 

-------- To Share Capital A/c

 

 

 

50,000

 

-------- To Securities Premium A/c

 

 

 

50,000

 

(Being share allotment of 10,000 shares transferred to share capital at Rs.5 each and securities premium at Rs.5 each)

 

 

 

 

 

 

 

 

 

 

 

Share First Call A/c

Dr.

 

50,000

 

 

-------- To Share Capital A/c

 

 

 

50,000

 

(Being first call due on 10,000 shares at Rs.5 each)

 

 

 

 

 

 

 

 

 

 

 

Share Second Call A/c

Dr.

 

50,000

 

 

-------- To Share Capital A/c

 

 

 

50,000

 

(Being second call due on 10,000 shares at Rs.5 each)

 

 

 

 

 

 

 

 

 

 

 

Calls-in-Arrears A/c

Dr.

 

1,000

 

 

-------- To Share Second Call A/c

 

 

 

1,000

 

(Being second call outstanding on 200 shares at Rs.5 each

 

 

 

 

 

 

 

 

 

 

 

Share Final Call A/c

Dr.

 

50,000

 

 

-------- To Share Capital A/c

 

 

 

50,000

 

(Being final Call due on 10,000 shares of Rs.5 per shares

 

 

 

 

 

 

 

 

 

 

 

Calls-in-Arrears A/c

Dr.

 

2,000

 

 

-------- To Shares Final Call A/c

 

 

 

2,000

 

(Being final call outstanding on 400 shares at Rs.5 each)

 

 

 

 

 

 

Share Application Account

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs.

Date

Particulars

Rs. 

 

To Share Capital A/c

50,000

 

By Bank A/c

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

 

50,000

 

 

 

 

 

 

 

 

Share Allotment Account

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs.

Date

Particulars

Rs. 

 

 

 

 

By Bank A/c

1,00,000

 

To Share Capital A/c

50,000

 

 

 

 

To Securities Premium A/c

50,000

 

 

 

 

 

 

 

 

 

 

 

1,00,000

 

 

1,00,000

 

 

 

 

 

 

 

 

Share First Call Account

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs.

Date

Particulars

Rs. 

 

To Share Capital A/c

50,000

 

By Bank A/c

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

 

50,000

 

 

 

 

 

 

 

Share Second Call Account

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs.

Date

Particulars

Rs. 

 

To Share Capital A/c

50,000

 

By Bank A/c