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CBSE CLASS XII

Q. 61. On April1, 2006, X ltd. make an issue of 3,00,000 equity shares of Rs.10 each at a premium of Rs.4 per share, payable as follows:
Rs.4 on Application (including Re.1 premium)
Rs.3 on allotment (including Re.1 premium)
Rs.4 on first call (including Re.1 premium)
Rs.3 on second and final call (including Re.1 premium)
Applications were received for Rs.4,00,000 shares, of which applications for 50,000 shares were rejected and their money was refunded. Rest of the applicants were issued shares on pro rata basis and their excess money was adjusted towards allotment.

Hari, to whom 6,000 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Mohan, who applied for 10,500 shares failed to pay the two calls and on his such failure , his share were forfeited.
Shyam, who was allotted 3,000 shares did not pay final call.

12,000 forfeited shares were reissued as fully paid on receipt of Rs.9 per share, the whole of Mohan’s shares being included.

Prepare the cash book and pass necessary journal entries. Also give the Balance Sheet of the company.

Q. 62. East Coast Ltd. issued a prospectus offering 2,00,000 shares of Rs.10 each on the following terms:

Subscription were received for 3,17,000 shares on 23rd April and the allotment was made on 3oth April as under:

Rs.31,000, being application money received with applications for 31,000 shares upon which no allotments were made, was returned to the applicants on 5th May. The amounts due were received on the due dates with the exception of the final call on 100 shares. These shares were forfeited on 10th November and reissued to Ashok on the 16th November for payment of Rs.9 per share. The company paid the interest due on Calls-in-Advance on 31st October. Show the journal and cash book entries and draw a balance sheet of the company giving effect to the above transactions.

Company Account : Issue of Debentures

Q. 63. (Issue of debentures to vendors at discount and at premium, for consideration other than cash) A company purchased assets of the book value of Rs. 99,000 from another firm. It was agreed that the purchase consideration by paid by issuing 11%Debentures of Rs. 100 each. Assume debentures have been issued:(i) at par, (ii)at discount of 10%, and (iii)at a premium of 10%

Q. 64. (Debentures issued as collateral security). X Ltd. secured a loan of Rs. 80,000 from the Bank of Baroda issuing 1,000, 9% debentures of Rs. 100 each as collateral security. How will you treat the issue of such debentures?

Q. 65. A Ltd. issued 5000, 9% Debentures of Rs. 100 each at par and also raised a loan of Rs.80,000 from bank, collaterally secured by Rs. 100,000 9% Debentures. How will you show the Debentures in the Balance sheet of the company assuming that the company has recorded the issue of debentures as collateral in the books?

Q.66.. Give the Journal entries in each of the following alternatives cases assuming the face value of a debentures being Rs. 100

1. A 10% debentures issued at Rs. 100 , repayable at Rs. 100
2. A 10% debentures issued at Rs. 95 , repayable at Rs. 100
3. A 10% debentures issued at Rs. 105 , repayable at Rs. 100
4. A 10% debentures issued at Rs. 100 , repayable at Rs. 105
5. A 10% debentures issued at Rs. 95, repayable at Rs. 105
6. A 10% debentures issued at Rs. 105 , repayable at Rs. 110
7. A 10% debentures issued at Rs. 90, repayable at Rs. 95

Paper By Mr. Rahul Kadd
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