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Standard XII

Accountancy

Appropriation of Profits

X Ltd. was fo...

Question

X Ltd. was formed with a capital of Rs 10,00,000 divided into shares of Rs 10 each, It offered 90% shares called up 40% on application and 20% on allotment. The subscribers paid Rs 3,40,000 on application and Rs 1,69,000 on allotment. The subscribed capital is ___________.

Rs 10,00,000

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Rs 5,10,000

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Rs 5,09,000

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Rs 3,40,000

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Solution

The correct option is C Rs 5,09,000
Authorized capital 1,00,00,000
Issued captal 8,50,000
Unissued capital 1,50,000
subscribed capital 5,09,000
called up capital 5,10,000
Uncalled up capital 3,40,000
paid up capital 5,09,000
call in arrears 1,000.

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PRACTICAL PROBLEMS

(Calculation of different types of Capital):

From the following details calculate authorised capital, issued, subscribed, called up and paid up share Capital and also calls in arrear and uncalled capital:

Pankaj Ltd. was formed with a capital of Rs 5,00,000 divided in to 5,000 shares of Rs 100 each. Of these 1,000 shares were issued to the vendor as fully paid in payment of purchase of machinery. 3,000 shares were offered to the public and of these 2,500 shares were applied and allotted. Rs 10 was payable on application and Rs 25 on allotment. The balance was yet to be called. All the money called up was duly received with the exception of allotment money on 300 shares.

Q. The Adersh Control Device Ltd was registered with the authorised capital of Rs. 3,00,000 divided into Rs. 30,000 shares of Rs. 10 each, which were offered to the public. Amount payable as Rs. 3 per share on application, Rs. 4 per share on allotment and Rs. 3 per share on first and final call. These share were fully subscribed and all money was dully received. Prepare journal and cash book.

The Adersh Control Device Ltd was registered with the authorised capital of Rs 3,00,000 divided into 30,000 shares of Rs 10 each, which were offered to the public. Amount payable as Rs 3 per share on application, Rs 4 per share on allotment and Rs 3 per share on first and final call. These share were fully subscribed and all money was dully received. Prepare journal and Cash Book.

Q. Use the following information for questions given ahead:
B Ltd. was registered with a share capital of

R s . 2, 00, 00, 000

divided into equity shares of

R s . 10

each. It issued

R s . 1, 80, 00, 000

equity shares to the general public at par payable as to

R s . 3

on application,

R s . 3

on allotment and balance in

2

equal calls. The public had subscribed for

17, 00, 000

shares. Till

31 s t

March,

2006

, only first call had been made. All the shareholders had paid up except Mr. C, a holder of

50, 000

shares, who did not pay the call money.
B Ltd.'s Issued Capital will be ____________.

Spencer Paints Ltd. was registered with an authorised capital of Rs. 50,00,000 divided in 5,00,000 equity shares of Rs.10 each. Company issued 20,00,000 equity shares at a premium of Rs.3 per share, payable as follows: Rs 4 on Application, Rs 5 on Allotment (including premium), Rs 2 on First Call and Rs 2 on second and Final Call.

All shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs 75,000 which were fully written off against securities premium.

Prepare necessary Journal Entries and Bank Account.

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X Ltd. was formed with a capital of Rs 10,00,000 divided into shares of Rs 10 each, It offered 90% shares called up 40% on application and 20% on allotment. The subscribers paid Rs 3,40,000 on application and Rs 1,69,000 on allotment. The subscribed capital is ___________.

The correct option is C Rs 5,09,000Authorized capital 1,00,00,000Issued captal 8,50,000Unissued capital 1,50,000subscribed capital 5,09,000called up capital 5,10,000Uncalled up capital 3,40,000paid up capital 5,09,000call in arrears 1,000.

The correct option is C Rs 5,09,000
Authorized capital 1,00,00,000
Issued captal 8,50,000
Unissued capital 1,50,000
subscribed capital 5,09,000
called up capital 5,10,000
Uncalled up capital 3,40,000
paid up capital 5,09,000
call in arrears 1,000.