Question : Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro-rata basis and surplus of application money was adjusted for allotment money due.
Excess money adjusted towards Shares Allotment will be:
Option 1: Rs. 20,000
Option 2: Rs. 80,000
Option 3: Rs. 40,000
Option 4: Rs. 15,000
Correct Answer: Rs. 20,000
Solution : Answer = Rs. 20,000
JOURNAL OF KIRLOSKAR LTD.
Date
Particulars
L.F.
Dr.ro
Cr.( Rs.)
Bank A/c
...Dr.
1,00,000
To Shares Application A/c
(Application money received on 25,000 shares @ Rs. 4 per share)
Shares Application A/c
To Share Capital A/c (20,000 x Rs. 4)
To Shares Allotment A/c (5,000 x Rs. 4)
(Application money transferred to Share Capital Account on 20,000 shares and excess money adjusted towards Shares Allotment)
80,000
20,000
Hence, the correct option is 1.
Question : Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro-rata basis and surplus of
Question : A company offered 40,000 shares of Rs.10 each at par payable as to Rs.4 on application, Rs.5 on allotment and the balance on final call. Applications were received for 50,000 shares and the allotment was made on pro-rata basis. The excess application money was to be adjusted
Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money
Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:
On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.
Applications were received for 1,10,000 shares. It was decided
(i) to
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile