1.) Calculate the amount of second and final call when a limited issues equity shares of rupees 10 each at a premium of 40 %. payable on, application Rs. 3 pay on fust call Rs. 2. A second and final call 2.3. B.) Second and final call & 4 (-) Second and final call & 5. D.) second and final call & 6.
Answers
Answer:(B) Second and final call &4
Explanation:
Total amount should be 10 + 40% i.e. 10 + 4 = 14
On Application Rs.3
On Allotment Rs.5
On First call Rs.2
Second & final call Rs.4
A limited company issued equity shares of rupees 10 each at a premium of 40%. lets take issued shares 15,000. following are the journal entries for this question :
1) bank a/c dr. 1,05,000
to share application a/c 1,05,000
( being application amount received on shares issued with premium )
2) share application a/c dr. 1,05,000
to share capital a/c 45,000
to securities premium a/c 60,000
( being application money received @ ₹3 transferred to share capital and securities premium @ ₹4 )
3) share first call a/c dr. 30,000
to share capital a/c 30,000
( being first call made )
4) bank a/c dr. 30,000
to share first call a/c 30,000
( being amount payable on first call @ ₹2 received )
5) now, for second and final call we have options :
option A: second and final call payable @ ₹2.3, the entries will be -
i) share second and final call a/c dr. 34,500
to share capital a/c 34,500
( being second and final call due )
ii) bank a/c dr. 34,500
to share second and final call 34,500
( being amount received on share second and final call )
option B: second and final call payable @ ₹4, the entries will be -
i) share second and final call a/c dr. 60,000
to share capital a/c 60,000
( being second and final call due )
ii) bank a/c dr. 60,000
to share second and final call 60,000
( being amount received on share second and final call )
option C: second and final call payable @ ₹5, the entries will be -
i) share second and final call a/c dr. 75,000
to share capital a/c 75,000
( being second and final call due )
ii) bank a/c dr. 75,000
to share second and final call 75,000
( being amount received on share second and final call )
option D: second and final call payable @ ₹6, the entries will be -
i) share second and final call a/c dr. 90,000
to share capital a/c 90,000
( being second and final call due )
ii) bank a/c dr. 90,000
to share second and final call 90,000
( being amount received on share second and final call )