Question

of M/s. Supreme Cooler. He decided that all transactions should be made through
bank and deposited the whole money in Axis Bank Ltd. He purchased a running
factory of coolers consisting of Factory Land and Building for 4,00,000, Plant and
Machinery +3,50,000, Furniture 50,000, Stock 90,000 but agreed to pay 9,50,000
as purchase consideration. He later approached his banker for a loan to meet the
working capital requirement Bank advanced loan amounting to 7 4,00,000 @ 10%
p.a. His transactions for the year ending 31st. March, 2020, were as follows:
3,800 -
Total Purchases ( 4,10,000 in Cash)
12,40,000
Total Sales ( 5,25,000 in Cash)
20,50,000
Wages
2,30,000
Carriage
20,500
Power and Lighting
1559015,500
Salary of Staff and Manager
1,25,000
Postage and Call
4,200 -
Printing and Stationery
Advertising
16,700
Received from Debtors
12,10,000 -
Insurance Premium
12,100
Conveyance
13,200
Paid to Creditors
6,50,000
Drawings during the year @ 5,000 p.m.
60,000
You are required to
(2) Draw Trial Balance.​

Answer 1

Answer:

17. Doller Ltd. Issued a prospectus inviting application for 1,00,000 shares of 3 10 each 32 on application: 5

4 on allotment; 4 on First and Final Call. Application were received for 1,20,000 shares. Allotment Was

made as under:

a. To applicants for 20,000 shares → in full.

b. To applicants for 40,000 shares → 30,000 shares.

c. To applicants for 60,000 shares → 50,000 shares.

The shares were fully called and paid up except amounts on allotment and call, not paid by those

who applied for 2,000 shares out of the group applying for 40,000 shares. These shares were forfeited by the

directors and 1,200 shares of them were re-issued @ 57 per share. Show the Journal entries in the books of

the company

(8)