Rakesh Ltd. issued to public 5,000 equity shares of 100 each at a premium of 10 per

Question:

Rakesh Ltd. issued to public 5,000 equity shares of ₹100 each at a premium of ₹10 per share payable as follows:

On application ₹20

On allotment ₹40

On 1^st and final call ₹50

Applications were received for 4,000 shares and all were accepted. All moneys due were fully received except the 1^st and final call on 300 shares. Pass journal entries and prepare the balance sheet.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Corporate Accounting

ISBN: 9789353160739

1st Edition

Authors: Anita Raman, P. Radhika

See More Books

Question Posted: Aug 30, 2023 06:55 AM

See More Questions

M/s Blue Chips Ltd issued 5,000 Equity Shares of 100 each at a premium of 25 per share. On 1st January, 2017 the company received 12,000 applications of which 2,000 applications were totally...
The "fiduciary duty" of the corporation's directors and officers includes all of the following, EXCEPT: 1. To indemnify the corporation for all its losses regardless of the cause 2. To avoid...
A company issued for public subscription 40,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable as under: On application Rs. 2 per share, on allotment Rs. 5 per share (including...
Digital Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Instructions What amount should be reported on Digital Camera...
Book value of an existing asset that we are contemplating replacing is nothing but a bookkeepers figure and, as such, is irrelevant in capital-expenditure analysis. Do you agree? Why or why not?
(Using an accounting equation spreadsheet to determine missing information, LO 2) Use an accounting equation spreadsheet and the following information to determine the amount of cash that was...
17-1. What are social media?
The Crunchy Granola Company is a diversified food company that specializes in all natural foods. The company has three operating divisions organized as investment centers. Condensed data taken from...
Scholes Shoes Ltd, is a retailer of children's school shoes and they have produced the following Unadjusted Trial Balance: The problem to be resolved: Scholes Shoes Ltd, is a retailer of children's...
Unless otherwise stated, a preference shares is always deemed to be cumulative, non-participating and __________.
True False. When shares originally issued at discount are forfeited, the discount in respect of them is to be canceled.
In what way does technology help QB House to keep its costs down?
Q13. The probability that Ryan will roll a three using a standard die is 1/6. Let Y = number of times that Ryan has to roll a die in order to roll the first three. What is the expected value for Y?...
1. The following are data for two IT projects for a new database system. Prepare a spreadsheet for two projects, using the following data. Amounts are in thousands of dollars. Calculate the NPV for...
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day: Beginning WIP...
James Cook, a production department worker, is paid on hourly basis at a rate of $15 per hour. James works 40 hours per week. Any time James works over 40 hours, it is considered as overtime and he...
You just started working as a Health Service Manager within one of the following healthcare industries. First, choose an industry below to discuss the questions that follow: Ambulatory Surgery center...
What property of a diode enables it to convert ac to pulsed dc?
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
What are the legal provisions in India regarding over-all maximum managerial remuneration?
Following is the Profit and Loss Account of Azad Ltd. for the year ended 31st March, 2017: Additional information : Original cost of the Machinery sold was ~ 40,000. Depreciation on fixed assets as...
Corporate Dividend Tax will be treated as: A. A charge against profit B. An appropriation of profit C. None of the above.
Suppose First Fidelity Bank engaged in the following transactions: (Click the icon to view the transactions.) Journalize the 2018 and 2019 transactions on First Fidelity's books. Explanations are not...
Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net...
Supply costs at Coulthard Corporation's chain of gyms are listed below: March April May June July August September October November Client-Visits 11,666 11,462 11,994 13,900 11,726 11, 212 12,006...

Rakesh Ltd. issued to public 5,000 equity shares of 100 each at a premium of 10 per

Question:

Step by Step Answer:

Balance Sheet of Rakesh Ltd Liabilities Share Capital Equity Share Capital 5000 shar...View the full answer

Corporate Accounting

Students also viewed these Business questions