Journal Entries Only

LEVEL Types of Capital 1. (Types of Capital) Sagar Ltd. was registered with an authorized capital of 1,00,00.000 divided into 1,00,000 equity shares of ? 100 each. The company offered for publice subscription 60,000 equity shares. Applications for 56,000 equity shares were received and allotment was made to all the applicants. All the calls were made and were duly received except the second and final call of 20 per share on 700 shares. Show how the 'Share Capital' will be shown in the Company's Balance Sheet. Also prepare 'Notes to Accounts for the same. (Types of Capital) A company is registered with an authorised capital of 50,00,000 divided into 5,00,000 equity shares of 10 each payable as follows: 33 with application, 3 on allotment, 2 on first call and 2 on second call. The company has issued 2,50,000 shares for subscription by the public of which only 2,00,000 shares have been taken up. The application and allotment money have been received in full. At the date of the balance sheet, the first call has been made on 2,00,000 shares and this call has been received in respect of 1,90,000 shares. No second call on any share has been made. Show the different phases of the share capital as appearing in the balance sheet. [Ans. Paid up capital 15,80,000] Issue of Share at Par, Premium 3. (Issue at Par/Premium) Ritesh Co. Ltd. offered 15,000 equity shares of 10 each to the public for subscription. Money is payable as : On application 3 per share, On allotment 23 per share, On first call 2 per share and On 2nd & final call 2 per share. The issue is fully subscribed. Money on allotment and calls were duly received. Give Journal Entries in the Books of the Company. C) If Issue is at Par (ii) If Issue is at Premium of 20% COMPANY ACCOUNTS (SHARE CAPITAL) 1.91 On First call On Second call 2 The issue is fully subscribed. Money on allotment and calls were duly received. Give Journal Entries. 3 3 3 N