28 :- A-one Product Ltd. is registered with authorised capital of Rs 10,00,000 divided into 50,000 equity shares of Rs 20 each. It issued 25,000 Equity Shares for subscription at premium of Rs 2 per share, issue price being payable along with application. It received Rs 5,17,000 towards application money.
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29 :- Home Products Ltd. Is registered with authorised capital of Rs 10,00,000 divided into 1,00,000 equity shares of Rs 10 each. It issued 70,000 Equity Shares for subscription at premium of Rs 2 per share, payable Rs 3 on application, Rs 5 on allotment and balance on first and final call. It received subscription for 62,500 shares.
You are required to pass the necessary Journal entries.
30 :- Quality Stationaries Ltd registered with authorised capital of Rs 20,00,000 divided into 1,00,000 equity shares of Rs 20 each. 50,000 Equity Shares were issued for subscription at par, issue price being payable along with application. It received application money of Rs 4,40,000.
You are required to pass the necessary Journal entries and show share capital in the Balance Sheet of the company.
31 :- Pure Products Ltd. is registered with authorised capital of Rs 10,00,000 divided into 1,00,000 equity shares of Rs 10 each. It issued 70,000 Equity shares for subscription at premium of Rs 2 per share, payable Rs 3 on application, Rs 5 on allotment and Balance on first and final call. It received application money amounting to Rs 1,89,000.
You are required to :
(i) Determine whether the company should allot shares; and
(ii) If yes, pass the necessary Journal entries assuming that the company has received due amount on allotment and call.
32 :- Blue Chips Ltd. was registered on 1st January, 2024 with a capital of Rs 10,00,000 divided into 1,00,000 shares of Rs 10 each. The company issued 42,000 shares of which 40,000 shares were subscribed by public and Rs 1 per share was received with application. On 1st February, 2024, these shares were alloted and Rs 2 per share was duly received on 28th February, 2024 as allotment money. First Call of Rs 3 per share was made on 1st March, 2024 and the call money on all shares with the exception of 100 shares was received. The final call of Rs 4 per share was made on 1st June, 2024 and the amount due, with the exception of 400 shares, was received by 30th June, 2024.
Pass necessary Journal and Cash Book entries and prepare the Balance Sheet as at 30th June, 2024.
33 :- The authorised capital of Sarang Ltd. is Rs 1,20,00,000 divided into 12,00,000 shares of Rs 10 each. Out of these, company issued 8,00,000 shares of Rs 10 each at a premium of 20%. The amount per share was payable as follows :
On Application – Rs 2
On Allotment – Rs 6 (including premium)
On First – Rs 2
On Final Call – Balance
Public applied for 7,80,000 shares. All the money was duly received.
Prepare an extract of Balance Sheet of Sarang Ltd as per Schedule III, Part 1 of the Companies Act, 2013, disclosing the above information. Also prepare ‘Notes to Accounts’ for the same.