Satrun Ltd. was registered with an authorized capital of Rs. 12, 00, 000, divided into 1,20,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Satrun Ltd. was registered with an authorized capital of Rs. 12, 00, 000, divided into 1,20,000 equity shares of Rs.10 each. It issued 40, 000 equity shares to the public at premium of Rs.5 per share, payable as follows: On application Rs.6 On allotment Rs.9 (including premium of Rs.5) All the shares were applied for and allotted. One shareholder holding 500 shared did not pay the allotment money and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at Rs.7 per share fully called up. You are required to: (a) Pass journal entries on the book of the company. (b) Prepare (i) Securities Premium Reserve Account. (ii) Share Capital Account Satrun Ltd. was registered with an authorized capital of Rs. 12, 00, 000, divided into 1,20,000 equity shares of Rs.10 each. It issued 40, 000 equity shares to the public at premium of Rs.5 per share, payable as follows: On application Rs.6 On allotment Rs.9 (including premium of Rs.5) All the shares were applied for and allotted. One shareholder holding 500 shared did not pay the allotment money and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at Rs.7 per share fully called up. You are required to: (a) Pass journal entries on the book of the company. (b) Prepare (i) Securities Premium Reserve Account. (ii) Share Capital Account
Expert Answer:
Answer rating: 100% (QA)
Journal is a book prepared by company to record every transaction that hass taken placeBankacDrRs240... View the full answer
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
Posted Date:
Students also viewed these accounting questions
-
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
-
Should an MNC Reduce Its Ethical Standards to Compete Internationally? Point Yes. When a U.S.-based MNC competes in some countries, it may encounter some business norms there that are not allowed in...
-
An online retailer must decide if it should insource or outsource its website maintenance. The company estimates that 4,000 hours per year will be needed to maintain its website. To insource...
-
Suppose n is divisible by 6. Let (,P) be the space = {1,...,n} with the uniform probability P, let A be the event consisting of all even numbers, and let B be the event of all numbers divisible by...
-
Teenagers were surveyed about their favorite manufacturer of headphones. The data in Table 10 are based on their responses. a. Construct a frequency bar graph. b. Construct a relative frequency bar...
-
Indicate where the following items would ordinarily appear on the financial statements of Aleppo, Inc. for the year 2004. (a) The service life of certain equipment was changed from 8 to 5 years. If a...
-
Figure P5.75 shows a sharp-edged splitter plate used to control the flow of a liquid jet \(W\) units wide by \(H_{1}\) units high. Write expressions for the deflection angle \(\theta\) and the force...
-
Omega Companys accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): Other Data: The company issued...
-
If we list all the natural (integer) numbers below 10 that are multiples of 3 or 5, we get 3, 5, 6 and 9. The sum of these multiples is 23. Write a program in the language of your choice to calculate...
-
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2024, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10...
-
Question 1. Let A and B are two sets. Let D be the set defined by: (a) The elements that are either in set A or in set B but not in both sets A and B. (b) (c) (A\B) U (B\A) (A U B)\(An B) Do you...
-
What is the duration (in years) of an 8% 2yr bond, with semi-annually compounded interest and a ytm of 10%? What is the modified duration (in payment periods) of an 8% 2yr bond with semi-annual...
-
Given the function g(r) = (r- 5)(r + 7)(r - 1) its g-intercept is (5) (-7) (1) its r-intercepts are -5, 7,-1 X Submit Question X Question Help: Video Message instructor
-
Over the coming year, Ragwort's stock price might drop from $100 to $50, or it might rise to $200. The one-year interest rate is 10%. What is the delta of a one-year call option on Ragwort stock with...
-
INCOME STATEMENTS Blue Font = Direct Input Data Black Font - Should be Programmed with Formulae Number of units sold Price/Revenues Cost of Goods Sold Direct Materials Direct Labor Allocated Variable...
-
How do design iteration practitioners leverage advanced computational tools, generative algorithms, and artificial intelligence techniques to augment the iterative design process, automate repetitive...
-
Forward versus Money Market Hedge on Receivables. Assume the following information: 180day U.S. interest rate = 8% 180day Euro interest rate = 9% The 180day forward rate of Euro = $1.50 ...
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
Zurich quipement, SA, a Swiss transportation equipment manufacturer, is heavily decentralized. Each division head has full authority on all decisions regarding sales to internal or external...
-
Why are more organizations adopting ABC systems?
-
Describe the supporting details for work in process in a job-cost system.
-
What is the relation between degrees Fahrenheit and degrees Rankine? And the relation between degrees Celsius and Kelvin?
-
State Newton's second law as you would apply it to a control mass.
-
Explain the significance of \(g_{c}\) in Newton's second law. What are the magnitude and units of \(g_{c}\) in the English Engineering system? In the SI system?
Study smarter with the SolutionInn App