Bhagwati Ltd. invited applications for issuing 2,00,000 equity shares of 10 each. The amounts were payable...

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Bhagwati Ltd. invited applications for issuing 2,00,000 equity shares of 10 each. The amounts were payable as follows: On application - 3 per share On allotment - 3.5 per share On first and final call - 2 per share. Applications were received for 3,00,000 shares and pro-rata allotment was made to all the applicants. Money overpaid on application was adjusted towards allotment money. B, who was allotted 3,000 shares, failed to pay the first and final call money. His shares were forfeited. Out of the forfeited shares, 2,500 shares were reissued as fully paid up @ * 6 per share. Pass necessary Journal entries to record the above transactions in the books of Bhagwati Ltd. (10 Marks) Ⓒ The Institute of Chartered Accountants of India HAF2 (14) HAF2 (b) On 1st January 2018, Ankit Ltd. issued 10% debentures of the face value of * 20,00,000 at 10% discount. Debenture interest after deducting tax at source @10% was payable on 30th June and 31st December every year. All the debentures were to be redeemed after the expiry of five year period at 5% premium. Pass necessary journal entries for the accounting year 2018. (c) Raj Ltd. Prepared their accounts for financial year ended on 31st March 2019. Due to unavoidable circumstances actual stock has been taken on 10th April 2019, when it was ascertained at 1,25,000. It has been found that ; received. (i) Sales are entered in the Sales Book on the day of dispatch and return inwards in the Returns Inward Book on the day of the goods received back. (v) 1 (ii) Purchases. are entered in the Purchase Book on the day the Invoices are (iii) Sales between 1st April 2019 to 9th April 2019 amounting to 20,000 as per Sales Day Book. P.T.O, (iv) Free samples for business promotion issued during 1st April 2019 to 9th April 2019 amounting to 4,000 at cost. HAF2 (5 Marks) Purchases during 1st April 2019 to 9th April 2019 amounting to 10,000 but goods amounts to 2,000 not received till the date of stock taking. The Institute of Chartered Accountants of India (15) HAF2 Rate of Gross Profit is 25% on cost. (vi) Invoices for goods purchased amounting to 20,000 were entered on 28th March 2019 but the goods were not included in stock. Ascertain the value of Stock as on 31st March 2019. (5 Marks) Bhagwati Ltd. invited applications for issuing 2,00,000 equity shares of 10 each. The amounts were payable as follows: On application - 3 per share On allotment - 3.5 per share On first and final call - 2 per share. Applications were received for 3,00,000 shares and pro-rata allotment was made to all the applicants. Money overpaid on application was adjusted towards allotment money. B, who was allotted 3,000 shares, failed to pay the first and final call money. His shares were forfeited. Out of the forfeited shares, 2,500 shares were reissued as fully paid up @ * 6 per share. Pass necessary Journal entries to record the above transactions in the books of Bhagwati Ltd. (10 Marks) Ⓒ The Institute of Chartered Accountants of India HAF2 (14) HAF2 (b) On 1st January 2018, Ankit Ltd. issued 10% debentures of the face value of * 20,00,000 at 10% discount. Debenture interest after deducting tax at source @10% was payable on 30th June and 31st December every year. All the debentures were to be redeemed after the expiry of five year period at 5% premium. Pass necessary journal entries for the accounting year 2018. (c) Raj Ltd. Prepared their accounts for financial year ended on 31st March 2019. Due to unavoidable circumstances actual stock has been taken on 10th April 2019, when it was ascertained at 1,25,000. It has been found that ; received. (i) Sales are entered in the Sales Book on the day of dispatch and return inwards in the Returns Inward Book on the day of the goods received back. (v) 1 (ii) Purchases. are entered in the Purchase Book on the day the Invoices are (iii) Sales between 1st April 2019 to 9th April 2019 amounting to 20,000 as per Sales Day Book. P.T.O, (iv) Free samples for business promotion issued during 1st April 2019 to 9th April 2019 amounting to 4,000 at cost. HAF2 (5 Marks) Purchases during 1st April 2019 to 9th April 2019 amounting to 10,000 but goods amounts to 2,000 not received till the date of stock taking. The Institute of Chartered Accountants of India (15) HAF2 Rate of Gross Profit is 25% on cost. (vi) Invoices for goods purchased amounting to 20,000 were entered on 28th March 2019 but the goods were not included in stock. Ascertain the value of Stock as on 31st March 2019. (5 Marks)

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