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M.490 An Aid to Accountancy—CBSE XII

8. Sangita Ltd. issued 50,000 shares of ` 10 each, payable as ` 2 per share on application,
` 3 on allotment, ` 3 on first call and ` 2 on second and final call. Applications were
received for 80,000 shares. It was decided to:
(a) refuse allotment to the applicants for 20,000 shares,
(b) allot 20,000 shares to Mohan who had applied for same number, and
(c) allot the remaining shares on pro rata basis.
Company also decided to appropriate excess amount received against amount due on
allotment and calls.
Mohan failed to pay the allotment money and Sohan who belonged to Category ‘(c)’
and was alloted 3,000 shares paid both the calls with allotment.
Calculate the amount received on allotment. (3)

9. Radhika Textiles Ltd. is registered on 1st April, 2016, with an authorised capital of
` 25,00,000 divided into 2,50,000 equity shares of ` 10 each, of which
2,00,000 shares were offered for public subscription, payable as under:
(a) 30% of the nominal (face) value per share was payable with application,
(b) 20% of the nominal (face) value per share was payable on allotment,
(c) The balance when called by the board.
The company did not call for the balance during the year.
All the shares offered by the company were subscribed for. The company did not receive
the allotment money on 15,000 shares.
You are required to show the Share Capital in the Balance Sheet of the Company as
at 31st March, 2017.
Or
Young India Ltd. purchased the assets of Samay Ltd. for ` 2,00,000 and took over the
liabilities amounting to ` 50,000 for a net consideration of ` 1,60,000. The payment
was made by issue of 10% Debentures of ` 100 each at par. Pass necessary Journal
entries in the books of young India Ltd. (3)
10. Following is the information given in respect of certain items of Dhyan Chand Sports
Club. Show these items in the Income and Expenditure Account for the year ended
31st March, 2018 and the Balance Sheet as on that date of the Club:
`
Sports Fund as on 1st April, 2017 3,50,000
Sports Fund Investments 3,50,000
Interest on Sports Fund Investments 40,000
Donations for Sports Fund 1,50,000
Sports Prizes awarded 1,00,000
Expenses on Sports Events 40,000
General Fund 8,00,000
General Fund Investments 8,00,000
Interest on General Fund Investments 80,000
(3)