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1. Venkat Ltd made an issue of 10,000 equity shares of Rs.100 each, payable Rs.20 on application, Rs.30 on allotment, Rs.30 on First call and Rs.20 on final Call. All the shares are subscribed and amounts duly received.
Pass journal entries to give effect to these and also show the relevant items in the Balance Sheet.

2. Raju Ltd was floated with an authorized capital consisting of Rs. 20,000, 9% preference shares of Rs.100 each, payable Rs.25 per share on application, Rs.25 per share on allotment and Rs.50 per share on first and final call and Rs.3,00,000 equity shares of Rs.10 each, payable Rs.2 per share on application, Rs.3 per share on allotment and Rs.5 per share first and final calls. All the money received.
Make the necessary entries in Journal and the Balance sheet of the company.

3. Rao & Company Ltd issued 5000 equity shares of Rs.100 each at a premium of Rs.40 per share, payable Rs.10 per share on application, Rs.60 per share on allotment (including premium), Rs.30 on first call and balance on final call. The shares were all subscribed and all money due was received expect the first call money on 1000 shares and final call money on 1500 shares.
Give the Journal Entries to record the above transactions.

4. Varun Ltd. invited application for 1,00,000 shares of Rs.100 each at a discount of 6% payable as follows:
On application Rs.25, on allotment Rs.34 and on first and final call 35.
The applications received were for 90,000 shares and all of these were accepted. All money due was received except the first and final call on 1,000 shares.
Pass necessary entries in journal of the company also show how these transactions would appear in Balance sheet of the company.

5. Lavanya Ltd. Offered 1,00,000 equity shares of the nominal value 100 each for public subscription at Rs.120. The amounts payable on the shares were on application Rs.45, on allotment (including premium) Rs.45, on first and final call Rs.30. The actual subscription was only for 90,000 shares. All money payable by shareholders was received except from Kirshna Rao, who had taken 1000 shares but failed to pay the final call. His shares were forfeited and re-issued to Prashanth at Rs.60 each.
Show journal entries in the books of the company.

6. The Sudhakar Ltd. purchases assets of Rs.3,50,000 and took over the liabilities of Rs.30,000, it agreed to pay the purchase price, Rs.3,30,000 by issuing debentures of Rs.100 each at a premium of 10%.
Give journal entries in the books of Sudhakar Ltd..
7. On July 1, 1997 Motor Ltd., issued 10,000 6% Debentures of Rs.10 each at 95%, repayable on June 30, 2007 at par. Rs.6 per debenture was payable on application and the balance on allotment. Interest was payable on the full nominal amount as from September 1, 1997.
Applications were received for 15,000 debentures. All allotments were made proportionately, over subscriptions being applied to the balance due on allotment, which took place on August 31, 1997. All sums due on allotment were received by September 14, 1997.
Assuming that the discount is to be written off evenly over the whole period, you are required to draft journal entries to record (a) the issue of debentures, and (b) The charges to the Profit and Loss Account for the year ended June 30, 1998.

8. Ramu Ltd., issued 10,000 Debentures of Rs.100 each for subscription. The debenture moneys are payable as follows:
Rs.30 on application, Rs.40 on allotment, Rs.20 on first call and Rs.10 on second call. A person who holds 200 Debentures fails to pay the amount due at the time of allotment. He, however, pays this amount with the first call money. Another person who is holding 400 Debentures, has paid all the calls in advance at the time of allotment.
Give Journal entries in the books of the company.

9. The Radha Ltd. purchases assets Rs.3,60,000 and took over the liabilities of Rs.35,000. It agreed to pay the purchase price, Rs.3,34,950 by issuing debentures of Rs.100 each at a premium of 10% and Rs.65 by cash. The debentures of the same company are quoted in the market at Rs.130.
Give journal entries in the books of Radha Ltd..

10. The Ashoka Ltd. purchases assets Rs.3,80,000 and took over the liabilities of Rs.30,000 at an agreed value of Rs.3,33,000. The company issued debentures at 10% discount in full satisfaction of the purchase price.
Give journal entries in the books of Ashoka Ltd..
11. Journalize the following transactions at the time of issue and redemption of debentures: in the books of Venkat Ltd.
a) A debenture issued at Rs.95, repayable at Rs.100
b) A debenture issued at Rs.95, repayable at Rs.105
c) A debenture issued at Rs.100, repayable at Rs.105
d) A debenture issued at Rs.105, repayable at Rs.100
Note: The Face value of each debenture is Rs.100

12. Krishna Ltd. on 31st December, 1996 redeemed Rs.10,000 6% debentures out of capital by drawing a lot. Similarly, the company on 31st December, 1997 redeemed Rs.15,000 6% debentures out of profits by drawing a lot.
You are required to pass journal entries in the books of the company.

13. X Limited was registered with an authorized capital of Rs.50,00,000 divided in to 5,00,000 shares of Rs.10/- each . It issued 4,00,000 shares payable as under:
On application Rs.2, On allotment Rs.3, On first call Rs.3, On final call Rs.2.
The public applied for 3,00,000 shares, these were allotted. All the money due on allotment and call was received accept the first call on 10,000 shares and final call on 15,000 shares.
Pass general entries and prepare opening balance sheet.

14. Reddy Limited issued 5,000 equity shares of Rs.10/- at a premium of Rs.2 per share, payable Rs.2 on application, Rs.5 on allotment (including premium), Rs.3 on first call and balance on final call. The share were all subscribed and amount received on calls except the first call on 1,000 shares and final call 1,500 shares.
Give cash book, general entries for the above transactions and also prepare its opening balance sheet.

15. Y Company Ltd. issued at par Rs.60,00,000 (7%) debentures in bonds of Rs.1,000 each, payable 20% on application, 20% on allotment, 30% on first call and balance one month thereafter. Except the allotment money on 400 bonds and call money on 600 bonds which were in arrears, all the money was duly received.
Make the cash book and journal entries; and show ledger accounts.

16. On 1st April, 1993, Geeta Products Ltd. issued Debenture for Rs.1,00,000, redeemable at par at the end of the 5 years and its was resolved that a Sinking Fund should be formed and invested in tax-free securities.
Give Journal Entries for 5 years, assuming that the interest received on the investment was at the rate of 5 percent on cost, that the interest was received yearly and immediately invested and that the investments were realized at a loss of Rs.300 at the end of five years.
Reference to the Sinking Funds Table shows that Rs.0.180975 invested at the end of the year, at 5% compound interest will produce Rs.1 at the end of 5 years.


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