Seat no- 454516

Seat no in words- Four lakh fifty-four thousand five hundred and S

Semester: II
Name of the Course: Corporate Accounting
6
and five hundred and Sixteen

ate Accounting
 In the Books of ABC LTD
JOURNAL
Date Particulars L.F.
bank a/c dr
to eq share application a/c
(being application money received)

share application a/c dr

to eq share capital a/c
(being application money transferred to share capital)

share allotment a/c dr

to share capoital a/c
(being allotment money due)

bank a/c dr
to calls in arrear a/c
to equity share allotment a/c
(being share allotment money received)

equity share first call a/c dr

to share capital a/c
(being share first call due)

bank a/c dr
to calls in arrears
to equity share first call
(being share first call money received)

equity share second and final call a/c dr

to share capital a/c
(being share second call money due)
bank a/c dr
calls in arrear a/c dr
to equity share second and final call
(being share second call money received)

share capital a/c dr

to calls in arrears
to forfeited shares
(being shares forfieted)
D

Amount (Dr.) Amount (Cr.)

1200000
120000

1200000
1200000

1200000
1200000

1176000
24000
1200000

1800000
1800000

1738800
61200
1800000

1800000
1800000
1733400
66600
1800000

222000
70200
151800
 I

Date
STEP 1- VIOLA LTD 24000* 15= 360
YARROW LTD- 30000*10= 3,00,0

STEP 2- VIOLA LTD 24000*25= 600

YARROW LTD = 30000* 12.50= 375

STEP 3- 85800*10= 8,58,000

RATIO OF 600000: 375000=8:5

STEP 4 = 858000*8/13=528000
 In the Books of
JOURN
Particulars
REALISATION A/C DR
TO REAL ESTATE ACCOUNT
TO BUILDING ACCOUNTA/C
TO PLANT AND MACHINERY ACCOUNT A/C
TOEQUIPMENT 'SA/C
TO ACCOUNT RECEIVABLES A/C
TO INVENTORIES A/C
TO DEBTORS A/C
TO CASH A/C
( BEING THE ASSEST TRANSFERRED TO THE REALISATION ACCOUNT)

CREDITORS A/C DR
TO REALISATION
( BEING LIABILITES TRANSFERRED TO THE REALISATION ACCOUNT)

SHARE CAPITAL A/C DR

RESERVES AND SURPLUS A/C DR
PROFIT AND LOSS A/C DR
TO SUNDRY EQUITY SHAREHOLDERS
( BEING THE SHARE CAPITAL, RESERVES AND SURPLUS AND PROFIT AND LOSS TRANSFER
ED TO THE SUNDRY SHAREHOLDERS ACCOUNT)

ZENOBIA LTD A/C DR

TO REALISATION A/C
( BEING THE PURCHASE CONSIDERATION DUE FROM Z LTD)

SUNDRY EQUITY SHAREHOLDERS A/C DR

TO REALISATION A/C
( BEING LOSS ON REALISATION INCURRED)

SHARES IN Z LTD A/C DR

TO ZENOBIA LTD A/C
( BEING THE PURCHASE CONSIDERATION RECEIVED FROM Z LTD )

SUNDRY EQUITY SHAREHODLERS A/C DR

 TO SHARES OF Z LTD A/C
( BEING THE DISTRIBUTION OF SHARES IN Z LTD AMONG THE EXISTING SHAREHOLDERS)

Working N

STEP 1- VIOLA LTD 24000* 15= 3600000

YARROW LTD- 30000*10= 3,00,000

STEP 2- VIOLA LTD 24000*25= 600000

YARROW LTD = 30000* 12.50= 375000

STEP 3- 85800*10= 8,58,000

RATIO OF 600000: 375000=8:5

STEP 4 = 858000*8/13=528000
A Ltd

L.F. Amount (Dr.) Amount (Cr.)

660,000
288000
90000
30,000
12000
10000
80000
30000
120000

90000
90000

360000
180,000
30,000
570000

528,000
528000

42000
42000

528000
528000

528000
528000
 In the Books of YA
JOURNA
Date
 Working No

STEP 1- VIOLA LTD 24000* 15= 3600000

YARROW LTD- 30000*10= 3,00,000

STEP 2- VIOLA LTD 24000*25= 600000

YARROW LTD = 30000* 12.50= 375000

STEP 3- 85800*10= 8,58,000

RATIO OF 600000: 375000=8:5

STEP 4 = 858000*5/13=3,30,000
 In the Books of YARROW Ltd
JOURNAL
Particulars
REALISATION A/C D
TO REAL ESTATE ACCOUNT
TO BUILDING ACCOUNTA/C
TO PLANT AND MACHINERY ACCOUNT A/C
TOEQUIPMENT 'SA/C
TO ACCOUNT RECEIVABLES A/C
TO INVENTORIES A/C
TO DEBTORS A/C
TO CASH A/C
( BEING THE ASSEST TRANSFERRED TO THE REALISATION ACCOUNT)

CREDITORS A/C D
TO REALISATION
( BEING LIABILITES TRANSFERRED TO THE REALISATION ACCOUNT)

SHARE CAPITAL A/C D

RESERVES AND SURPLUS A/C
PROFIT AND LOSS A/C D
TO SUNDRY EQUITY SHAREHOLDERS
( BEING THE SHARE CAPITAL, RESERVES AND SURPLUS AND PROFIT AND LOSS TRANSFER
ED TO THE SUNDRY SHAREHOLDERS ACCOUNT)

ZENOBIA LTD A/C

TO REALISATION A/C
( BEING THE PURCHASE CONSIDERATION DUE FROM Z LTD)

SUNDRY EQUITY SHAREHOLDERS A/C

TO REALISATION A/C
( BEING LOSS ON REALISATION INCURRED)

SHARES IN Z LTD A/C

TO Z LTD A/C
( BEING THE PURCHASE CONSIDERATION RECEIVED FROM Z LTD )

SUNDRY EQUITY SHAREHODLERS A/C

 TO SHARES OF Z LTD A/C
( BEING THE DISTRIBUTION OF SHARES IN Z LTD AMONG THE EXISTING SHAREHOLDERS)

Working Notes

STEP 1- VIOLA LTD 24000* 15= 3600000

YARROW LTD- 30000*10= 3,00,000

STEP 2- VIOLA LTD 24000*25= 600000

YARROW LTD = 30000* 12.50= 375000

STEP 3- 85800*10= 8,58,000

RATIO OF 600000: 375000=8:5

STEP 4 = 858000*5/13=3,30,000
L.F. Amount (Dr.) Amount (Cr.) Date
540,000
276000
60000
18,000
6000
5000
40000
75000
60000

30000
30000

300000
150,000
60,000
510000

330,000
330000

180000
180000

330000
330000

330000
330000
 In the Books of ZENOBIA Ltd
JOURNAL
Particulars
BUSINESS PURCHASES A/C
TO LIQUIDATION OF VIOLA LTD

( BEING THE AMOUNT PAYBALE TO THE X LTD AS PER AGREEMENT)

REAL ESTATE ACCOUNT
BUILDING ACCOUNTA/C
PLANT AND MACHINERY ACCOUNT A/C
EQUIPMENT 'SA/C
ACCOUNT RECEIVABLES A/C
INVENTORIES A/C
DEBTORS A/C
CASH A/C
TO CREDITORS A/C
TO BUSINESS PURCHASE A/C
TO RESERVE A/C
( BEING THE DIFFERENT ASSEST AND LIABILITES TAKEN OVER AND THE DIFFERENCE B/W
SHARE CAPITAL ISSUE AND AMOUNT OF SHARE CAPITAL OF X ADJUSTED AGAINST RESERVE

LIQUIDATORS OF VIOLA LTD

TO EQUITY SAHRE CAPITAL A/C
( BEING THE ISSUE OF SHARES AGAINST PURCHASE CONSIDERATION )

BUSINESS PURCHASES A/C

TO LIQUIDATION OF YARROW LTD

( BEING THE AMOUNT PAYBALE TO THE X LTD AS PER AGREEMENT)

REAL ESTATE ACCOUNT
BUILDING ACCOUNTA/C
PLANT AND MACHINERY ACCOUNT A/C
EQUIPMENT 'SA/C
ACCOUNT RECEIVABLES A/C
INVENTORIES A/C
DEBTORS A/C
CASH A/C
TO CREDITORS A/C
TO BUSINESS PURCHASE A/C
TO RESERVE A/C
( BEING THE DIFFERENT ASSEST AND LIABILITES TAKEN OVER AND THE DIFFERENCE B/W
SHARE CAPITAL ISSUE AND AMOUNT OF SHARE CAPITAL OF X ADJUSTED AGAINST RESERVE

LIQUIDATORS OF Y LTD
 TO EQUITY SAHRE CAPITAL A/C
( BEING THE ISSUE OF SHARES AGAINST PURCHASE CONSIDERATION )

CREDITORS A/C DR
TO CASH AND BANK A/C
( BEING CREDITORS PAID IN FULL )

Working Notes
L.F. Amount (Dr.) Amount (Cr.)
528,000
528000

288000
90000
30,000
12,000
10,000
80,000
30,000
120000
90000
528000
42000

528,000
528000

330000
330000

276000
60000
18000
6,000
5,000
40,000
75,000
60000
30000
330000

330000
 330000

120000
120000
 Creditors outstanding on the date of such transfer

Date
July 20,2020
September 15, 2020
November 14, 2020
February 9,2021
Total (a)
No.of Shares held
Maximum Liability on Shares held (b)
Amount Paid - Lower of (a) or (b)

Step 1

Step 2

Step 3

Step 4

Step 5
 STATEMENT OF LIABILITY OF B LIST OF CONTRIBUTORIE
on the date of such transfer N O

Rs. Rs. Rs. Rs.

40,000 40,000 12,000 15,000
73600 33,600 * 18,000
84000 10,400 * *
88,000 4,000 * *
otal (a) 12000 33,000
Shares held 9600 12,000
lity on Shares held (b) 38400 48000
- Lower of (a) or (b) 12,000 33,000
Working Notes

Since no one transferred shares before th dat

Liablity will be divided amout p, q, r, s in the ratio of 12: 15: 08: 05; (9600
P's share : 40
q's share: 40,0
r's share: 40
s's share: 64

The amount of 33,600 (73,600 - 40,000), further debt incurred between july 20, 2020 and sept. 15, 2020 w
Q's share: 33,6
R's share: 33,
S's share: 33
The amount of 10,400(84,000 - 73,600), further incurred debt between Sept. 15 2020 to November 1
R's share: 10
S's share: 10

The amount of 4,000(88,000-84,000) further debt incurred between november 1

S's total libility is 4,000 but he has already paid 15,000 , so he cannot be held laible for more
OF B LIST OF CONTRIBUTORIES
P Q

Rs. Rs.
8000 5000
9600 6000
6400 4000
* 4000
24,000 19,000
6400 4000
25600 16000
24000 16000
king Notes

o one transferred shares before th date May 10th, 2020, so every one will be liable to pay
, s in the ratio of 12: 15: 08: 05; (9600:12000: 6400: 4000). The amount of Rs 40,000 is outstanding on july 20,2020.
P's share : 40,00/ 40*12 = 12000
q's share: 40,000 * 15/40 = 15,000
r's share: 40,000 *8/40 = 8,000
s's share: 64000 *5/40 = 5,000

en july 20, 2020 and sept. 15, 2020 will be contributed by q, r, and s in thier ratio of shares as P ceases to be partner. 15: 08: 05; (12,000 :
Q's share: 33,600 * 15/28 = 18,000
R's share: 33,600 *8/28 = 9,6000
S's share: 33,600 *5/28 = 6,000
between Sept. 15 2020 to November 14, 2020 will be contributed by R and S in thier ration as Q ceases to be partner. The Ratio 8:5 (6400 :
R's share: 10,400 * 8/13 = 6400
S's share: 10,400 * 5/13 = 4,000

er debt incurred between november 14, 2020 to February 9, 2021 will be contributed by S alone as r ceases to be a partner.
0 , so he cannot be held laible for more than the unpaid , i.e 4,000* 4 = 16,000. S will only pay 1,000 and rest will be bourne by creditor.
 Amount to be paid to creditors
Rs.
40,000
33,600
10400
1000
*
*
*
85000

every one will be liable to pay

The amount of Rs 40,000 is outstanding on july 20,2020.

r, and s in thier ratio of shares as P ceases to be partner. 15: 08: 05; (12,000 : 6400 : 4000)

buted by R and S in thier ration as Q ceases to be partner. The Ratio 8:5 (6400 : 4000)

2021 will be contributed by S alone as r ceases to be a partner.

4,000* 4 = 16,000. S will only pay 1,000 and rest will be bourne by creditor.