Commerce Exam  >  Commerce Questions  >  Microsoft Ltd purchased 10 Laptops of Rs. 200... Start Learning for Free
Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry?
Most Upvoted Answer
Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use fr...
Details of the transaction:


- Microsoft Ltd purchased 10 laptops from Lenovo Ltd for office use.
- The cost of each laptop is Rs. 20,000.
- The payment for the laptops was made through the issuance of equity shares of Rs. 10 each.

Issuance of equity shares:


- Microsoft Ltd issued a total of 60,000 equity shares with a face value of Rs. 10 each.
- The shares were payable as follows:
- On Application: Rs. 2 per share
- On Allotment: Rs. 2 per share
- On First Call: Rs. 3 per share
- On Second Call: Rs. 3 per share

Application and allotment of shares:


- Microsoft Ltd received applications for 50,000 shares.
- All the applications were accepted, and shares were allotted to the applicants.

Explanation:


The transaction involved the purchase of laptops and the issuance of equity shares by Microsoft Ltd. Let's break down the process step by step:

1. Purchase of laptops:
- Microsoft Ltd purchased 10 laptops from Lenovo Ltd for office use.
- The cost of each laptop is Rs. 20,000.
- The total cost of the laptops is 10 * Rs. 20,000 = Rs. 2,00,000.

2. Issuance of equity shares:
- To make the payment for the laptops, Microsoft Ltd decided to issue equity shares.
- The face value of each share is Rs. 10.
- Microsoft Ltd issued a total of 60,000 equity shares.

3. Payment terms:
- The payment for the equity shares was divided into four installments.
- On Application: Rs. 2 per share, totaling Rs. 2 * 60,000 = Rs. 1,20,000.
- On Allotment: Rs. 2 per share, totaling Rs. 2 * 60,000 = Rs. 1,20,000.
- On First Call: Rs. 3 per share, totaling Rs. 3 * 60,000 = Rs. 1,80,000.
- On Second Call: Rs. 3 per share, totaling Rs. 3 * 60,000 = Rs. 1,80,000.

4. Application and allotment:
- Microsoft Ltd received applications for 50,000 shares.
- As all the applications were accepted, 50,000 shares were allotted to the applicants.
- The total amount received on application is 50,000 * Rs. 2 = Rs. 1,00,000.

5. Balance payment:
- The balance amount to be paid by the shareholders is calculated as follows:
- On Allotment: Rs. 2 per share, totaling Rs. 2 * 50,000 = Rs. 1,00,000.
- On First Call: Rs. 3 per share, totaling Rs. 3 * 50,000 = Rs. 1,50,000.
- On Second Call: Rs. 3 per share, totaling Rs. 3 *
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
Explore Courses for Commerce exam

Similar Commerce Doubts

Top Courses for Commerce

Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry?
Question Description
Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry?.
Solutions for Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? defined & explained in the simplest way possible. Besides giving the explanation of Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry?, a detailed solution for Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? has been provided alongside types of Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? theory, EduRev gives you an ample number of questions to practice Microsoft Ltd purchased 10 Laptops of Rs. 20000 for it's office use from Lenovo Ltd and issued Equity shares of Rs. 10 each in full consideration. Besides this the company issued 60000 equity shares of Rs. 10 each payable as follows: On Application Rs. 2, On Allotment Rs. 2. On First Call Rs. 3, On Second Call Rs 3 The company received applications for 50000 shares. All the applications were accepted and shares were allotted the company made both the cause Abhishek fail to pay the second call and his shares of forfeited and reissued to Aishwarya at rupees 7 per share pass journal entry? tests, examples and also practice Commerce tests.
Explore Courses for Commerce exam

Top Courses for Commerce

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev