12th Class Accountancy Accounting For Share Capital Question Bank

done Case Based - Accounting for Share Capital Total Questions - 59

• question_answer1)
  You are required to answer the following questions 1 to 8:

  Vinod Ltd. issued 20,000 Equity Shares of Rs.10 each at a premium of 20% payable as:

  On Application Rs.3 per share On Allotment Rs.3 per share along with premium On First Call Rs.2 per share On Second & Final Call Balance

  Company passed a special resolution that second & final call will not be called except in the case of winding up.

  It will be considered as Reserve Capital.

  Applications were received or 30,000 shares and allotment was made as follows:

  Category A Applied for 15000 Allotted 12500 Category B Applied for 10000 Allotted 5500 Category C Applied for 5000 Allotted 2000

  Excess money is to be utilized on allotment.

  Mr. White (Category A) who applied for 300 shares did not pay allotment and his shares were forfeited immediately after allotment.

  Mr. Black (Category C) who applied for 500 shares did not pay allotment and first call and his shares were forfeited after the first call.

  Out of the forfeited shares 400 were reissued (including all shares of Mr. White) to Mr. Red @ 10 each. Opening of Calls in arrears account is mandatory.                                                                                           V.V.IMP

  Excess money adjusted towards allotment:

  A)
  30,000 done clear
  B)
  40,000  done clear
  C)
  50,000 done clear
  D)
  60,000 done clear
  View Solution play_arrow

• question_answer2)
  Total amount not paid on allotment by Mr. White:
  A)
  900  done clear
  B)
  1,000 done clear
  C)
  1,100  done clear
  D)
  1,200 done clear
  View Solution play_arrow

• question_answer3)
  Total amount not paid on allotment by Mr. Black:
  A)
  100 done clear
  B)
  200  done clear
  C)
  300 done clear
  D)
  900 done clear
  View Solution play_arrow

• question_answer4)
  Allotment money received by the company:
  A)
  65,000 done clear
  B)
  66,000  done clear
  C)
  67,800 done clear
  D)
  68,800 done clear
  View Solution play_arrow

• question_answer5)
  At the time of Forfeiture of 250 Shares, Share Forfeiture Account is to be credited by:
  A)
  600 done clear
  B)
  1,600 done clear
  C)
  500 done clear
  D)
  900 done clear
  View Solution play_arrow

• question_answer6)
  At the time of Forfeiture of 200 Shares, Share Forfeiture Account is to be credited by:
  A)
  100 done clear
  B)
  600 done clear
  C)
  1200 done clear
  D)
  400 done clear
  View Solution play_arrow

• question_answer7)
  Amount to be transferred to Capital Reserve:
  A)
  1,600 done clear
  B)
  1,700 done clear
  C)
  1,800 done clear
  D)
  1,900 done clear
  View Solution play_arrow

• question_answer8)
  Balance of Calls in Arrears Account:
  A)
  1,600 done clear
  B)
  Nil done clear
  C)
  1,400 done clear
  D)
  400 done clear
  View Solution play_arrow

• question_answer9)
  On the basis of the above information give answer to the following questions 9 to 16:

  A new company of Electronics Product was established in Delhi under Make in India campaign. To arrange the finance, Vinod Ltd. invited applications for 60,000 Shares of Rs.100 each at a premium of Rs.20 per share payable as follows:

  On Application Rs.40 (including Rs.10 premium)

  On Allotment Rs.30 (including Rs.10 premium)

  On First Call Rs.30

  On Second & Final Call Rs.20

  Excess applications were received for 30,000 shares and pro-rata allotment was made on the application for 70,000 shares and a letter of regret was sent to other with refund. Excess application money is to be utilised towards allotment.

  Rohan to whom 1,200 Shares were allotted failed to pay the allotment money and his shares were forfeited after allotment.

  Aman who applied for 2,100 shares failed to pay first call and his share were forfeited after first Call.

  Second and final call was made. All the money due on second call have been received.

  Of the shares forfeited, 2,000 shares were reissued as fully paid-up for Rs.80 per share, which included the whole of Aman's shares.

  How many applications have been received?

  A)
  1,00,000  done clear
  B)
  90,000 done clear
  C)
  80,000 done clear
  D)
  70,000 done clear
  View Solution play_arrow

• question_answer10)
  How many applications have been rejected?
  A)
  8,000 done clear
  B)
  10,000 done clear
  C)
  15,000 done clear
  D)
  20,000 done clear
  View Solution play_arrow

• question_answer11)
  Find out the pro-rata ratio?
  A)
  5:7  done clear
  B)
  4:7 done clear
  C)
  6:7 done clear
  D)
  5:6 done clear
  View Solution play_arrow

• question_answer12)
  What amount is received on allotment?
  A)
  14,00,000 done clear
  B)
  13,72,000 done clear
  C)
  13,80,000  done clear
  D)
  13,90,000 done clear
  View Solution play_arrow

• question_answer13)
  How many shares were applied by Rohan?
  A)
  1,200 done clear
  B)
  1,300 done clear
  C)
  1,400 done clear
  D)
  1,500 done clear
  View Solution play_arrow

• question_answer14)
  How many shares were allotted to Aman?
  A)
  1,700 done clear
  B)
  1,800 done clear
  C)
  1,900 done clear
  D)
  2,000 done clear
  View Solution play_arrow

• question_answer15)
  What amount is received at the time of Re-issue of shares of Rohan?
  A)
  1,600 done clear
  B)
  16,000 done clear
  C)
  96,000 done clear
  D)
  24,000 done clear
  View Solution play_arrow

• question_answer16)
  What amount is to be transferred to Capital Reserve?
  A)
  48,333 done clear
  B)
  49,333 done clear
  C)
  50,000 done clear
  D)
  59,333 done clear
  View Solution play_arrow

• question_answer17)
  On the basis of the above information give answer to the following questions 17 to 21: Vinod Limited invited applications for subscription of 40,000 Equity Shares. Applications were received in excess of 50% of the shares offered for subscription and pro-rata allotment was made to the applicants of 48,000 shares and a letter or regret was sent to the remaining with refund. David was allotted 1,600 shares and Mohan had applied for 2,400 shares. Applications received by Vinod Ltd.
  A)
  50,000 done clear
  B)
  60,000 done clear
  C)
  70,000 done clear
  D)
  80,000 done clear
  View Solution play_arrow

• question_answer18)
  How many applications have been rejected?
  A)
  8,000 done clear
  B)
  9,000 done clear
  C)
  10,000 done clear
  D)
  12,000 done clear
  View Solution play_arrow

• question_answer19)
  Find out the pro-rata ratio adopted by the company
  A)
  3:2 done clear
  B)
  4:3 done clear
  C)
  5:6 done clear
  D)
  4:5 done clear
  View Solution play_arrow

• question_answer20)
  Shares applied by David?
  A)
  2,000 done clear
  B)
  1,800 done clear
  C)
  1,920 done clear
  D)
  1,850 done clear
  View Solution play_arrow

• question_answer21)
  How many shares were allotted to Mohan?
  A)
  1,600 done clear
  B)
  1,800 done clear
  C)
  2,200 done clear
  D)
  2,000 done clear
  View Solution play_arrow

• question_answer22)
  You are required to answer the following questions 22 to 26: Vinod Ltd. forfeited 2,000 equity shares of Rs.100 each for the non-payment of first call Rs.20 per share and second and final call of Rs.25 per share. These all forfeited shares can be reissued at par or premium:
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer23)
  State the minimum amount at which these shares can be reissued:
  A)
  Can be reissued at Rs.45 after allowing maximum discount done clear
  B)
  Can be reissued at Rs.100 without allowing maximum discount or issuing at premium done clear
  C)
  Can be reissued at Rs.55 after allowing maximum discount done clear
  D)
  Can be reissued at Rs.50 after allowing maximum discount done clear
  View Solution play_arrow

• question_answer24)
  If All forfeited shares reissued at Rs.50 per share fully paid-up, transfer to Capital reserve:
  A)
  12,000 done clear
  B)
  10,000 done clear
  C)
  8,000 done clear
  D)
  9,500 done clear
  View Solution play_arrow

• question_answer25)
  If only 500 shares are reissued out of the forfeited shares @ 30% discount (from the available amount).
  A)
  12,500 done clear
  B)
  13,000 done clear
  C)
  13,500 done clear
  D)
  14,000 done clear
  View Solution play_arrow

• question_answer26)
  If only 800 shares are reissued out of the forfeited shares at 50% discount:
  A)
  3,000 done clear
  B)
  4,000 done clear
  C)
  5,000 done clear
  D)
  6,000 done clear
  View Solution play_arrow

• question_answer27)
  Vinod Limited forfeited 1,000 shares of Rs.100 each issued at 10% premium on which allotment money of Rs.40 (including premium) and first call of Rs.20 per share were not received. The second & final call of Rs.10 was not yet made. Company can issue all these forfeited shares at Par or at premium:
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer28)
  The forfeited shares can be reissued at premium only:
  A)
  True  done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer29)
  At what minimum price these shares can be reissued:
  A)
  80 per share done clear
  B)
  70 per share done clear
  C)
  60 per share done clear
  D)
  50 per share done clear
  View Solution play_arrow

• question_answer30)
  If 400 of these shares reissued as Rs.90 paid up for 90 per share. The Capital Reserve will be:
  A)
  16,000 done clear
  B)
  15,000 done clear
  C)
  14,000 done clear
  D)
  12,000 done clear
  View Solution play_arrow

• question_answer31)
  You are required to answer the following questions 31 to 34:

  M Ltd. offered 1,05,000 equity shares of Rs.10 each payable as:

  Rs.3 on application; Rs.4 on allotment and Balance on 1st & final call.

  Applications were received in excess and allotment was made as follows:

  (a) Applicants of 30,000 shares..................................................Nil

  (b) Applicants of 12,000 shares..................................................Full Allotment

  (c) Applicants of 9,000 shares....................................................Allotted 6,000 Shares

  (d) Applicants of 60,000 shares..................................................Allotted 15,000 Shares

  (e) Applicants of 90,000 shares..................................................Allotted 18,000 Shares

  (f) Applicants of 1,50,000 shares ...............................................Allotted 24,000 Shares

  (g) Applicants of 1,80,000 shares ..............................................Allotted 30,000 Shares

  Excess application money received on application was adjusted towards allotment and call.

  Application money received by the company:.

  A)
  15,93,000 done clear
  B)
  16,00,000 done clear
  C)
  15,00,000  done clear
  D)
  16,93,000 done clear
  View Solution play_arrow

• question_answer32)
  Amount refunded by the company:
  A)
  90,000 done clear
  B)
  5,00,000 done clear
  C)
  6,60,000 done clear
  D)
  4,60,000 done clear
  View Solution play_arrow

• question_answer33)
  Excess amount adjusted towards allotment:
  A)
  3,55,000 done clear
  B)
  3,56,000 done clear
  C)
  3,58,000 done clear
  D)
  3,57,000 done clear
  View Solution play_arrow

• question_answer34)
  Excess amount adjusted on Call:
  A)
  2,60,000 done clear
  B)
  2,61,000 done clear
  C)
  2,62,000 done clear
  D)
  2,63,000 done clear
  View Solution play_arrow

• question_answer35)
  You are required to answer the following 35 to 43:

  Vinod Limited applications for 60,000 shares of Rs.10 each at a premium of 40%, payable as follows :

  On Application Rs.5 (including premium Rs.1)

  On Allotment...........................................................Rs.4 (including premium Rs.1)

  On First Call............................................................Rs.3 (including premium Rs.1)

  On Second & Final Call ..........................................Rs.2 (including premium Rs.1)

  Applications were received for 96,000 shares out of which 26,000 applications were rejected and pro-rata allotment was made to remaining applicants.

  Ram to whom 1200 shares were allotted, failed to pay allotment money and his shares were forfeited immediately after allotment.

  Mohan, who applied for 2100 shares failed to pay two calls and his shares were forfeited.

  Sohan, who was allotted 600 shares did not pay the second call.

  How many shares were allotted on Pro-rata basis?

  A)
  60,000 done clear
  B)
  70,000 done clear
  C)
  80,000 done clear
  D)
  96,000 done clear
  View Solution play_arrow

• question_answer36)
  What amount is refunded to the applicants, to whom shares were not allotted?
  A)
  1,10,000 done clear
  B)
  1,20,000 done clear
  C)
  1,30,000 done clear
  D)
  1,40,000 done clear
  View Solution play_arrow

• question_answer37)
  What is the ratio of pro-rata allotment?
  A)
  2:1 done clear
  B)
  5:3 done clear
  C)
  6:7 done clear
  D)
  6:9 done clear
  View Solution play_arrow

• question_answer38)
  Ram applied for how many shares?
  A)
  1,200 done clear
  B)
  1,300 done clear
  C)
  1,400 done clear
  D)
  1,500 done clear
  View Solution play_arrow

• question_answer39)
  How many shares were allotted to Mohan?
  A)
  1,500 done clear
  B)
  1,600 done clear
  C)
  1,700 done clear
  D)
  1,800 done clear
  View Solution play_arrow

• question_answer40)
  Excess amount adjusted towards allotment?
  A)
  50,000 done clear
  B)
  60,000  done clear
  C)
  70,000 done clear
  D)
  80,000 done clear
  View Solution play_arrow

• question_answer41)
  Amount received on Allotment:
  A)
  2,00,000 done clear
  B)
  1,90,000 done clear
  C)
  1,86,200 done clear
  D)
  1,88,000 done clear
  View Solution play_arrow

• question_answer42)
  Amount received on Second Call:
  A)
  1,10,800  done clear
  B)
  1,11,800 done clear
  C)
  1,12,000  done clear
  D)
  1,12,800 done clear
  View Solution play_arrow

• question_answer43)
  You are required to Answer the following question 43 to 46:

  Vinod Ltd. issued 10,000 Equity Shares of Rs.10 each at a premium of Rs.3 per share payable as:

  On Application.........................................................Rs.4

  On Allotment............................................................Rs.5 (including premium)

  On First Call.............................................................Rs.2

  Balance................................................................... as and when required.

  The public applied for 12,000 shares. The company made pro-rata allotment to all the applicants. One shareholder who was allotted 900 shares paid the entire amount with allotment while another shareholder who had applied for.

  1200 shares, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited.

  Of the forfeited shares, 800 were reissued at Rs.7 per share.

  Balance of Share Allotment Account will be:

  A)
  39,600 done clear
  B)
  50,000 done clear
  C)
  12,200 done clear
  D)
  Nil done clear
  View Solution play_arrow

• question_answer44)
  Balance of Securities Premium Reserve Account will be:
  A)
  27,000 done clear
  B)
  28,000 done clear
  C)
  30,000 done clear
  D)
  29,000 done clear
  View Solution play_arrow

• question_answer45)
  Balance of Share Forfeiture Account will be:
  A)
  3,800  done clear
  B)
  960 done clear
  C)
  3,000 done clear
  D)
  800 done clear
  View Solution play_arrow

• question_answer46)
  Balance of Calls-in-Arrears Account:
  A)
  6,200 done clear
  B)
  Nil  done clear
  C)
  4,200 done clear
  D)
  2,000 done clear
  View Solution play_arrow

• question_answer47)
  You are required to answer the following questions 47 to 54 .

  Gagan Ltd. invited applications for 1,00,000 Equity Shares @ 10 each at a premium of 40%. Payable as: Application Rs.4 along with full premium; Allotment Rs.4 and balance on First & Final call.

  Applications were received and shares were allotted as follows:

  Category 1 Applied for 10000 Shares Full Allotment Category 2 Applied for 70000 Shares 50000 Allotted Category 3 Applied for 50000 Shares 40000 Allotted

  Excess money was to be adjusted on allotment.

  One shareholder Yash belongs to Category-2 to whom 1500 shares were allotted failed to pay allotment and final call.

  One shareholder Ankush from Category-3 applied for 1000 shares did not pay the call amount.

  Shares of both Yash and Ankush were forfeited after the call. Out of the forfeited shares 1500 were reissued (including 75% shares of Ankush) at a discount of 50% from the permissible amount.

  How much application money received?

   
  A)
  10,00,000 done clear
  B)
  10,10,000 done clear
  C)
  10,20,000 done clear
  D)
  10,40,000 done clear
  View Solution play_arrow

• question_answer48)
  How much excess amount is adjusted towards allotment?
  A)
  2,10,000 done clear
  B)
  2,20,000 done clear
  C)
  2,30,000 done clear
  D)
  2,40,000 done clear
  View Solution play_arrow

• question_answer49)
  Amount credited to Securities Premium Reserve at the time of application money adjustment:
  A)
  4,00,000 done clear
  B)
  5,20,000  done clear
  C)
  8,00,000 done clear
  D)
  4,80,000 done clear
  View Solution play_arrow

• question_answer50)
  Amount received on allotment:
  A)
  1,60,000 done clear
  B)
  1,58,800 done clear
  C)
  4,00,000 done clear
  D)
  2,00,000 done clear
  View Solution play_arrow

• question_answer51)
  Shares Applied by Yash:
  A)
  2100 done clear
  B)
  1800 done clear
  C)
  2000 done clear
  D)
  1500 done clear
  View Solution play_arrow

• question_answer52)
  Amount not received on First and Final Call:
  A)
  5,000 done clear
  B)
  4,500 done clear
  C)
  4,600 done clear
  D)
  4,000 done clear
  View Solution play_arrow

• question_answer53)
  Total amount of share forfeiture (at the time of forfeiture) while passing entry for forfeiture:
  A)
  18,800 done clear
  B)
  16,800 done clear
  C)
  24,800 done clear
  D)
  17,200 done clear
  View Solution play_arrow

• question_answer54)
  Amount transferred to Capital Reserve:
  A)
  5,640 done clear
  B)
  6,000 done clear
  C)
  7,200 done clear
  D)
  5,500 done clear
  View Solution play_arrow

• question_answer55)
  You are required to answer the following questions 55 to 58: Following information is provided by the Gagan Ltd. on 31st March 2021:

  Particulars			Note No.	Current Year's	Previous
  I.	EQUITY AND LIABILITIES		Figures	Year's Figures
  	(1) Shareholders Funds
  		(a) Share Capital	1	?

  Notes to Accounts :

  	Particulars					Amount
  1.	Authorised Capital _____________ Equity Shares of Rs.10 each					30,00,000
  2.	Issued Capital (80% of Authorised Shares) __________Equity Shares of Rs.10 each .					?
  3.	Subscribe and Fully Paid up					?
  	1,98,000 Equity Shares of Rs.10 each
  	Subscribed but not Fully Paid up
  		? Shares x  10 each	=	20,000		?
  		Less: Calls in Arrears (? Shares x Rs.3 each)	=	?
  						?

  Number of Shares by which company is Registered (Authorised Capital):
  A)
  30,00,000 Equity Shares done clear
  B)
  30,000 Equity Shares done clear
  C)
  3,00,000 Equity Shares done clear
  D)
  40,000 Equity Shares done clear
  View Solution play_arrow

• question_answer56)
  Issued Share Capital:
  A)
  40,00,000 done clear
  B)
  24,00,000 done clear
  C)
  2,40,000 done clear
  D)
  24,000 done clear
  View Solution play_arrow

• question_answer57)
  Calculate amount and number of shares on which first and final call is not received:
  A)
  20,000 Equity Shares; Call not received Rs.60,000 done clear
  B)
  200 Equity Shares; Call not received Rs.600 done clear
  C)
  20,000 Equity Shares; Call not received Rs.20,000 done clear
  D)
  2,000 Equity Shares; Call not received Rs.6,000 done clear
  View Solution play_arrow

• question_answer58)
  Calculate the amount of Share Capital to be shown in the Balance Sheet?
  A)
  Rs.19,94,000 done clear
  B)
  19,80,000 done clear
  C)
  19,66,000 done clear
  D)
  19,74,000 done clear
  View Solution play_arrow

• question_answer59)
  You are required to answer the following questions 59 to 62 :

  Gagan Ltd. has an Authorised Capital of Rs.15,00,000 divided into Equity Shares of Rs.10 each. Company offered 1,10,000 shares to Public for subscription. Applications were received for 1,00,000 shares and full allotment was made to all the applicants.
  Issue price was payable as:	On Application Rs.5 along with Securities Premium Rs.2
  	On Allotment Rs.3
  	On First & Final Call Rs.2
  Anurag who applied for 1500 Equity Shares failed to pay allotment and first & final call. Other shareholder Nilesh who applied for 1,000 shares failed to pay the first & final call.
  Shares of Anurag were forfeited after the call and out of the forfeited shares 60% were reissued at Rs.7 per share fully paid up.
  Number of shares to be shown under the Subscribed capital and Fully paid up:

  A)
  98,500 Equity Shares done clear
  B)
  99,400 Equity Shares done clear
  C)
  98,400 Equity Shares done clear
  D)
  99,000 Equity Shares done clear
  View Solution play_arrow