Accounting for Issue of Shares – Corporate and Management Accounting MCQ

The following data is available from the records of NS Ltd.Issued capital ₹ 2,00,000Call in arrear ₹ 10,000P&L credit balance (1.4.2018) ₹ 67,000Profit for the year ₹ 1,90,610The company wants to create a debenture redemption reserve and transfer ₹ 50,000 every year.The company declared a 10% dividend.The balance of surplus after effecting the above transaction =?

The Director of NSZ Ltd. made a final call of? 50 per share on 1 st August 2015 indicating the last date of payment of call to be 31st August 2015. Mr. Black holding 8,000 shares paid the call money on 15 June 2015 along with first call-in advance. The company has a policy of paying interest on calls-in- advance as per Table F of Schedule I to the Companies Act, 2013. Interest in calls-in-advance =?

The Director of ZPA Ltd. made a final call of ₹ 50 per share on 1 st August 2015 indicating the last date of payment of call to be 31st August 2015. Mr. Black holding 5,000 shares paid the call money on 15 October 2015. The company has a policy of paying interest on calls-in-arrear as per Table F of Schedule I to the Companies Act, 2013. Interest on calls-in-arrear =?

W Ltd. issued 2,00,000 shares of ₹ 100 each at a premium of 20% on May 1, 2015, payable as follows:On application (including pre- 7 45 mm)On allotment ₹ 25On the first & final call ₹ 50Sunil to whom 10,000 shares were allotted, has paid ₹ 5,00,000 on June 1, 2015. At the time of remitting the allotment money, he indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2015. The company has a policy of paying interest on calls-in-advance as per Table F of Schedule I to the Companies Act, 2013. The amount of interest paid to Sunil on Calls-in-Advance will be

On 1.1.2015, X Ltd. marks an issue of ₹ 1,00,000 equity shares of ₹ 100 each payable as follows:Application ₹ 20Allotment ₹ 30Final call ₹ 50 (3 months after allotment)Applications were received for 1,20,000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2,000, shares paid the first and final call with allotment money and another shareholder did not pay allotment money on his 3,000 shares but which he paid with the first and final call. Directors have decided to charge and allows interest, according to Table F of Schedule I to the Companies Act, 2013. Interest in calls-in-advance =?

X Ltd. forfeited 200 equity shares of ₹ 10 each, ₹ 8 called-up for non¬payment of first call money @ ₹ 2 each. Application money @ ₹ 2 per share and allotment money @74 per share has already been received by the company. Out of these 150 shares were reissued at ₹ per share as showing ₹ 8 paid up.On reissue amount to be transferred to capital reserve account =?

W Ltd. forfeited 400 equity shares of ₹ 10 fully called-up, held by Mr. P for non-payment of final of ₹ 3 each. However, he paid application money (5) ₹ 2, Allotment ₹ 2, and first call ₹ 3 per share. These shares were reissued at ₹ 73 each.On reissue amount to be transferred to capital reserve account =?

W Ltd. forfeited 400 equity shares of ₹ 10 fully called-up, held by Mr. P for non-payment of final of ₹ 3 each. However, he paid application money @ ₹ 2, Allotment ₹ 2, and first call ₹ 3 per share. These shares were reissued at ₹ 7 each.On reissue amount to be transferred to capital reserve account =?

W Ltd. forfeited 400 equity shares of ₹ 10 fully called-up, held by Mr. P for non-payment of final of ₹ 3 each. However, he paid application money @ ₹ 2, Allotment ₹ 2, and first call ₹ 3 per share. These shares were reissued at 7 ids each.On reissue amount to be transferred to capital reserve account =?

T Ltd. forfeited 500 equity shares of ₹ 10 fully called-up, held by Mr. Ram for non-payment of allotment money of ₹ 5 (including ₹ 2 premium), the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share. These shares were reissued at ₹ 13 each.On reissue amount to be transferred to capital reserve account =?

T Ltd. forfeited 500 equity shares of ₹ 10 fully called-up, held by Mr. Ram for non-payment of allotment money of ₹ 5 (including ₹ 2 premium), the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share. These shares were reissued at ₹ 9 each.On reissue amount to be transferred to capital reserve account =?

T Ltd. forfeited 500 equity shares of ₹ 10 fully called-up, held by Mr. Ram for non-payment of allotment money of ₹ 5 (including ₹ 2 premium), the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share. These shares were reissued at ₹ 70 each.On reissue amount to be transferred to capital reserve account =?

R Ltd. forfeited 300 equity shares of ₹ 10 fully called-up, held by Mr. X. for non-payment of the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share and allotment money @ ₹ 3 per share. These shares were reissued at 12 each. Amount to be transferred to Capital Reserve Account =?

R Ltd. forfeited 300 equity shares of ₹ 10 fully called-up, held by Mr. X for non-payment of the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share and allotment money @ ₹ 3 per share. These shares were reissued at ₹ 7 each. Amount to be transferred to Capital Reserve Account =?

R Ltd. forfeited 300 equity shares of ₹ 10 fully called-up, held by Mr. X for non-payment of the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @ ₹ 2 per share and allotment money @ ₹ 3 per share. These shares were reissued at ₹ 10 each. Amount to be transferred to Capital Reserve Account =?

R Ltd. forfeited 300 equity shares of ₹ 10 fully called-up, held by Mr. X for non-payment of the first call of ₹ 2 and final of ₹ 3 each. However, he paid application money @72 per share and allotment money @ ₹ 3 per share. At the time of forfeiture Share Capital A/c will be credited by

Q Ltd. had allotted ₹ 1,00,000 shares to the applicants of ₹ 1,40,000 shares on a pro-rata basis. The amount payable on the application is ₹ 2. Mr. N applied for ₹ 4,200 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from Mr. N =?

S Ltd. acquired fixed assets worth ₹ 15,00,000 by the issue of shares of ₹ 100 at a premium of 25%. The number of shares to be issued by S Ltd. to settle the purchase consideration =?

X was issued 100 shares of ₹ 10 each at a premium of ₹ 1, he paid application money which in total amounted to ₹ 5 (excluding premium), and failed to balance call money of ₹ 5. Find the maximum discount that can be given at the time of re-issue of shares.

R Ltd. purchased the business of C Ltd. for ₹ 2,70,000 payable in fully paid shares. R Ltd. allotted equity shares of ₹ 10 each fully paid in satisfaction of the claim by C Ltd. Such shares are issued at a premium of 20%. A number of shares to be issued by R Ltd. to settle the purchase consideration =?

R Ltd. purchased the business of C Ltd. for ₹ 2,70,000 payable in fully paid shares. R Ltd. allotted equity shares of ₹ 10 each fully paid in satisfaction of the claim by C Ltd. Such shares are issued at par. The number of shares to be issued by R Ltd. to settle the purchase consideration =?

The following information pertains to X Ltd.Called-up share capital = ₹ 5,00,000Calls-in-arrear = ₹ 40,000Calls-in-advance = ₹ 25,000Proposed dividend =1596The amount of dividend payable is______

N Ltd. has allotted 10,000 shares to the applicants of 14,000 shares on a pro-rata basis. The amount payable on the application is ₹ 2. Ram applied for 420 shares. The number of shares allotted and amount carried forward for adjustment against allotment –

An Ltd. acquired assets worth ₹ 71,25,000 from H Ltd. by the issue of shares of ₹ 10 @ premium of ₹ 25%. The number of shares issued to settle the purchase consideration will be

The subscribed share capital of S Ltd. is ₹ 80,00,000 of 1100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to ₹ 62,500. The final call per share = ?

Which of the following security can be forfeited for non-payment of allotment or call money?(I) Equity Shares(II) Equity Shares, Preference Shares(III) Preference Shares, Equity Shares & Debentures(IV) Debentures

_____may be said to be the compulsory termination of membership by way of penalty for non-payment of allotment and/or any call money.

A company may allot fully paid shares to promoters or any other party for the services rendered by them, share capital account is credited and debited.

Balance of interest on calls-on- advance account is transferred to the at the end of the year.

Balance of interest on the calls-in-arrear account is transferred to at the end of the year.

Interest on calls-in-advance is paid for the period from the –

As per Table F of Schedule I to the Companies Act, 2013, interest on calls in arrear can be received at p.a.

As per Table F of Schedule I of the Companies Act, 2013, interest on calls in advance can be paid at p.a.

______paid on calls-in-advance.

If authorized by the company may receive from a shareholder the amount remaining unpaid on shares, even though the amount has not been called up which is known as calls-in-advance.

In case of oversubscription of shares each applicant receives the shares in some proportion, it is known as –

If the number of shares applied for is more than the number of shares issued the shares are said to be –

If the number of shares issued is more than the number of shares applied the shares are said to be –

Amount due on calls made but not paid is known as –

Amount received as calls-in-advanceis a of the company.

Which of the following Table of Schedule I to the Companies Act, 2013 contains the provisions relating to Calls-in-Advance & Calls-in-Arrears?

Which of the following type of security can be issued at discount as per the Companies Act, 2013?(1) Equity Shares(2) Sweat Equity Shares(3) Preference Shares(4) Debentures(5) Bonds

Securities premium account must be shown separately on the liabilities side of the balance sheet under the heading

Premium on issue of shares must be credited to a separate account called

Premium on issue of shares must be treated as