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Accounting for share Capital Test - 14

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Accounting for share Capital Test - 14
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  • Question 1
    1 / -0
    In case of a company Buy Back is related to:
  • Question 2
    1 / -0
    A Ltd. issued shares of $$Rs. 10$$ each at a discount of $$10$$%. Mr. B purchased $$60$$ shares and paid $$Rs. 2$$ on application but did not pay the allotment money of $$Rs. 3$$. If the company forfeited his entire shares, the forfeiture account will be credited by _____________.
    Solution
    Share application money of Mr B = 60 shares @ 2 i.e. Rs.120
    On non-payment of allotment money , value forfeited will be Rs 120.
  • Question 3
    1 / -0
    Use the following information for questions given ahead:
    B Ltd. was registered with a share capital of $$Rs. 2,00,00,000$$ divided into equity shares of $$Rs. 10$$ each. It issued $$Rs. 1,80,00,000$$ equity shares to the general public at par payable as to $$Rs. 3$$ on application, $$Rs. 3$$ on allotment and balance in $$2$$ equal calls. The public had subscribed for $$17,00,000$$ shares. Till $$31st$$ March, $$2006$$, only first call had been made. All the shareholders had paid up except Mr. C, a holder of $$50,000$$ shares, who did not pay the call money.
    B Ltd.'s Called-up Capital will be _______________.
  • Question 4
    1 / -0
    A company forfeited $$100$$ shares of $$Rs. 10$$ each owing to the default in the payment of share call money of $$Rs. 5$$ each. These shares were issued at $$Rs. 10$$ each, payable at $$Rs. 2$$ on application, $$Rs. 5$$ on allotment and the balance of $$Rs. 5$$ on call. The shares were then reissued to another shareholder at a price of $$Rs. 7$$ per share.
    The amount to be debited to forfeited shares account on account of discount on re-issue of shares would be ______________.
    Solution
    Discount on the re-issue of share= Rs. 3 per share
    The amount to be debited to Share forfeited A/c = Discount on the re-issue of share x No. of shares re-issued
                                                                                      = Rs.3 x 100 
                                                                                      = Rs. 300
    Therefore, B is the correct option. 
  • Question 5
    1 / -0
    Z Ltd. issued $$20,000$$ shares of $$Rs. 10$$ each. The called up value per share was $$Rs. 8$$. The company forfeited $$300$$ shares of Mr. A for non-payment of $$1st$$ call money of $$Rs. 2$$ per share. He paid $$Rs. 6$$ for application and allotment money. On forfeiture, the share capital account will be _________________.
  • Question 6
    1 / -0
    Consider the following information pertaining to the issue of shares of a company. The company issued shares of $$Rs. 10$$ each at a premium of $$Rs. 2$$ payable as:
    On application $$Rs. 3$$; On allotment $$Rs. 4$$ (including premium); On first call $$Rs. 3$$; On second and final call $$Rs. 2$$.
    Mrs. A who holds $$200$$ shares failed to pay the first call money. The company has forfeited these shares after the first call. On forfeiture, the amount debited to share capital account is ______________.
  • Question 7
    1 / -0
    If on a share of $$Rs. 100$$ where called up capital is $$Rs. 90$$, while the company received $$Rs. 80$$, the Capital Account should be credited with _____________.
  • Question 8
    1 / -0
    The directors of a company resolve to forfeit $$1000$$ Equity Shares of $$Rs. 10$$ each, $$Rs. 7.50$$ paid up. $$700$$ of these shares were reissued at $$Rs. 7.00$$ per share. The amount to be transferred to Capital Reserve would be ______________.
  • Question 9
    1 / -0
    TV Ltd. Had allotted 10,000 share to the applicants

    of 14,000 shares on pro-rata basis. The amount payable on application is 2. X

    applied for 420 shares. The number of shares allotted and the amount carried

    forward for adjustment against allotment money due from X=?
  • Question 10
    1 / -0
    Dividends are usually paid as a percentage of:
    Solution
    A capital dividend also called a return of capital, is a payment that a company makes to its investors that is drawn from its paid-in-capital or shareholders' equity. Regular dividends, by contrast, are paid from the company's earnings. The dividend is the distribution of profit to its shareholders. It is paid on the paid-up share capital. Dividends are not paid on calls in advance.
    Therefore, C is the correct answer.
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