Accounting for share Capital Test - 39

M/s. ABC Ltd. forfeited $$20$$ shares of $$Rs. 10$$ each, $$Rs. 8$$ called up, on which $$X$$ has paid application an allotment money of $$Rs. 2$$ and $$Rs. 3$$ respectively. These shares were reissued to Y at $$Rs. 6$$ each fully paid. What was the balance in share forfeiture account before the shares were reissued?

Which of the following statement is false?

Use the following information for questions given ahead:
D Ltd. issued $$2,00,000$$ shares of $$Rs. 100$$ each at a premium of $$Rs. 20$$ per share payable as follows:
On application $$Rs. 20$$; On allotment $$Rs. 50$$ (including premium); On first call $$Rs. 30$$; On second and final call $$Rs. 20$$.
Applications were received for $$3,00,000$$ shares and pro-rata allotment was made to applications of $$2,40,000$$ shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. A, to whom $$4,000$$ shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and B, the holder of $$6,000$$ shares, failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, $$8,000$$ shares were reissued to C at a discount of $$10$$%, the whole of A's forfeited shares being reissued.
Amount received on application will be _______________.

The balance of Capital Redemption Reserve Amount is available for ______________________.

Discount allowed on the reissue of forfeited share cannot exceed:

Which of the following relationships is/are false?

Use the following information for questions given ahead:
D Ltd. issued $$2,00,000$$ shares of $$Rs. 100$$ each at a premium of $$Rs. 20$$ per share payable as follows:
On application $$Rs. 20$$; On allotment $$Rs. 50$$ (including premium); On first call $$Rs. 30$$; On second and final call $$Rs. 20$$.
Applications were received for $$3,00,000$$ shares and pro-rata allotment was made to applications of $$2,40,000$$ shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. A, to whom $$4,000$$ shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and B, the holder of $$6,000$$ shares, failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, $$8,000$$ shares were reissued to C at a discount of $$10$$%, the whole of A's forfeited shares being reissued.
Amount transferred to Share Forfeiture Account at the time of forfeiting A's share will be _________________.

The directors of a company made the final call of $$Rs. 30$$ per share on June $$15, 2004$$, indicating the last date of payment of call money to be June $$30,2004$$. Mr. X, holding $$5,000$$ shares, paid the call money on Aug. $$15, 2004$$.
According to Table A, the amount of interest on calls-in-arrear to be paid by shareholder will be _____________.

Which type of the following shares have the right to receive dividends unpaid in prior years, whenever earnings become adequate?

If XYZ Co. Ltd. forfeited $$10$$ shares of $$Rs. 10$$ each $$Rs. 7$$ called up, $$Rs. 5$$ paid on application, the amount to be forfeited is _________.