Self Studies
Self Studies
Self Studies
Self Studies

Accounting for share Capital Test - 44

Result Self Studies

Accounting for share Capital Test - 44
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    T Ltd. forfeited 500 equity shares of Rs. 10 fully called-up, held by Mr. Ram for non-payment of allotment money of  Rs. 5 (including Rs. 2 Premium), first call of Rs. 2 and final call of Rs. 3 each. However, he paid application money @ Rs. 2 per share. These shares were reissued at Rs. 113 each. On reissue, amount to be transferred to Capital Reserve Account will be _____.
  • Question 2
    1 / -0
    N Ltd. has allocated 10,000 shares to the applicants of 14,000 shares on pro rata basis. The amount payable on application is Rs. 2. Ram applied for 420 shares. The number of shares allocated and amount carried forward for adjustment against allotment will be_____.
  • Question 3
    1 / -0
    A Ltd. acquired assets worth Rs. 71,25,000 from H Ltd. by issue of shares of Rs. 10 @ premium of 25%. The number of shares issued to settle the purchase consideration will be ____.
  • Question 4
    1 / -0
    W Ltd. forfeited 400 equity shares of Rs. 10 fully called-up, held by Mr. P for non-payment of final of Rs. 3 each. However, he paid application money @ Rs. 2, Allotment at Rs. 2 and First call at Rs. 3 per share. These shares were reissued at Rs. 13 each. On reissue, amount to be transferred to Capital Reserve Account will be _____.
  • Question 5
    1 / -0
    X Ltd. forfeited 200 equity shares of Rs. 10 each, Rs. 8 called-up for non-payment of first call money @ Rs. 2 each. Application money @ Rs. 2, Allotment money @ Rs. 4 per share have already been received by the company. Out of these, 150 shares were reissued at Rs. 7 per share as showing Rs. 8 paid up. On reissue, amount to be transferred to Capital Reserve Account will be _____.
  • Question 6
    1 / -0
    W Ltd. forfeited 400 equity shares of Rs. 10 fully called-up, held by Mr. P for non-payment of final of Rs. 3 each. However, he paid application money @ Rs. 2, Allotment at Rs. 2 and First call at Rs. 3 per share. These shares were reissued at Rs. 10 each. On reissue, amount to be transferred to Capital Reserve Account will be _____.
  • Question 7
    1 / -0
    T Ltd. forfeited 500 equity shares of Rs. 10 fully called-up, held by Mr. Ram for non-payment of first call of Rs. 5 and final of Rs. 3 each. However, he paid application money @ Rs. 2 per share. These shares were reissued at Rs. 10 each. On reissue, amount to be transferred to Capital Reserve Account will be _____.
    Solution
    Here, 500 shares were forfeited of Rs 10 each and there was non-payment of Rs 5 on the first call and Rs 3 on final which makes total non-payment to be Rs 8 per share which makes it Rs 4000.
    The application money was paid at Rs 2 per share i.e. total of Rs 1000. 
    The non-paid share was reissued at Rs 10 each i.e. Rs 5000.
    So, the amount to be transferred to the capital reserve account will be calculated after deducting the amount on unpaid shares from reissued shares.
    i.e. Rs 5000- Rs 4000 i.e. Rs 1000.
    Hence, D is the correct option.
  • Question 8
    1 / -0
    T Ltd. forfeited 500 equity shares of Rs. 10 fully called-up, held by Mr. Ram for non-payment of allotment money of Rs. 5 (including Rs. 2 Premium), first call of Rs. 2 and final of Rs. 3 each. However, he paid application money @ Rs. 2 per share. These shares were reissued at Rs. 9 each. On reissue, amount to be transferred to Capital Reserve Account will be ____.
  • Question 9
    1 / -0
    D Ltd. issued 1,00,000 equity shares of Rs 10 each at a premium of Rs. 2 per share. The amount payable was Rs. 2 on application, Rs. 5 on allotment (including premium) & rest on first & final call. Applications were received for 1,20,000 shares. Excess application money was refunded to applications. All monies due were received except the allotment and first & final call monies on 1,000 shares. These shares were forfeited and reissued at Rs 9 per share.
    On receipt of application money, Bank Account will be debited by ______.
  • Question 10
    1 / -0
    Alex forfeited 100 shares of Rs. 10 each issued. At a premium of 20% (to be paid at the time of application money) on which allotment money of Rs. 4 and first call money of Rs. 3 were not received, the final call money of Rs. 2 is not yet called. These shares were originally allotted in the ratio of 4:5. These shares were subsequently re-issued at a discount of Rs. 1 per share, credited as Rs. 8 paid-up. On reissue, amount to be transferred to Capital Reserve Account will be _____.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now