Scribd
Upload
14 views

Shares Practice Ws

Uploaded by

harshkushwaha.7106
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
14 views

Shares Practice Ws

Uploaded by

harshkushwaha.7106
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

SETH ANANDRAM JAIPURIA SCHOOL, SHAHEED PATH, LUCKNOW

SESSION: 2024-25
WORKSHEET
CLASS – XII
CHAPTER – SHARE CAPITAL.

1. The forfeited shares can be reissued at:


(a) Par (b) Premium
(c) Discount (d) All of them
2. Ordinary shares are also called:
(a) Equity shares (b) Founder's shares
(c) Deferred shares (d) Preference shares
3. Forfeited amount is credited to
(a) Share premium (b) Share capital
(c) Forfeited shares (d) None of these
4. The maximum amount with which the company is registered is called.
(a) Authorized Share Capital (b) Issued Share Capital
(c) Paid up capital (d) Called up capital
5. A company forfeited 3,000 shares of `10 each (which were issued at par) held
by Kishore for non-payment of allotment money of `5 per share. The called up
value per share was `8 on forfeiture, the amount debited to share capital -
(a) `30,000 (b) `24,000
(c) `15,000 (d) `6,000
6. Z limited issued shares of `100 each at a premium of 10%. Premium is to be
adjusted with allotment. Mr. Q holding 500 shares paid ` 20 on application but
did not pay the allotment money of `30. If the company forfeited his 30% shares
immediately after allotment, the share forfeiture account will be credited by–
(a) `4,500 (b) `3,500
(c) `1,650 (d) `3,000
7. Mithas Limited was formed with share capital of `50,00,000 divided into 50,000 shares of `100 each. 9,000 shares
were issued to the vendor as fully paid for purchase consideration of a furniture acquired. 30,000 shares were
allotted in payment of cash on which `70 per share was called and paid. State the amount of subscribed capital.
(a) `50,00,000 (b) `30,50,000
(c) `30,00,000 (d) `20,00,000
8. The directors of Neelkamal Ltd. forfeited 70,000 equity shares of `10 each, `10 called up. For non-payment of final
call of `1 per share, half of the forfeited shares were reissued at `20 per share fully paid up. On reissue of forfeited
shares, the following amount will be transferred to the Capital Reserve Account–
(a) `70,000 (b) `42,000
(c) `1,40,000 (d) `3,15,000

9. A company issued 1,500 equity shares of ₹ 40 each at par, payable as follows: 25% on application, 50% on
allotment, and the balance on the first and final call. Applications were received for 3,000 shares, and
shares were allotted on a pro-rata basis. How much amount will be received in cash on allotment?
(a) ₹ 15,000
(b) ₹ 7,500
(c) ₹ 9,000
(d) ₹ 10,000

10. Starling Enterprises issued 15,000 equity shares of ₹ 20 each at a premium of ₹ 4 payable along with the
application. All the shares were applied for and fully allotted. What will be the total amount collected at
the time of application?

(a) ₹ 3,00,000
(b) ₹ 3,60,000
(c) ₹ 3,80,000
(d) ₹ 3,20,000

11. A company issued shares with the following amounts payable: ₹ 5 on application, ₹ 4 on allotment, ₹ 3 on
the first call, and ₹ 2 on the final call. Rajesh, holding 150 shares, paid only the application and allotment
money, while Suresh, holding 120 shares, did not pay the first call. What will be the total amount of calls-
in-arrear?

(a) ₹ 780
(b) ₹ 960
(c) ₹ 1,320
(d) ₹ 1,080

12. A company issued 10,000 shares of ₹ 100 each payable as follows: ₹ 20 on application, ₹ 40 on allotment, ₹
20 on first call, and ₹ 20 on the final call. If Ram, holding 300 shares, did not pay the first call and final call,
what will be the total amount of calls-in-arrear?

(a) ₹ 12,000
(b) ₹ 15,000
(c) ₹ 10,000
(d) ₹ 18,000

1. A company forfeited 5,000 shares of ₹ 12 each, on which ₹ 8 were called (including ₹ 2 as premium) and ₹ 6
was paid (including ₹ 2 as premium). Out of these, 3,000 shares were reissued at the maximum possible
discount. Pass the necessary journal entries.

2. Z Ltd. took over the assets of ₹ 18,00,000 and liabilities of ₹ 7,00,000 of A Ltd. for a purchase consideration
of ₹ 15,50,000. ₹ 50,000 was paid by issuing a cheque to A Ltd., payable after one month, and the remaining
amount was paid by issuing Equity shares of ₹ 100 each at a premium of 20%. Pass the necessary journal
entries for the above transaction in the books of Z Ltd.

3. PQR Ltd. forfeited 3,500 shares of ₹ 15 each on which ₹ 9 were called (including ₹ 3 as premium), and ₹ 6
was paid (including ₹ 3 as premium). Out of these, 2,000 shares were reissued at the maximum possible
discount. Pass the necessary journal entries.
4. M Ltd. acquired the assets of ₹ 10,00,000 and liabilities of ₹ 4,00,000 from N Ltd. for a purchase
consideration of ₹ 8,00,000. ₹ 30,000 were paid in cash to N Ltd., and the balance was settled by issuing Equity
shares of ₹ 50 each at a premium of 15%. Pass the necessary journal entries for the above transaction in the
books of M Ltd.

5. A company forfeited a certain number of shares with a Face Value of ₹12 each due to non-payment of the
final call money of ₹4 per share. Later, these shares were reissued at a discount of ₹5 per share. An amount of
₹2,500 was transferred to the Capital Reserve account from the forfeiture balance. Pass the necessary journal
entries to record these transactions and prepare the Share Forfeiture Account.

6. Alpha Ltd. forfeited 5,000 shares of ₹50 each issued at a 20% premium due to non-payment of allotment
money of ₹25 per share (including premium) and the first call of ₹10 per share. The second and final call of ₹5
per share was not yet called. Out of these, 3,000 shares were reissued at ₹40 paid up for ₹35 per share.

7. Omega Ltd. forfeited 4,000 shares of ₹20 each on which the first call of ₹5 per share was not received and
the second and final call of ₹4 per share was not yet called. Out of these, 2,500 shares were reissued to Meera
at ₹16 paid up for ₹18 per share.

8. Galaxy Ltd. forfeited 6,000 shares of ₹30 each issued at a 15% premium due to non-payment of allotment
money of ₹12 per share (including premium) and the first call of ₹5 per share. The second and final call of ₹8
per share was not yet called. Out of these, 4,000 shares were reissued at ₹22 paid up for ₹20 per share.

9. Nova Ltd. forfeited 2,500 shares of ₹25 each on which the first call of ₹7 per share was not received, and
the second and final call of ₹5 per share was not yet called. Out of these, 1,500 shares were reissued to Ravi at
₹20 paid up for ₹22 per share.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy