12th Accountancy Monthly Test -4 ( Company accounts )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Monthly Test -4 ( Company accounts )-Aug 2020

Time : 2.30 Hours

Part - A

Generic 2 - Answer All Question

Bharath Ltd. issued 1,00,000 equity shares of Rs. 10 each to the public at par. The details of the
amount payable on the shares are as follows:

On application Rs.5 per share

On allotment Rs.3 per share

On first and final call Rs.2 per share

Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

What is over-subscription?

What is meant by calls in arrear?

What is a share?

Why are the shares forfeited?

Aruna Mills Ltd. with a registered capital ofRs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

Write a short note on securities premium account.

Khan Ltd. issued 50,000 shares of Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.

Thai Ltd. issued 1,00,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment Rs.2 on first call and Rs.1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Part - B

Generic 3 - Answer All Question

Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as rs.7 per share. Pass journal entries for forfeiture and reissue.

Write a short note on
(a) Authorised capital
(b) Reserve capital

Anitha was holding 500 equity shares of Rs.10 each of Thanjavur Motors Ltd, issued at par. She paid Rs.3 on application, Rs.5 on allotment but could not pay the first and final call of Rs.2. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.

Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

What is meant by issue of shares for consideration other than cash?

Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

What is reissue of forfeited shares?

Jeyam Tyres issued 15,000 ordinary shares of Rs.10 each payable as follows:
Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

Comment

Add Comment

On application	Rs.5 per share
On allotment	Rs.3 per share
On first and final call	Rs.2 per share

InstaQB

Institutions

12th Standard English Medium

12th Standard Tamil Medium

11th Standard English Medium

11th Standard Tamil Medium

10th Standard English Medium

9th Standard English Medium

8th Standard English Medium

7th Standard English Medium

Class XII

Class XI

12Th Standard

11Th Standard

10Th Standard

9Th Standard

12th Accountancy Monthly Test -4 ( Company accounts )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Monthly Test -4 ( Company accounts )-Aug 2020

Part - A

Generic 2 - Answer All Question

What is over-subscription?

What is meant by calls in arrear?

What is a share?

Why are the shares forfeited?

Write a short note on securities premium account.

Thai Ltd. issued 1,00,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment Rs.2 on first call and Rs.1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Part - B

Generic 3 - Answer All Question

Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as rs.7 per share. Pass journal entries for forfeiture and reissue.

Write a short note on (a) Authorised capital (b) Reserve capital

Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

What is meant by issue of shares for consideration other than cash?

Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

What is reissue of forfeited shares?

Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

Comment

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Write a short note on
(a) Authorised capital
(b) Reserve capital