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Test: Issue, Forfeiture And Reissue Of Shares - 2 - Commerce MCQ


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30 Questions MCQ Test Accountancy Class 12 - Test: Issue, Forfeiture And Reissue Of Shares - 2

Test: Issue, Forfeiture And Reissue Of Shares - 2 for Commerce 2024 is part of Accountancy Class 12 preparation. The Test: Issue, Forfeiture And Reissue Of Shares - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Issue, Forfeiture And Reissue Of Shares - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Issue, Forfeiture And Reissue Of Shares - 2 below.
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Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 1

A purchased a Machinery for Rs. 1,80,000 for which he is paying shares of Rs. 100 each at 10% discount. How many shares will be given as consideration?

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 2

According to Section 78 of the companies Act, the amount in the Securities Premium A/c cannot be used for the purpose of :

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 3

10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs. 2 per share. Application were received for 12,000 shares. Amount of securities premium account will be : 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 4

A company issued 20,000 preference shares at the rate of Rs. 100 each at 5% premium and 2,00,000 equity shares at the rate Rs. 10 each at 10% premium. What is the net amount of securities premium?

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 5

Voluntary return of shares for cancellation by the shareholders is called: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 6

The amount received over and above the par value is credited to which account?

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 7

A company forfeited 100 equity shares of Rs. 100 each issued at premium of 50% (to be paid at the time of allotment) on which the first call money of Rs. 30 per share was not received, final call of Rs. 20 is yet to be made. These shares were subsequently reissued @ Rs. 70 per share at Rs. 80 paid up. The amount credited to capital reserve is: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 8

Right shares are issued to :

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 9

If the issue size is up to Rs. 500 crores, the issued shares should be made fully paid up within ______ of the date of allotment: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 10

A company issued 5,000 shares of Rs. 10 each at 20% premium payable as follows : Application – Rs. 2, Allotment Rs. 5 (including premium) and First and Final Call- Rs. 5. A holder of 200 shares failed to pay the First and Final Call. His shares were forfeited. Calculate the amount to be credited to Share Forfeiture Account. 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 11

When full amount is due on any call but it is not received, then the shortfall is debited to-

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 12

X was issued 100 shares of Rs. 10 each at a premium of Re.1, he paid application money and allotment money which in total amounted to Rs. 5 (excluding premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time reissue of shares: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 13

If a company is not able to refund the excess amount of share within the reasonable time. The Company will give them Interest @: 

Detailed Solution for Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 13

The company usually issues a limited number of shares but public subscribes for shares more than issued by the company. The excess amount received by the company on such shares has to be returned within 30 days to shareholders with a notice. If the company fails to pay back the excess amount within the time limit, a 15% interest has to be paid on the excess amount and this statement has been clarified by the companies act 2013 too under its section 67A.

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 14

Dividends are usually paid upon:

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 15

X purchased the running business of A for Rs. 60,000. In place of cash he discharged the purchase consideration by issue of equity shares of Rs. 10 each at 20% premium. Find the number of shares to be issued ?

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 16

 The difference between Subscribed capital and called up Capital is called: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 17

Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on application and Rs. 3 on allotment. He did not pay Rs. 2 on first call. His shares are forfeited subsequently after first call. Share capital will be debited by_______

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 18

Reserve share capital means: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 19

At the time of forfeiture, Share Capital Account is debited with: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 20

The rate of interest on calls-in-advance is paid at A rate of:

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 21

Asha Ltd. issued shares of Rs. 100 each at a premium of 25%. Mamta who has Rs. 2,000 shares of Asha Ltd., failed to pay first and final call totaling Rs. 5. Premium was taken at the time of allotment by the company. On forfeiture of Mamta’s shares, the amount to be debited to share Premium account will be: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 22

A to whom 100 shares of Rs. 10 each were allotted at par, paid Rs. 3 on allotment and Rs. 3 on application but could not pay the first and final call money of Rs. 4. His shares were forfeited by directors. The amount to be credited to share forfeited account will be:

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 23

 Securities premium is shown under which head in the balance sheet. 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 24

A Ltd. forfeited 1000 equity shares of Rs. 10 each issued at a discount of 10%. For non –payment of first call of Rs. 2 and second call of Rs. 3 per share. For recording this forfeiture, calls in arrear will be credited by: 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 25

 Share allotment account is a : 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 26

A company makes an issue of 10,000 equity shares of Rs. 100 each, payable as follows :On application and allotment Rs.50On first call Rs. 25On second and final call Rs. 25Members holding 400 shares did not pay the second call and the shares were duly forfeited 300 of which are reissued as fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be: 

Detailed Solution for Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 26

First, let's calculate the total amount received from the re-issue of 300 forfeited shares.

Reissue Amount = 300 shares * Rs. 80 per share = Rs. 24,000

Now, let's calculate the total amount paid on the forfeited shares before they were forfeited.

Amount paid on application and allotment = 400 shares * Rs. 50 = Rs. 20,000
Amount paid on first call = 400 shares * Rs. 25 = Rs. 10,000

Total amount paid on forfeited shares = Rs. 20,000 + Rs. 10,000 = Rs. 30,000

Since the 300 reissued shares are considered fully paid, the amount paid on these shares before forfeiture is equal to the amount that should have been paid if the second call had been made.

Amount that should have been paid = 300 shares * Rs. 100 = Rs. 30,000

Since the reissue amount (Rs. 24,000) is less than the amount that should have been paid (Rs. 30,000), the difference is transferred to the capital reserve.

Amount transferred to capital reserve = Rs. 30,000 - Rs. 24,000 = Rs. 6,000

Therefore, the amount transferred to the capital reserve is Rs. 6,000.

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 27

Following are the information related to G Ltd.:
(i) Equity share capital paid up Rs. 2,85,000
(ii) Calls in advance Rs. 10,000
(iii) Calls in arrear Rs. 15,000
(iv) Proposed dividend 20%
The amount of dividend payable:

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 28

Share premium is utilized for this purpose : 

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 29

The minimum subscription as prescribed by SEBI against the entire issue is :

Test: Issue, Forfeiture And Reissue Of Shares - 2 - Question 30

X Ltd. Allotted 10,000 shares to the applicants of 14,000 shares on prorate basis. O applied for 840 shares. What is the number of shares allotted to him. If application money is @ Rs. 2 then what will be is amount transferred to further calls. _______.

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