corporate accounting-I

Star Ltd forfeited 1,000 shares of Rs.10 each (which were issued at parof Jeevan, a share holder of the company, for non payment of allotment money of Rs.4 per share. The called up value per share was Rs.7. On forfeiture, the amount debited to share capital:

• 9000

• 10000

• 7000

• 6000

Calculate the amount of second & final call when Ekta Ltd, issues Equity shares of ₹ 10 each at a premium of 40% payable on Application ₹ 3, On Allotment ₹ 5, On First Call ₹ 2.

• Second & final call ₹ 3.

• Second & final call ₹ 4.

• Second & final call ₹ 2

• Second & final call ₹ 1

Arrange the following in proper sequence as types of “Share Capital”

a) Paid up capital

b)Issued capital

c) Subscribed capital

d)Authorised capital

• 1. a) ,c) , d) , b)

• 1. d), b), c),a)    

• 1.  d), c) , b), a)

The profit on reissue of forfeited shares is transferred to :

• Share forfeited account

• Share capital

• Capital reserve

• Profit and loss account

Capital of a Company is divided in units which is called

• Debentures

• Stock

• Share

• Bonds

Preference shareholders have

• Preferential right in the management

• Preferential right as to repayment of capital at the time of liquidation of the company

• Preferential right as to dividend and repayment of capital at the time of liquidation of the Company

• None of the above

Forfeiture of shares results in the reduction of______.

Minimum subscription is required to issue shares is______.

If the premium on the forfeited share already received then SPR account should be

• Credited

• Debited

• No treatment

• None of the above

Reserve Capital is :

• Part of the uncalled capital which may be called only at the time of liquidation of the Company

• Subscribe capital

• Capital reserve

• Uncalled capital