Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.
Question:- At the time of forfeiture of shares, share forfeited account will be credited with _____.
Option 1: Rs. 18,000
Option 2: Rs. 12,500
Option 3: Rs. 15,000
Option 4: Rs. 24,000
Correct Answer: Rs. 12,500
Solution : Answer = Rs. 12,500
Number of shares allotted = 2,500.
Application money = Rs.2 (excluding SPR)
Allotment money = Rs.3
Total money received after shares are forfeited = Rs.(2 + 3) X 2,500 = Rs.12,500 Shares.
Answer laterQuestion : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:
On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.
Applications were received for 1,10,000 shares. It was decided
(i) to refuse allotment to the applicants for 10,000 shares,
(ii) to allot 50% to X who has applied for 20,000 shares,
(iii) to allot in full to Y who has applied for 10,000 shares,
(iv) to allot balance of the available shares on pro rata basis among the other applicants, and
(v) to utilise excess application money in part payment of allotment and final call.
Question:- The amount that the company will transfer to call in advance
Option 1: Rs. 60,000
Option 2: Rs. 30,000
Option 3: Rs. 1,50,000
Option 4: None of these
Correct Answer: Rs. 30,000
Solution : Answer = Rs. 30,000
STATEMENT SHOWING DETAILS OF SHARES APPLICATION MONEY
|
Categories |
Shares |
Shares |
Application |
Disposal of Shares Application Money Received |
|||
|
Applied |
Allotted |
Money |
Share |
Shares |
Calls-in- |
Refund |
|
|
Received |
Capital |
Allotment |
Advance |
||||
|
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
|||
|
1 (Rejected) |
10,000 |
NIL |
30,000 |
30,000 |
|||
|
(10,000 x Rs.3) |
|||||||
|
II X |
20,000 |
10,000 |
60,000 |
30,000 |
30,000 |
||
|
(20,000 x Rs. 3) |
(10,000 x Rs. 3) |
(10,000 x Rs. 3) |
|||||
|
III Y |
10,000 |
10,000 |
30,000 |
30,000 |
|||
|
(10,000 x Rs. 3) |
(10,000 x Rs. 3) |
||||||
|
IV (Prorata) |
70,000 |
30,000 |
2,10,000 |
90,000 |
90,000 |
30,000 |
|
|
(Bal.Fig.) |
(Bal.Fig.) |
(70,000 x Rs. 3) |
(30,000 x Rs. 3) |
(30,000 x Rs. 3) |
(2,10,000 |
||
|
- 90,000 - 90,000) |
|||||||
|
Total |
1,10,000 |
50,000 |
3,30,000 |
1,50,000 |
1,20,000 |
30,000 |
30,000 |
Hence, the correct option is 2.
Question : S Ltd. issued 40,000 Shares of Rs. 10 each, for Rs. 12 each payable as under:
On application Rs. 2 per share, on allotment Rs. 5 per share (including premium), on first call Rs. 2 per share and on second and final call Rs. 3 per share.
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, remaining applications being refused. Money overpaid on application was applied towards amount due on allotment.
A, to whom 1,600 shares were allotted, failed to pay the allotment money and B, to whom 2,000 shares were allotted, failed to pay two calls. These were subsequently forfeited after the second and final call.
Question:- At the time of forfeiture of shares, share forfeited account will be credited _______.
Option 1: Rs. 13,840
Option 2: Rs. 10,000
Option 3: Rs. 11,600
Option 4: None of these
Correct Answer: Rs. 13,840
Solution : Answer = Rs. 13,840
Equity Share Capital A/c Dr. 16,000
Securities Premium A/c Dr. 3,200
To Share Forfeiture A/c 3,840
To Equity Share Allotment A/c 7,360
To Equity Share first Call A/c 3,200
To Equity Share Second and Final Call A/c 4,800
(1,600 shares held by Ram forfeited for the non-payment amount due including premium)
Equity Share Capital A/c Dr. 20,000
To Equity Share Forfeiture A/c 10,000
To Equity Share First Call A/c 4,000
To Equity Share Second and Final Call A/c 6,000
(2,000 shares held by Shyam forfeited for non-payment of amount due)
Therefore, the total amount credited to the Share Forfeiture A/c = Rs.3,840 + Rs.10,000 = Rs.13,840.
Hence, the correct option is 1.
Question : CRM in the context of software applications means:
Option 1: Customer's Relatives Meet
Option 2: Channel Route Market
Option 3: Customer Relationship Management
Option 4: Customer Retention Manager
Correct Answer: Customer Relationship Management
Solution : The correct option is Customer Relationship Management.
CRM stands for "Customer Relationship Management" in the context of software applications. CRM refers to a class of software tools and solutions that assist organisations in managing and improving their interactions and connections with customers and potential customers. CRM software often serves as a centralised platform for gathering, storing and analysing customer data and interactions.
Question :
Good Co. Ltd. invited applications for 1,00,000 shares of Rs. 10 each payable:
Rs. 3 on application, Rs. 3 on allotment and the balance when required. Applications were received for 1,20,000 shares out of which applications for 1,00,000 shares were accepted and the remaining applications were rejected. Allotment money was received for 99,500 shares.
On the basis of the above information, choose the correct option to the following question.
Question:- Amount refunded will be ____________.
Option 1: Rs. 80,000
Option 2: Rs. 60,000
Option 3: Rs. 2,00,000
Option 4: None of theses
Correct Answer: Rs. 60,000
Solution : Answer = Rs. 60,000
Application money = Rs.3.
Excess shares = Shares applied - Shares allotted = 1,20,000 - 1,00,000 = 20,000 shares.
Amount refunded = 20,000 X Rs.3 = Rs.60,000.
