Question : Y  Ltd. invited applications for issuing 500, 12% debentures of Rs.100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 600 debentures were received. Pro-rata allotment was made to all the applicants assuming that the whole amount was payable with application.

Question:-  Discount on issue of debenture account will be _____.

Option 1: Debited by Rs. 3,000

Option 2: Debited by Rs. 2,500

Option 3: Credited by Rs. 2,500

Option 4: Credited by Rs. 3,000
 

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:- Amount received at the time of First and Final call is _______.

Option 1: Rs. 2,37,500

Option 2: Rs. 2,50,000

Option 3: Rs. 2,22,000

Option 4: Rs. 2,38,000

Question :

To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the company decided to issue 8,50,000 equity shares of  Rs. 10 each at a premium of  Rs. 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro rata basis.

On the basis of the above information, choose the correct option to the following question.

Question:-  Share capital will be credited by 

Option 1: Rs. 85,00,000

Option 2: Rs. 26,00,000

Option 3: Rs. 14,95,000

Option 4: None of theses

Question : On 1st April, 2019, amita  Ltd. issued 30,000 Equity Shares of  Rs. 10 each at a premium of  Rs. 4 per share, payable as follows:

 Rs. 6 on application (including  Rs. 1 premium),

 Rs. 2 on allotment (including  Rs. 1 premium),

 Rs. 3 on first call (including  Rs. 1 premium), and

 Rs. 3 on second and final call (including  Rs. 1 premium).

Applications were received for 45,000 shares, of which applications for 9,000 shares were rejected and their money was refunded. Rest of the applicants were issued shares on pro rata basis and their excess money was adjusted towards allotment.

Hari, to whom 600 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Mohan, who applied for 1,080 shares failed to pay the two calls and on his such failure, his shares were forfeited.

1,200 forfeited shares were reissued as fully paid-up on receipt of  Rs. 9 per share, the whole of Mohan's shares being included.

Question:- Amount received on allotment will be:

Option 1: Rs. 60,000

Option 2: Rs. 24,000

Option 3: Rs. 23,520

Option 4: Rs. 36,000

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:- Excess application money adjusted against the amount due on allotment is _____.

Option 1: Rs. 3,60,000

Option 2: Rs. 1,20,000

Option 3: Rs. 2,10,000

Option 4: None of these

Question :

On 1st April, 2019, amita  Ltd. issued 30,000 Equity Shares of  Rs. 10 each at a premium of  Rs. 4 per share, payable as follows:

 Rs. 6 on application (including  Rs. 1 premium),

 Rs. 2 on allotment (including  Rs. 1 premium),

 Rs. 3 on first call (including  Rs. 1 premium), and

 Rs. 3 on second and final call (including  Rs. 1 premium).

Applications were received for 45,000 shares, of which applications for 9,000 shares were rejected and their money was refunded. Rest of the applicants were issued shares on pro rata basis and their excess money was adjusted towards allotment.

Hari, to whom 600 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Mohan, who applied for 1,080 shares failed to pay the two calls and on his such failure, his shares were forfeited.

1,200 forfeited shares were reissued as fully paid-up on receipt of  Rs. 9 per share, the whole of Mohan's shares being included.

Question:- Amount due but not paid by hari at the time of allotment will be:

Option 1: Rs. 720

Option 2: Rs. 1,200

Option 3: Rs. 480

Option 4: Nil

Question : To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the company decided to issue 8,50,000 equity shares of  Rs. 10 each at a premium of  Rs. 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro rata basis.

On the basis of the above information, choose the correct option for the following question

Question:-  Amount refunded ___________.

Option 1: Rs 1,49,50,000

Option 2: Rs 11,50,000

Option 3: Rs 25,50,000

Option 4: None of theses 

Question : A supercomputer would be used for which one of the following applications?

Option 1: Business computing

Option 2: Desktop publishing

Option 3: Weather forecasting

Option 4: Computer-aided designing

Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:-  At the time of forfeiture of Ganesh’s share, forfeited share account will be ___________.

Option 1: Credited with Rs. 12,000

Option 2: Credited  with Rs. 24,000

Option 3: Credited with Rs. 9,000

Option 4: None of the above

Question : Y Ltd. invited applications for issuing 500, 12% debentures of Rs.100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 600 debentures were received. Pro-rata allotment was made to all the applicants assuming that the whole amount was payable with application.

Question:-  When application money is received, Bank Account will be debited by ________.

Option 1: Rs. 60,000

Option 2: Rs. 57,500
 

Option 3: Rs. 57,000

Option 4: Rs. 58,500