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

Question : XYZ  Ltd. invited applications for issuing 1,00,000 equity shares of  Rs. 10 each at par. The amount was payable as follows:

On Application— Rs. 3 per share;

On Allotment— Rs. 4 per share; and

On First and Final Call— Rs. 3 per share.

The issue was oversubscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:

Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were reissued at  Rs. 15 per share fully paid-up.

Question:- What is the amount to be transferred to Capital Reserve?

Option 1: Rs.1,120

Option 2: Rs.1,920

Option 3: Rs.800

Option 4: None of the above 

Question : Narain Ltd. invited applications for issuing 7,500, 12% Debentures of Rs.100 each at a premium of Rs.35 per debenture. The full amount was payable on application. Applications were received for 10,000 debentures. Applications for 2,500 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants. 

Bank account will be debited by ___________.

Option 1: Rs 13,50,000

Option 2: Rs 7,50,000

Option 3: Rs 10,12,500

Option 4: None of the above 

Question : 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:- Total application money will refund will be:

Option 1: Rs. 60,000

Option 2: Rs. 30,000

Option 3: Rs. 1,50,000

Option 4: Rs. 20,000

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 excess application money is refunded, Bank Account will be credited by __________.

Option 1: Rs. 10,000
 

Option 2: Rs. 2,500
 

Option 3: Rs. 8,500

Option 4: Rs. 9,500

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:- At the time of allotment of shares, share capital will be credited with _______.

Option 1: Rs. 3,60,000

Option 2: Rs. 1,50,000

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 :

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:- Money Received on application is _____.

Option 1: Rs. 1,50,000

Option 2: Rs. 1,20,000

Option 3: Rs. 3,60,000

Option 4: Rs. 2,10,000