Question : ABC Ltd. forfeited 150 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share, for non-payment of allotment money of Rs. 8 per share (including premium of Rs. 5 per share), the first call of Rs. 2 per share and the final call of Rs. 3 per share. Out of these, 100 Equity Shares were reissued at Rs. 14 per share.
Question:- At the time of re-issue Securities Premium Account is credited by
Option 1: Rs. 200
Option 2: Rs. 400
Option 3: Rs. 150
Option 4: None of these
Correct Answer: Rs. 400
Solution : Answer = Rs. 400
Share Capital A/c (150 x Rs. 10) ...Dr.
1,500
Securities Premium Reserve A/c (150 x Rs. 5) ...Dr.
750
To Forfeited Shares A/c (150 x Rs. 2)
300
To Shares Allotment A/c (150 x Rs. 8)
1,200
To Shares First Call A/c (150 x Rs. 2)
To Shares Second and Final Call A/c (150 x Rs. 3)
(150 shares forfeited for non-payment of allotment and both the calls)
450
Bank A/c (100 x Rs. 14) ...Dr.
1,400
To Share Capital A/c (100 xT 10)
1,000
To Securities Premium Reserve A/c (100 x Rs. 4)
(Reissue of 100 of the forfeited shares @ Rs.14 per share)
400
Forfeited Shares A/c ...Dr.
To Capital Reserve A/c
(Gain on reissue of 100 shares transferred to Capital Reserve)
200
Question : Directions: If in a certain coding language, lo re ga indicates Bears Are Scary, sa ga pa indicates Kings Are Hungry, so du pa indicates Kings Will Die and bu so indicates They Die. What would bu du indicate in that code language?
Option 1: Hungry Are
Option 2: They Will
Option 3: Hungry die
Option 4: They die
Question : Directions: In a certain coding language, lo re ga indicates Doors Are Locked, sa ga pa indicates People Are Angry, so du pa indicates People Live Now, and bu so indicates Go Now. What would sa so indicate in that code language?
Option 1: Are Live
Option 2: People Live
Option 3: Angry Now
Option 4: Are Now
Question : The 1977 elections in India marked a significant shift as they:
Option 1: Led to the formation of the first coalition government at the Centre
Option 2: Resulted in the re-election of the Congress party
Option 3: Saw the introduction of electronic voting machines
Option 4: Witnessed the highest voter turnout in Indian history
Question : Comprehension: In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank. One’s options in this world are as (1) ___________________ as the horizon, which is technically a circle and thus (2) _______________ broad. Yet we must choose each step we take with (3) _______________ caution, for the footprints we leave (4) ___________ are as important as the (5) _____________ we will follow. They’re part of the same journey: our story. Select the most appropriate option to fill in the blank number 5.
Option 1: approach
Option 2: path
Option 3: manner
Option 4: custom
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