Question : The allowed amount of discount on issue of shares will be________________.

Option 1: @ 10% of issue price

Option 2: Up to the amount of forfeited money

Option 3: Could not issue at discount

Option 4: None of these

Question : Sharma Ltd. forfeited 10,000 equity shares of 100 each for non-payment of the final call of 30 per share. what is the maximum discount that can be allowed at the time of re-issue of forfeited shares?

Option 1: Rs.7,00,000

Option 2: Rs.10,00,000

Option 3: Rs.12,00,000

Option 4: Rs.70,000

Question : Share Capital Account is debited with which amount at the time of forfieture of shares?

Option 1: the amount of face value of the shares

Option 2: the amount called up on the shares forfeited till the date of forfeiture

Option 3: paid-up value of shares as on the date of forfeiture

Option 4: market value of the shares as on the date of forfeiture of shares

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 : 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