Question : If a share of face value Rs.20 issued a premium of Rs.2 per share payable along with final call of Rs.6, on which Rs.14 paid up against is forfeited and is reissued, it can be reissued at least for:
Option 1: Rs.20
Option 2: Rs.14
Option 3: Rs.6
Option 4: Rs.24
Correct Answer: Rs.6
Solution : The reissued amount will be the amount not received by the company. Here, Face Value – Paid up Value = Amount not received = Rs.20 – Rs.14 = Rs.6 will be the amount reissued at least. Hence, the correct option is 3.
Question : 500 shares of Rs.20 each on which first and final call of Rs.6 per share is not paid is forfeited. Out of these, 200 shares are reissued for Rs.14 per share fully paid up. The amount transferred to the capital reserve will be:
Option 1: Rs.2,000
Option 2: Rs.1,600
Option 3: Rs.1,000
Option 4: Rs.1,750
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:- Share Forfeiture Account will be credited by _________.
Option 1: Rs. 300
Option 2: Rs. 120
Option 3: Rs. 350
Option 4: Rs. 450
Question : Krishna Ltd. forfeited 2,000 shares of Rs. 20 each, fully called up, on which only application money of RS. 6 has been paid. Out of these 1,000 shares were reissued and Rs. 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.
Option 1: Rs 20 per share
Option 2: Rs 18 per share
Option 3: Rs 22 per share
Option 4: Rs 8 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
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