Question : Raghav Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application,  Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:

Rs. 84,000 were received as allotment money (excluding the amount carried from application money).

Question:-  Amount refunded will be:

Option 1: Rs. 36,000

Option 2: Rs. 96,000

Option 3: Rs. 60,000

Option 4: Rs. 30,000

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 : 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 : 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:-  At the time of forfeiture  of shares, share forfeited account will be:

Option 1: Rs. 1,000

Option 2: Rs. 1,120

Option 3: Rs. 1,500

Option 4: Rs. 1,400

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:-  At the time of forfeiture  of shares, share forfeited account will be:

Option 1: Rs. 1,000

Option 2: Rs. 1,120

Option 3: Rs. 1,500

Option 4: Rs. 1,400