Shares3

When shares are forfeited share capital account is debited with

• Nominal (face) value of shares

• Call-up share capital

• Paid-up value of shares

• Market value of shares

If a share of Rs.10 issued at premium of Rs.2 on which the full amount has been called and Rs.8 (including premium) paid is forfeited, the share capital account will be debited with

• Rs.12

• Rs.10

• Rs.8

• Rs.6

If discount on reissue of shares is less than the amount forfeited, the surplus is transferred to

• Capital reserve

• General reserve

• Securities premium reserve

• Statement of profit and loss

A company has issued 10,000 equity shares of Rs. 10 each and it has called the total nominal (face) value. It has received the total amount, except final call of Rs. 3 on 500 equity shares. These 500 equity shares will be shown as

• Subscribed and fully paid up

• Subscribed but not fully paid up

• Issued share capital

• None of these

On an equity share of Rs. 20 ,the company called-up Rs. 16 but Rs. 14 has been received by the company. Equity share capital account will be credited by

• Rs. 20

• Rs.16

• Rs. 14

• Rs. 2

X ltd. forfeited 2000 shares of Rs. 10 each (which were issued at par) held by Naresh for non payment of allotment money of Rs. 4 per share. The called-up value per share was Rs. 9. On forfeiture, the amount debited to share capital account will be

• Rs. 10,000

• Rs. 8,000

• Rs. 2,000

• Rs. 18,000

Green ltd. has alloted 10,000 years to the applicants of 14000 shares on Pro rata basis. The amount payable on application is Rs. 2 per share. Mohan applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from mohan are

• 60 shares, Rs. 120

• 320 shares, Rs. 200

• 340 shares, Rs. 100

• 300 shares, Rs. 240

Star ltd. issued 10,000 equity shares of Rs. 100 each at a premium of 20%. Mamta, who has been allotted 2000 shares did not pay first and final call of Rs. 5 per share. On forfeiture of Mumta's shares, amount debited to securities premium reserve account will be

• Rs. 5,000

• Rs. 10,000

• Rs. 15,000

• Rs. Nil

Anthony ltd. issued 40000 equity shares of Rs. 20 each payable as Rs. 5 on application; Rs. 7 on allotment and Rs. 8 on first call. Company received the due amount but one share holding to 50 shares did not pay the allotment money and another shareholder holding 150 shares failed to pay the amount due on final call. Total amount of calls in-areas is

• Rs. 1,750

• Rs. 3,200

• Rs. 6,000

• Rs. 4,950

Gopal ltd. purchased machine of Rs. 1,15,000 from Indian traders, payment of Rs. 10,000 was made by issuing cheque and the remaining amount by issue of equity shares of the face value of Rs. 10 each fully paid at an issue price of Rs. 10.50 each. Amount of securities premium will be

• Rs. 6,000

• Rs. 7,000

• Rs. 5,000

• Rs. 4,000