Shares 4

Mohar ltd. forfeited 160 shares of Rs. 10 each on which the holder had paid only the application money of Rs. 2 per share. Out of these, 40 shares were reissued to Gaurav as fully paid up for Rs. 9 per share. The gain on reissue is

• Rs. 320

• Rs. 160

• Rs. 40

• None of these

MIG limited 40 shares of Rs. 10 each issued at a premium of 40% to Raj who had applied for 48 shares. After having paid Rs. 6 (including Rs. 2 premium), he did not pay allotment money of Rs. 2 (including Rs. 1 premium) and on his subsequent failure to pay the first call of Rs. 3 (including Rs. 1 premium) his shares were forfeited. The amount to be credited to forfeited shares account is

• Rs. 228

• Rs. 200

• Rs. 192

• Rs. 160

On a share of Rs. 10 issued at a premium of Rs. 2, whole amount is called-up and Rs. 7 is received, share capital account will be credited by

• Rs. 10

• Rs. 12

• Rs. 10

• Rs. 16

On a share of Rs. 20 issued at a premium of Rs. 4 on which Rs. 16 (including premium) is called-up and Rs. 10 (including premium) paid is forfeited, the share capital account will be debited by

• Rs. 20

• Rs. 12

• Rs. 10

• Rs. 16

At the time of reissue of all forfeited shares

• General reserve is debited with the credit balance left in the forfeited shares account

• General reserve is credited with the credit balance left in the forfeited shares account

• General reserve is credited with the credit balance left in the forfeited shares account

• Capital reserve is credited with the credit balance left in the forfeited shares account

Deepak ltd. offered for subscription 5,50,000 equity shares of Rs. 10 each. The public applied for 5,00,000 shares. The call (Rs. 8 per share) was received except from Gopal, who holds 4,000 shares has not paid after application money of Rs. 2 per share and from Shyam who holds 1000 shares has paid only rupees 6% per share. Gopal's shares were forfeited. The amount of subscribed capital to be disclosed in the balance sheet is

• Rs. 39,96,000

• Rs. 39,74,000

• Rs. 49,46,000

• Rs. 49,74,000

If a shareholder does not pay his dues on allotment, for the amount due, there will be

• Credit balance in the share allotment account

• Debit balance in the share forfeiture account

• Credit balance in the shares forfeiture account

• Debit balance in the shares allotment account

Sun and moon ltd. invited applications for 25,000 equity shares of Rs. 10 each and received 30,000 applications along with the application money of Rs. 4 per share. Which of the following alternative can be followed

(i) refund the excess application money and full allotment to rest of the applicants

(ii) not to allot any shares to some applications, full allotment to some of the applicants and pro rata allotment to the rest of the applicants

(iii) not to allot any share to some applicants and make pro rata allotment to other applicants

(iv) make pro rata allotment to all the applicants and adjust the excess money received towards call money

• Only (i) above

• Both (i) and (ii) above

• All of the above

• Only (ii) above