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WorksheetsForfeiture of Shares and their Re-Issue
Total questions: 25
Worksheet time: 20mins
Name
Class
Date
1.
The amount of discount on reissue of forfeited shares cannot exceed :
a)
5% of the face value
b)
10% of the face value
c)
The amount received on forfeited shares
d)
The amount not received on forfeited shares
2.
Discount allowed on re-issue of forfeited shares is debited to :
a)
Share Capital A/c
b)
Share Foreiture A/c
c)
Statement of Profit & Loss
d)
General Reserve A/c
3.
The balance of the forfeited shares account after re-issue of forfeited shares is transferred to :
a)
Statement of Profit & Loss
b)
Share Capital A/c
c)
Capital Reserve A/c
d)
General Reserve A/c
4.
A Ltd. forfeited 500 shares of 10 each fully called up for non-payment of final call of Rs 3 per share 300 of these shares were reissued at Rs 9 per share, fully paid up. What is the amount to be transferred to Capital Reserve Account?
a)
3500
b)
3200
c)
2100
d)
1800
5.
X Ltd. forfeited 400 shares of Rs 10 each, Rs 7 called up, for non-payment of first call of Rs 2 per share. Out of these, 300 shares were reissued for Rs 6 per share as Rs 7 paid up. What is the amount to be transferred to Capital Reserve Account?
a)
1700
b)
1200
c)
2100
d)
300
6.
400 shares of Rs 10, on which Rs 8 has been called and Rs 5 has been paid, are forfeited. Out of these, 300 shares are re-issued for Rs 9 as fully paid. What is the amount to be transferred to. Capital Reserve Account?
a)
1200
b)
1600
c)
2000
d)
1700
7.
R Ltd. forfeited 600 shares of Rs 100 each Rs 70 called up on which Mahesh has paid application and allotment money of Rs 50 per share. Of these, 400 shares were re-issued to Naresh as fully paid-up for Rs 110 per share. What is the amount to be transferred to Capital Reserve?
a)
30000
b)
36000
c)
24000
d)
20000
8.
Madhu Ltd. forfeited 800 shares of Rs 10 each issued at 10% premium to Shyam (Rs 9 called up) on which he did not pay Rs 3 of allotment (including premium) and first call of Rs 2per share. Out of these, 600 shares were re-issued to Ram as fully paid up for Rs 9 per share. What is to amount to be transferred to capital Reserve?
a)
2400
b)
1800
c)
3000
d)
3600
9.
A Company forfeited 1,000 shares of Rs 10 each fully called, on which Rs 6,000 has been paid. Out of these 800 shares were reissued upon payment of Rs 6,600. What is the amount to be transferred to Capital Reserve?
a)
4800
b)
6000
c)
4600
d)
3400
10.
300 equity shares of Rs 10 each were issued at Rs 5 per share premium. Only Rs 4 per share on application has been paid on these shares. These shares were forfeited. Later on out of these, 200 shares were reissued at Rs 12 per share as fully paid. What will be amount of Capital Reserve?
a)
500
b)
1200
c)
200
d)
800
11.
If the forfeited shares are issued at a premium, the amount of the premium shall be credited to ______
a)
Profit & Loss A/c
b)
Capital Reserve A/c
c)
Share Forfeiture A/c
d)
Securities Premium Reserve A/c
12.
A company forfeited 2,000 shares of Rs 10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs 4 per share. The called up value per share was Rs 9 per share. On forfeiture, the amount debited to share capital __________.
a)
18000
b)
10000
c)
8000
d)
2000
13.
2,000 shares of Rs 10, on which Rs 7 per share has been called and Rs 5 per share has been paid, are forfeited. Out of these, 1,500 shares are re-issued for Rs 9 per share as fully paid. What is the amount to be transferred to Capital Reserve Account?
a)
7500
b)
6000
c)
10000
d)
8500
14.
Z Ltd. forfeited 300 shares of Rs 10 each issued at 20% premium (Rs 9 per share called up) on which Rs 4 per share of allotment (including premium) and first call of Rs 2 per share has not been received. Out of these, 100 shares were re-issued as fully paid up for Rs 9 per share. What is to amount to be transferred to capital Reserve?
a)
600
b)
500
c)
400
d)
300
15.
Z Ltd. forfeited 300 shares of Rs 10 each issued at 20% premium (Rs 9 per share called up) on which Rs 4 per share of allotment (including premium) and first call of Rs 2 per share has not been received. Out of these, 100 shares were re-issued as fully paid up for Rs 9 per share. What is the net balance left in Share Forfeiture Account:?
a)
1500
b)
1400
c)
900
d)
1000
16.
P Ltd. forfeited 150 shares of Rs 10 each, issued at a premium of Rs 2 per share, for non-payment of the final call of Rs 3 per share. Out of these, 100 shares were re-issued at Rs 11 per share. How much amount would be transferred to capital reserve?
a)
1200
b)
700
c)
500
d)
300
17.
Forfeiture of shares results in the reduction of ____________
a)
Subscribed Capital
b)
Authorised Capital
c)
Reserve Capital
d)
Capital Reserve
18.
At the time of forfeiture of shares the share capital account is debited with _______
a)
Face Value
b)
Called up Value
c)
Paid up Value
d)
Issued Value
19.
If the Premium on the forfeited shares has already been received, then Securities Premium A/c should be ______
a)
Credited
b)
Debited
c)
No Treatment
d)
None of these
20.
Balance of share forfeiture account is shown in the balance sheet under the head _______
a)
Reserve & Surplus
b)
Unsecured Loan
c)
Share Capital A/c
d)
None of these
21.
600 shares of Rs 10 each were forfeited for the non-payment of Rs 2 per share on first call and Rs 5 per share on final call. Share Forfeiture Account will be credited with Rs __________
a)
4200
b)
3000
c)
1200
d)
1800
22.
800 shares of Rs 10 each issued at 20% premium were forfeited for non-payment of allotment money Rs 5 per share (including premium) and first & final call of Rs 3 per share. Share Forfeiture Account will be credited with ___________.
a)
1600
b)
2400
c)
3200
d)
4800
23.
A Company forfeited 300 shares of Rs 10 each, Rs 8 per share called up, on which Mohan had paid application & allotment money of Rs 6 per share. Share Forfeiture Account will be credited with Rs _________
a)
600
b)
1800
c)
1200
d)
2400
24.
If a share of Rs 100 on which Rs 60 has been paid, is forfeited, it can be re-issued at the minimum price of Rs _________
a)
60
b)
100
c)
140
d)
40
25.
A Company foreited 700 shares of Rs 10 each, on which Rs 5 per share was paid. Of these, 200 shares were re-issued at Rs 9 per share. The balance in Share Forfeiture Account is Rs _______
a)
2500
b)
800
c)
3500
d)
200
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