Sunday, February 23, 2025

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1. Venus Ltd issued 1,00,000 shares of Rs. 100 each . All money due on application and allotment was duly received. When the first and final call was made, the company received the amount on 97,400 shares . The Calls in Arrears account now shows a debit balance of Rs. 65,000. The value of final call on a share is:
Rs. 25

Rs. 30

Rs. 40

Rs. 35

2. A company purchased Building for Rs. 26,00,000 ; out of which Rs.2,00,000 were paid in cash ; a bill payable for Rs. 300,000 was accepted at three months. Balance amount was paid by issue of equity shares of Rs. 10 each at 10 % premium. The number of shares issued by the company shall be:
1,90,900 shares

1,90,909 shares

1,90,910 shares

1,91,000 shares

3. Cloud limited was incorporated on 1st April 2020 with registered office in Bangalore. The company was registered capital of 80,000 Equity shares of Rs.100 each and 8% 10,000 Preference shares of Rs.500 each. 10,000 equity shares were issued to promoters and and 2000 8% Preference shares at par to M/s XYZ in consideration of machinery acquired. The company also issued 20,000 equity shares for cash at par to public payable as Rs. 20 on application, Rs.30 on allotment, Rs. 20 on first call and Rs.30 on second call. The second call has not yet been made and all the shareholders have paid except Sunita , a holder of 300 shares who did not pay allotment and call and Vinita, who did not pay first call on his 200 shares. Shares of Sunita were then forfeited and out of them100 shares were reissued at Rs.12 per share. Based on information you are required to answer the following question. Shares issue to vendors of machinery, M/s XYZ , would be classified as:
Right Issue of Shares

Preferential Allotment

Employee Stock Option Plan

Issue for Consideration other than cash

4. Cloud limited was incorporated on 1st April 2020 with registered office in Bangalore. The company was registered capital of 80,000 Equity shares of Rs.100 each and 8% 10,000 Preference shares of Rs.500 each. 10,000 equity shares were issued to promoters and and 2000 8% Preference shares at par to M/s XYZ in consideration of machinery acquired. The company also issued 20,000 equity shares for cash at par to public payable as Rs. 20 on application, Rs.30 on allotment, Rs. 20 on first call and Rs.30 on second call. The second call has not yet been made and all the shareholders have paid except Sunita , a holder of 300 shares who did not pay allotment and call and Vinita, who did not pay first call on his 200 shares. Shares of Sunita were then forfeited and out of them 100 shares were reissued at Rs.12 per share. Based on information you are required to answer the following question. The amount of issued capital shall be:
Rs.40,00,000

Rs.30,00,000

Rs.50,00,000

Rs.14,00,000

5. Zee Ltd forfeited 300 shares of Rs.10 each issued at 20% premium ( Rs.9 called up): on which Rs. 4 of allotment ( including premium ) and first call of Rs. 2 has not been received. Out of these,100 shares were reissued as fully paid up for Rs. 9 per share. The net balance left in left in share forfeiture account shall be:
Rs. 1400

Rs. 1000

Rs. 900

Rs. 1500

6. Aarkay Ltd. issued 4,000 shares of Rs.10 each payable Rs.3 on application ; Rs.2 on allotment Rs.4 on first call and the balance on final call . Applications were received for 16,000 shares, out of which 6000 shares were rejected and pro-rata allotment was made to the remaining applicants. Determine the amount that will be received on first call when excess money is adjusted towards amount due on allotment and call.
Rs. 10,000

Rs. 6,000

Rs. 16,000

Rs. 12,000

7. Health Care Ltd. issued 50,000 shares of Rs.100 each payable Rs.20 on application (on 1st May 2018); Rs.30 on allotment (on 1st January 2019); Rs.20 on first call (on 1st July 2019) and the balance on final call (on1st February 2020). Sudha , a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Sudha paid the first call amount along with the second call. All sums due were received. Total amount received on 1st February,2020 was:
Rs.11,00,000

Rs.15,00,000

Rs.16,00,000

Rs.10,00,000

8. Premium on issue of shares can not be used for:?
writing off preliminary expenses

issue of fully paid bonus shares

writing off discount/loss on issue of debentures

to pay dividend

9. Wye Ltd issued 15,000 equity shares of Rs. 20 each at a premium of Rs.5 ; payable Rs.5 on application ,Rs. 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made .The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions is :
Rs.3,60,500

Rs.3,78,000

Rs.6,34,000

Rs.6,85,000

10. Camelin Ltd forfeited 500 shares issued to Madhuri , who had applied for 600 shares for non payment of allotment and first call money. Second and final call was not yet made. The amount was payable as Rs.6 on application, Rs. 3 on allotment (including premium Rs. 2 ) Rs. 2 on first call and balance on second and final call. The amount to be debited to Securities Premium reserve on forfeiture of shares is:
Rs. 600

Rs. 1500

Rs. 1000

Rs. 900