CBSE Class 12 Accountancy — Accounting for Share Capital

(a) If 600 shares of Rs. 10 each, issued at a premium of Rs. 1 per share are forfeited on which Rs. 8 per share (including premium) have been called and Rs. 6 per share (including premium) have been paid, then 'Share Forfeiture Account' will be ________ by ________. (A) credited, Rs. 3,000 (B) debited, Rs. 3,000 (C) debited, Rs. 3,600 (D) credited, Rs. 3,600 OR (b) T.D. Ltd. issued Rs. 10,00,000, 9% debentures at a discount of 10% redeemable at a certain rate of premium. On issue of these 9% debentures, the premium on redemption of debentures account was credited by Rs. 1,00,000. The amount of 'loss on issue of debentures' was : (A) Rs. 1,00,000 (B) Rs. 2,00,000 (C) Rs. 3,00,000 (D) Nil

Sakshi Ltd. forfeited 500 equity shares of Rs. 10 each, issued at a premium of Rs. 2 per share for non-payment of second and final call of Rs. 4 per share (including premium). The maximum amount of discount at which these shares can be reissued is :

Surya Ltd. issued 50,000 equity shares of Rs. 10 each. The amount was payable as follows : on Application - Rs. 3 per share, on Allotment - Rs. 2 per share, on First and Final Call - the balance. Usha, to whom 700 shares were allotted, paid her entire share money on allotment. Raj, to whom 300 shares were allotted did not pay the first and final call. The amount to be debited to Bank Account for first and final call after it becomes due will be :

(a) Generic Pharma Ltd. invited applications for using 3,00,000 equity shares of Rs. 10 each at a premium of Rs. 6 per share. The amount was payable as follows : on Application and Allotment - Rs. 4 per share (including premium of Rs. 2 per share) on First and Final Call - Balance Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and the application money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received on applications was adjusted towards sums due on first and final call. Jain, an applicant for 3,600 shares failed to pay the first and final call. His shares were forfeited. Pass necessary journal entries in the books of Generic Pharma Ltd. for the above transactions. Open 'calls in arrears account' and 'calls in advance account', wherever necessary. OR (b) Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases : (i) Diksha Ltd. forfeited 3,000 shares of Rs. 10 each for non-payment of final call of Rs. 2 per share. Out of these, 600 shares were reissued as fully paid up in such a way that Rs. 4,200 was transferred to capital reserve. (ii) Ashoka Ltd. forfeited 2,000 equity shares of Rs. 100 each issued at a premium of 10% for non-payment of allotment money of Rs. 60 per share (including premium). The first and final call of Rs. 20 per share was not yet made. The forfeited shares were re-issued at Rs. 70 per share fully paid up. (3 + 3 = 6)

The nominal capital of Dharma Ltd. is :

The issued capital of the company is :

Subscribed and fully paid capital of Dharma Ltd. will be :

The amount of 'Share Capital' presented in the Balance sheet of Dharma Ltd. under 'Shareholders Funds' will be :

In the Notes to Accounts, the amount to be shown under 'Share Forfeiture Account' will be :

Subscribed and not fully paid capital of Dharma Ltd. will be :