Company Accounts Three Marks Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    10 x 3 = 30
  1. Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

  2. Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of  Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

  3. Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as rs.7 per share. Pass journal entries for forfeiture and reissue.

  4. State the differences between preference shares and equity shares.

  5. Write a brief note on calls in advance.

  6. What is reissue of forfeited shares?

  7. What are the characteristics of a company?

  8. Explains the divisions of share capital.

  9. Write a short note on
    (i) Public issue
    (ii) Private placement

  10. Write a short note on
    (i) Rights issue
    (ii) Bonus issue

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