Company Accounts Two Marks Question

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    15 x 2 = 30
  1. Thai Ltd. issued 1,00,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment Rs.2 on first call and Rs.1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  2. Joy Company issued 10,000 equity shares at Rs.10 per share payable Rs.5 on application, Rs.3 on allotment and Rs.2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.

  3. Bharath Ltd. issued 1,00,000 equity shares of  Rs. 10 each to the public at par. The details of the
    amount payable on the shares are as follows:

    On application Rs.5 per share
    On allotment Rs.3 per share
    On first and final call Rs.2 per share

    Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  4. Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
    Applicants for 60,000 shares - Full
    Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
    Applicants for 5,000 shares - Nil
    All the money due was received. Pass journal entries upto the receipt of allotment.

  5. Jeyam Tyres issued 15,000 ordinary shares of  Rs.10 each payable as follows:
    Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

  6. What is a share?

  7. What is over-subscription?

  8. What is meant by calls in arrear?

  9. Write a short note on securities premium account.

  10. Why are the shares forfeited?

  11. Aruna Mills Ltd. with a registered capital ofRs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

  12. Definition of a Company.

  13. What is allotment?

  14. What is prorata allotment?

  15. What are the differences between over subscription and under subscription?

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