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12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10

    Part I

    5 x 2 = 10
  1. 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.

  2. 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.

  3. What is a share?

  4. What is meant by calls in arrear?

  5. Why are the shares forfeited?

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