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12th Standard Accountancy English Medium - Company Accounts 2 Mark Book Back Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

QB365 provides a detailed and simple solution for every Possible Book Back Questions in Class 12 Accountancy Subject - Company Accounts, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

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Questions:

Generic 2

8 x 2 = 16

Why are the shares forfeited?

Write a short note on securities premium account.

What is meant by calls in arrear?

What is over-subscription?

What is a share?

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.

Anitha was holding 500 equity shares of Rs.10 each of Thanjavur Motors Ltd, issued at par. She paid Rs.3 on application, Rs.5 on allotment but could not pay the first and final call of Rs.2. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.

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).

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Answers Key:

Generic 2

8 x 2 = 16

When a shareholder defaults in making payment of allotment andlor call money, the shares may be forfeited. On forfeiture, the share allotment is cancelled and to that extent paid up share capital a reduced. The person ceases to be a shareholder of the company after the shares are forfeited.

When a company issues shares at a price more than the face value (nominal value), the shares are said to be issued at premium. The excess is called as premium amount and is transferred to securities premium account. Securities premium account is shown under reserves and surplus as a separate head in the Note to Accounts to the balance sheet.

When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known a calls in arrears. In other words, the amount called up but not paid is calls in arrear.

When the number of shares applied for is more than the number of shares offered for subscription, it is said to be over subscription.

The capital of a company is divided into small units of fixed amount. These units are called shares. These are two types
(i) preference shares and
(ii) equity shares

Journal entry
Particulars		Debit Rs.	Credit Rs.
Equity share capital A/c (20 × 6)	Dr.	120
To Equity share allotment A/c (20 × 3)			60
To Equity share first call A/c (20 × 1)			20
To Forfeited shares A/c (20 × 2)			40
(Shares forfeited)

Particulars		Debit Rs.	Credit Rs.
Equity share capital A/c (500 × 10)	Dr.	5,000
To Equity share call A/c (500 × 2)			1,000
To Forfeited shares A/c (500 × 8)			4,000
(500 shares forfeited for non payment of call money)

Journal entries
Particulars		Debit Rs.	Credit Rs.
Equity share first and final call A/c (15,000 × 2)	Dr.	30,000
To Share capital A/c			30,000
(Share first and final call money due)
Bank A/c (14,900 × 2)	Dr.	29,800
Calls in arrear A/c (100 × 2)	Dr.	200
To Equity share first and final call A/c			30,000
(Amount received on calls and amount not
received transferred to calls in arrear account)