12th Standard Accountancy English Medium - Company Accounts 3 Mark Creative Question Paper and Answer Key 2022 - 2023 | QB365

12th Standard Syllabus & Materials

12th Standard

TN 12th Computer Applications மின்னணு தரவு பரிமாற்றம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிக பாதுகாப்பு அமைப்புகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின்னணு செலுத்தல் முறைகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிகம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications திறந்த மூல கருத்துருக்கள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications வலையமைப்பு வடமிடல் Sample Question Papers Study Material - QB365 Set A

12th Standard Accountancy English Medium - Company Accounts 3 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

QB365 provides a detailed and simple solution for every Possible Creative 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.

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

Take MCQ Accountancy Test

QB365 Student Learing Managemnet System

Std: 12th Standard - Accountancy

chapter: - Model Question paper

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Generic 3

9 x 3 = 27

Sun Ltd offered for Subscription 20,000 shares of 10/- each payable.
Rs.2.50 on Application
Rs.5 on Allotment
Rs.3 on First call
Rs.On final call
Application were received for 30,000 shares. Application for 5,000 shares was rejected application money for other 5,000 shares were applied towards the amount due on allotment. Pass Journal entries.

Global Ltd issued·6,000 shares of Rs.100/- each at Premium of Rs. 20 per share payable as follows.
Rs.30 on Application
Rs.50 on Allotment including premium)
Rs.30 on First call and
Rs.10 on Final call.
All shares were duly subscribed and money due were received. Pass Journal Entries.

A company forfeited 200 shares of, 20 each Rs.15 per share called up on which Rs.10 per share had been paid. Directors reissued all the forfeited shares @ Rs.15 share paid up for the payment of each.Give the journal Entries.

Aruna Mills Ltd. with a registered capital of Rs. 5,00,000 in equity shares of Rs.10 each, issued 40,000 of such shares payable as follows:
Rs.3 per each on applicatimis, Rs.5 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was suly received. But one share holder 1000 shares paid the first and final call money on allotment itself. Give journal entries for allotment.

If what purpose securities Premium Reserve Amount is used?

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

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

Explains the divisions of share capital.

What are the characteristics of a company?

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

Generic 3

9 x 3 = 27

Particulars		Debit	Credit
Bank A/c	Dr	75,000
To Share· application A/c			75,000
(Share application money received)
Share application A/c	Dr	50,000
To Share capital A/c			50,000
(20,000 share App. Money transfer)
Share Application A/c	Dr	12,500.
To Bank A/c			12,500
(Excess application money refunded)
Share Application A/c	Dr	12,500
To Share Allotment A/c			12,500
(Share app. money adjusted)
Share allotment A/c	Dr	1,00,000
To Share capital A/ c			50,000
To Share premium A/c
(Share allotment due)
Bank A/c	Dr	87,500
To Share allotment A/c			87,500
(Share second & final call money due)
Bank A/c	Dr	40,000
To Share second & final call A/c			40,000
(Share second & final call money received)

(Allotment & Premium, money due)

Particular		Debit	Credit
Bank A/c	Dr	1,80,000
To Share application A/c			1,80,000
(Share application money received)
Share application A/c	Dr	1,80,000
To Share capital A/c			1,80,000
(Share application money transferred)
Share Allotment A/c	Dr	3,00,000
To Share capital A/c			1,80,000
To Securities premium			1,20,000
(Allotment & Premium, money due)
Bank A/c	Dr	3,00,000	3,00,000
To Share Allotment A/c
(Allotment & Premium Money received)
Share first call A/ c	Dr	1,80,000	1,80,000
Bank A/c	Dr	1,80,000	1,80,000
To Share first call A/c
(Share 1^stcall money received)
Share final call A/ c	Dr	60,000	60,000
To Share capital A/ c
(Share final call money due)
Bank A/c	Dr	60,000	60,000
To Share final call A/c
(Share final call money received)

Particulars		Debit	Credit
Share capital (200 x 15)	Dr	3,000
To Share for feited A/c			2,000
(200 shares forfeited due to
nonpayment of call money)
Bank A/c(200 x 10)	Dr	2,000
share forfeited A/c(200x5)		1,000
To Share capital A/ c			3,000
(Forfeited shares are reissued)
Share forfeited A/c	Dr	1,000
To Capital reserve A/c			1,000

Particulars		Debit (Rs.)	Credit(Rs.)
Share alloment A/c (40,000 \(\times\) 5)	Dr	2,00,000
To shall capital A/c			2,00,000
(Alotment money due)
Bank A/c (40,000\(\times\)5 + 1000\(\times\)2)	Dr	2;02,000
To share allotment A/c			2,00,000
To calls in Advance A/c (100\(\times\)2)			2,000
(Allotment money received)

According section 52 (2) of Companies Act 2013, Securities Premium Reserve can be used.
(i) To issue fully paid-up bonus shares to the shareholders.
(ii) To write off preliminary Expenses of the companies.
(iii) To write off the commission paid or discount/exp issue of shares/debentures.
(iv) To pay Premium on the redemption of preference shares or debentures of the company.

(i) Rights issue
Issue of equity shares to the existing shareholders of the company through a letter of offer is known as rights issue.
(ii) Bonus issue
Issue of equity shares to the existing shareholders of the company free of cost out of accumulated profit is known as bonus issue.

(i) Public issue
Issue of equity shares to the public through prospectus by a public company is called public issue. It includes initial public offer and further public offer.
(ii) Private placement
Private placement means any offer of equity shares or invitation to subscribe equity shares to a select group of persons by a company (other than by way of public offer) through issue of a private placement offer letter and which satisfies the conditions specified in Section 42 of the Indian Companies Act, 2013.

The share capital of a company is divided into the following categories:
(i) Authorised capital
It means such capital as is authorised by the memorandum of association. It is the maximum amount which can be raised as capital. It is also known as registered capital or nominal capital.
(ii) Issued capital
This represents that part of authorised capital which is offered for subscription.
(iii) Subscribed capital It refers to that part of issued capital which has been applied for and also allotted by the company.
(iv) Called up capital It refers to that part of subscribed capital which has been called up by the company for payment.
(v) Paid up capital
It is that part of called up capital which has been actually paid by the shareholders.
(vi) Reserve capital
The company can reserve a part of its subscribed capital to be called up only at the time of winding up. It is called reserve capital.

Following are the characteristics of a company:
(a) Voluntary association: A company is a voluntary association of persons. No law can compel persons to form a company
(b) Separate legal entity: Company is an artificial person. It has a separate legal entity which is separate and distinct from its members.
(c) Common seal: A company may have a common seal which can be affixed on the documents.
(d) Perpetual succession: A company continues for ever. Its continuity is not affected by the changes in its members. It can be wound up only by law.
(e) Limited liability: The liability of the shareholders of the company is limited to the extent of face value of the shares held by the shareholders.
(f) Transferability of shares: The shares of a company are freely transferable except incase of a private company.