List of top Accountancy Questions on Shares

600 shares of ₹10 each were issued at 20% premium. Final call of ₹3 not received on 100 shares. What is the forfeiture amount?

Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at premium of ₹ 10 per share.
The amount was payable as follows:

  • On application ₹ 9 per share (Including premium ₹ 6 per share)
  • On allotment ₹ 8 per share (Including premium ₹ 4 per share)
  • On first and final call ₹ 3 per share.

Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call.
Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B.
Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.

Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be:
Read the passage given below and answer the questions: Q5 to Q9.
Ram Motors Ltd. invited applications on 3,000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50 (including premium), on allotment ₹50, and on final call ₹20. Total applications received were 4,000 and allotted on pro-rata basis. Excess application money adjusted towards allotment.

According to Securities and Exchange Board of India (SEBI), guidelines, minimum subscription of capital cannot be less than 90% of ....... 
 

The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as ........
Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be :
Suhas and Vilas were partners in a firm with capitals of Rs 4,00,000 and Rs 3,00,000 respectively. They admitted Prabhas as a new partner for a \( \frac{1}{5} \) share in future profits. Prabhas brought Rs 2,00,000 as his capital. Prabhas' share of goodwill will be:
Discuss the types of Preference shares.
LN Ltd. forfeited 200 shares of ₹10 each. The amount forfeited was ₹1,400. What will be the maximum amount of discount per share at which these shares can be reissued?
Raman Ltd. forfeited 500 shares of 10 each for non-payment of final call of 2 per share. Out of the forfeited shares, 300 shares were re-issued at 12 per share fully paid-up. The amount that was transferred to Capital Reserve Account was:
‘Share Forfeiture Account’ will appear under subscribed capital at:
MK Ltd. forfeited 100 shares of 10 each. The amount forfeited was 800. The maximum discount per share at which these shares may be reissued will be:
X Ltd. forfeited 100 shares of 100 each for non-payment of the allotment money of 15 per share (including premium 5). The first and final call of 50 per share was not yet made. The amount that was debited to share capital account was:
The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as:
Arrange the following in the correct sequence of Accounting for Share Capital:
(A) Forfeiture of shares for non-payment of call
(B) Money received on allotment
(C) Profit on reissue of forfeited shares accounts transferred to capital reserve
(D) Money received on application
Choose the correct answer from the options given below:
The Balance in the Share Forfeited Account relating to reissue of forfeited shares will be treated as:
In the absence of any information, the retiring/deceased partner’s share of profit will be acquired by the remaining partners in:
On 1st April 2023, Khyati Ltd. was formed with an authorised capital of Rs.20,00,000 divided into 2,00,000 equity shares of Rs.10 each.
The company invited applications for issuing 1,80,000 equity shares. The company received applications for 1,70,000 equity shares.
During the first year, Rs.8 per share were called and the final call of Rs.2 per share has not been made yet.
Siya holding 2,000 shares and Piya holding 4,000 shares did not pay the first call of Rs.2 per share.
All the shares of Siya and Piya were forfeited after the first call.
Banjara Ltd. invited applications for 30,000 shares of 100 each at a premium of 20 per share payable as follows:
• On Application: 40 (including 10 premium)
• On Allotment: 30 (including 10 premium)
• On First Call: 30
• On Second and Final Call: 20
Applications were received for 40,000 shares, and pro-rata allotment was made on the ap plication for 35,000 shares. Excess application money was utilized towards allotment. Astha, to whom 600 shares were allotted, failed to pay the allotment money, and her shares were forfeited immediately after allotment. Rekha, who applied for 1,050 shares, failed to pay the f irst call, and her shares were forfeited immediately after the first call. The second and final call was made, and all the money due on the second call has been received. Of the shares forfeited, 1,000 shares were reissued as fully paid-up for 80 per share, which included the whole of Astha’s shares.
Kavya Ltd. invited applications for issuing 30,000 shares of Rs.10 each at a premium of Rs.2 per share. The amount was payable as follows: On application and allotment Rs.7 per share, On first and final call Rs.5 per share (including Rs.2 premium). Applications were received for 33,000 shares. Applications for 3,000 shares were rejected, and money returned to the applicants. Applications for 30,000 shares were accepted in full. The application and allotment money was duly received. The first and final call was made and money received except from a shareholder holding 500 shares. His shares were forfeited. All these shares were re-issued to Kartik as fully paid for Rs.8 per share. Pass necessary journal entries for the above transactions in the books of Kavya Ltd. Open calls-in-arrears account wherever required.
Murari Ltd. invited applications for issuing 80,000 equity shares of Rs.10 each at a premium of Rs.4 per share. The amount per share was payable as follows: Rs.5 on application and Rs.9 (including premium) on allotment. Applications were received for 1,40,000 shares and allotment was made on pro-rata basis to all the applicants. Money overpaid on application was utilised towards sums due on allotment. The allotment money was duly received except from Sameer who had applied for 1,400 shares. His shares were forfeited. Pass the necessary journal entries in the books of Murari Ltd. to record the above transactions. Open calls-in-arrears account wherever required.
Sarita Ltd. forfeited 100 shares of Rs.10 each, Rs.8 called up issued at a premium of Rs.2 per share to Ramesh for non-payment of allotment money of Rs.5 per share (including premium). The first and final call of Rs.2 per share was not made. Out of these 70 shares were reissued to Ashok as Rs.8 called up for Rs.10 per share. The gain on reissue will be:
Kewal Ltd. purchased sundry assets from Ganpati Ltd. for Rs.28,60,000. The amount was paid by issuing fully paid shares of Rs.100 each issued at a premium of 10%.
The number of shares issued to Ganpati Ltd. were:
Raghav Ltd. forfeited 100 shares of Rs.10 each issued at a premium of 20% for non-payment of the first call of Rs.3 per share and final call of Rs.1 per share. The minimum price per share at which these shares can be reissued will be: