Class 12 Accountancy MCQs Share Capital
31. CAE Ltd. offered 6,00,000 equity shares of ₹10 each, ₹8 called-up. Applications were received for 5,00,000 shares, all amounts were duly received except from Adesh holding 4,000 shares, who didn't pay after application money of ₹2 per share and from Umesh who holds 1,000 shares has paid only ₹6 per share. Adesh's shares were forfeited. The amount of subscribed capital to be shown in the Balance Sheet is:
a) ₹39,74,000
b) ₹39,96,000
c) ₹49,96,000
d) ₹49,74,000
32. CAE Ltd. forfeited 300 Equity Shares of ₹10 each, fully called-up, held by Karam for non-payment of allotment money of ₹3 per share and first and final call of ₹4 per share. Out of these, few shares were re-issued at a discount of ₹2 per share and ₹250 was transferred to Capital Reserve as gain on re-issue. Number of shares re-issued were:
a) 100 shares
b) 200 shares
c) 250 shares
d) 150 shares
33. Assertion - Securities Premium Account is not debited at the time of forfeiture if premium has been received in respect of the forfeited shares.
Reason - The Section 52(2) of Companies Act, 2013 restricts the use of Securities Premium received and credited to Securities Premium Account. In the context of above two statements, which of the following is correct:
a) Assertion is correct but Reason is incorrect
b) Both Assertion and Reason are incorrect
c) Both Assertion and Reason are correct, and Reason is the correct explanation of Assertion
d) Both Assertion and Reason are correct, but Reason is not the correct explanation of Assertion
34. CAE Ltd. forfeited 1,000 shares of ₹10 each (₹8 called-up) for the non-payment of the allotment money of ₹5 per share including ₹2 as premium. Out of these, few shares were reissued to Naresh at ₹7 per share as ₹8 called up and ₹3,200 were transferred to Capital Reserve. Number of shares reissued were:
a) 500 Shares
b) 600 shares
c) 700 shares
d) 800 shares
35. Assertion -TP Ltd. is registered with an authorised capital of 50,000 Equity Shares of ₹100 each of which 20,000 Equity Shares were issued and subscribed. All the money had been called-up except ₹25 per share which was declared as 'Reserve Capital', Share capital shown in Balance Sheet as 'Subscribed and Fully paid-up' will be nil. Reason - Reserve capital can be used only at the time of winding up. In the context of above two statements, which of the following is correct:
a) Both Assertion and Reason are correct, and Reason is the correct explanation of Assertion
b) Both Assertion and Reason are correct, but Reason is not the correct explanation of Assertion
c) Both Assertion and Reason are incorrect
d) Assertion is correct, but Reason is incorrect
36. TP Ltd. forfeited 600 shares of ₹10 each issued at a premium of 10% for non-payment of first and final call money of ₹3 (Including premium). Out of these 400 shares were reissued to Mohan as ₹10 paid-up for ₹11 per share. The minimum amount that company should collect at the time of reissue of the remaining 200 shares is:
a) ₹800
b) ₹400
c) ₹600
d) ₹200
37. If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹3 per share and only 7,000 of these shares were re-issued @₹ 11 per share as fully paid up, then what is the minimum amount that company must collect at the time of re-issue of the remaining 3,000 shares:
a) ₹21,000
b) ₹9,000
c) ₹16,000
d) ₹30,000
38. Assertion - A Company is Registered with an Authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.
Reason - Reserve Capital can be called up only at the time of winding up of the company:
a) Both Assertion and Reason are Correct, but Reason is not the correct explanation of Assertion
b) Both Assertion and Reason are Correct and Reason is the correct explanation of Assertion
c) Assertion is incorrect, but Reason is Correct.
d) Assertion is correct, but Reason is incorrect
39. A company forfeited 3,000 shares of ₹10 each, on which only ₹5 per share (including ₹1 premium) has been paid. Out of these few shares were re-issued at a discount of ₹1 per share were and ₹6,000 were transferred to Capital Reserve. How many shares were re-issued:
a) 3,000 shares
b) 1,000 shares
c) 2,000 shares
d) 1,500 shares