List of top Accountancy Questions on Shares asked in CBSE CLASS XII

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:

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:
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.
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:
If all the forfeited shares are reissued, the balance, if any, left in the Forfeited Shares Account is transferred to: