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CUET Accountancy 2022 PYQs15 July Shift 2. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2022 15 July Shift 2

Share Capital

past year questions, Company Accounts, CUET Accountancy 2022 15 July Shift 2

Hard

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

The amount of forfeiture left over after reissue will be

Solution

✅ Correct Option: 1

Total forfeited amount = Sharma 360 + Verma 1,200 = 1,560.

For the 150 shares reissued, the forfeited amount used = 360 (Sharma 100) + 300 (Verma's 50 shares) = 660. Of this, 300 covers reissue discount and 360 is transferred to Capital Reserve.

Forfeiture remaining (for Verma's 150 unissued shares) = 1,560−660=9001{,}560 - 660 = 900.

More from this set:

Question 46

The amount received on allotment was

Question 47

The amount transferred to Capital Reserve would be

Question 48

The amount received on First and Final call is

Question 50

At the time of forfeiture security premium reserve a/c will be debited for _______ shares.

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