Company Accounts

Share Capital

Easy

common

The journal entry for the amount due on allotment is:

Share Application A/c is debited and Share Allotment A/c is credited

Share Capital A/c is debited and Share Allotment A/c is credited

Share Allotment A/c is debited and Share Capital A/c is credited

Bank A/c is debited and Share Allotment A/c is credited

✅ Correct Option: 3

When allotment money becomes due, the allottees owe the company, so Share Allotment A/c (an asset) is debited and Share Capital A/c is credited. Bank A/c is debited only later, on actual receipt.

2022: 20 Aug Shift 2

Correct sequence of issue of shares is -

A. Receipt of Application

B. Issue of Prospectus

C. Letter of Allotment of Shares

D. Letter of Regret

Choose the correct answer from the options given below:

2026: 6 June Shift 1

In case of company limited by shares, the liability of members is:

2025: 14 May Shift 1

Money received on First Call is

2025: 13 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Authorised Capital	(I) Capital which is actually issued to the public for subscription including the shares allotted to vendors and the signatories to the company's memorandum.
(B) Issued Capital	(II) It is that part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay.
(C) Subscribed Capital	(III) The amount of share capital which a company is authorised to issue by its Memorandum of Association.
(D) Called up Capital	(IV) It is that part of the issued capital which has been actually subscribed by the public.

Choose the correct answer from the options given below:

2026: 29 May Shift 1

Which of the following is not a feature of a company?

2025: 14 May Shift 2

Which of the following is called Registered capital of a company?

The journal entry for the amount due on allotment is:

Solution

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