Question 2 :
A company cannot issue shares at a discount more than ________ % of its face value.

Question 3 :
C consigned goods costing Rs 6,000 to his agent. Freight and insurance paid by consignor Rs 200. Consignee's expenses Rs 200. 4/5th of the goods were sold for Rs 3,000. Commission 2% on sales. Consignee wants to settle the balance with the help of a bank draft. The amount of draft will be _______________.

Question 4 :
X Ltd, forfeited 20 shares of Rs 10 each, Rs 7 called up on which Mahesh had paid application and allotment money of Rs 5 per share. Of these 15 shares were re-issued to Naresh as Rs 7 paid-up for Rs 8 per share. The profit on re-issue is ________.

Question 5 :
1000 shares of Rs 10 each issued at par were forfeited for the non payment of the final call of Rs 2 per share. These shares were re-issued @ Rs 8 per share fully paid up. The profit on re-issue is _________.

Question 6 :
F Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium (to be paid at the time of allotment) on which first call of Rs 30 per share was not received, the second &amp; final call of Rs 20 per share was not yet called. If 20 of these shares were re-issued as Rs 80 paid-up for Rs 90 per share, the Profit on re-issue is-<span><br></span>

Question 7 :
X Co. forfeits $1000$ shares. If $Rs. 10$ each called up and only $Rs. 5$ paid on application. The amount to be forfeited is ___________.

Question 8 :
X Ltd. made a final call on equity share @Rs. 20 each. face value of share is Rs. 100. one share holder holding 300 shares paid the final call after 2.5 months after it has become due.the company had adopted Table F of schedule I to the companies Act 2013 , the amount of interest on Calls-in-Arrear=?

Question 9 :
A company's balance sheet shows the following information:<br>Outstanding Redeemable Preference Shares Rs. $200,000$<br>Premium on redemption $10\%$<br>Divisible profit available Rs. $100,000$<br>Security Premium A/c Rs. $15,000$<br>Fresh issue to be made at a discount of $10\%$<br>The face value of fresh issue of shares will be ___________.<br>

Question 11 :
Securities Premium Account is shown on the liabilities side of the company's balance sheet under the heading ________.

Question 12 :
XYZ Ltd. invited application for issue of $100,000$ shares of $Rs. 10$ each at a premium of $Rs. 2, Rs. 5$ called at the time of application, $Rs. 5$ (including premium) at the time of allotment and balance $Rs. 2$ at the time of $1st$ call. Applications were received for $1,30,000$ shares. Application money was returned to the extent to $10,000$ shares and pro rate allotment was made to the remaining applicants of $120,000$. PQR to whom $500$ shares were allotted failed to pay allotment and call money. These shares were subsequently re-issued at $Rs. 8$ full paid. Based on the above facts, $PQR$ must have applied for _________.

Question 13 :
AH Ltd. forfeited 500 shares of Rs 10 each on which first call of Rs 3 per share was not received, the second and final call of Rs 2 per share has not yet been called. Out of these 125 shares were re-issued to I as Rs 8 paid-up for Rs 7 per share. The profit on re-issue is _______.

Question 14 :
Rohan Industries Ltd. purchased a plant from Hind Industries for Rs. $12,00,000$. The company paid Rs. $4,00,000$ in cash and agreed to allot $10\%$ redeemable preference shares of Rs. $100$ each at a premium of $25\%$ for the balance amount. How many preference shares will be issued to the vendor if the shares are allotted at $10\%$ discount?

Question 15 :
When any shareholder pay any call money in advance then the A/c to be credited would be _________.

Question 16 :
B Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received, the second &amp; final call of Rs 20 per share was not yet called. If 20 of these shares were re-issued as Rs 80 called up for Rs 80 per share, the Profit on re-issue is ____________.

Question 17 :
Any balance in the share forfeiture account after all the forfeited share are re-issued should be:

Question 18 :
At the time of forfeiture, share capital Account is debited with ________.

Question 19 :
A Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received, the second &amp; final call of Rs 20 per share was not yet called. If 20 of these shares were re-issued as Rs 80 paid-up for Rs 90 per share, the Profit on re-issue is ____________.

Question 20 :
When shares are forfeited, the share capital account is debited with _______ and the Share Forfeited Account is credited with ________.

Question 21 :
C Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received, the second &amp; final call of Rs 20 per share was not yet called. If 20 of these shares were re-issued as Rs 80 paid-up for Rs 70 per share, the Profit on re-issue is __________.

Question 22 :
From the following details calculate the number of equity shares of Rs. $10$ each to be issued in order to redeem the preference shares.<br>$12\%$ $(20000)$ Redeemable preference shares of Rs. $10$ each $=$ Rs. $200,000$<br>Security premium A/c $=$ Rs. $20,000$<br>General Reserve A/c $=$ Rs. $15,000$<br>Profit and loss A/c $=$ Rs. $30,000$<br>Redeemable preference shares are to be redeemed at $10\%$ premium.<br>

Question 23 :
<span>Journalise the given transaction in the books of Indian Oil Ltd, if $400$ shares of Rs.$50$ each issued at par were forfeited for non-payment of final call of Rs.$10$ per share. These shares were reissued at Rs. $45$ per share fully paid-up. Record the the journal entry for transferring the balance in forfeiture amount to capital reserve.</span><br>

Question 24 :
X was issued $500$ shares of ABC Ltd. at $RS. 12$ including $Rs. 2$ premium. He paid only application money of $Rs. 3$ and failed to pay the allotment money of $Rs. 4$ including premium. Consequently his shares were forfeited. Y was allotted $400$ shares he paid $Rs. 3$ on application, $Rs. 4$ at the time of allotment and failed to pay the call money of $Rs. 5$. His shares were also subsequently forfeited. The company subsequently re-issued $800$ shares at $Rs. 8$ fully paid up as $Rs. 10$. Find the amount to be transferred to Capital reserve A/c on re-issue of $800$ forfeited shares.

Question 26 :
Z Ltd. forfeited 200 shares of Rs 100 each, issued at 10% premium for non-payment of allotment money of Rs 50 per share (including premium), first call of Rs 40 per share and a second and final call of Rs 10 per share. Out of these 80 shares were re-issued as fully paid-up for Rs 95 per share. The profit on re-issue is __________.

Question 27 :
<span>S Ltd. issued&#160;1,00,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share to the public.&#160;Full amount payable at the time of application. Application was received for&#160;1,20,000 shares. Excess application monies were refunded. Amount to be credited&#160;to share capital account should be____.</span>

Question 28 :
KMHD Ltd. forfeited 200 shares of Rs 100 each issued on which Rs 50 per share has been called and Rs 6,000 has been paid. The company then re-issued the above mentioned shares to Mr. Singh upon payment of Rs 18,000 credited as fully paid. The profit on re-issue is _________.<span><br/></span>

Question 29 :
G Ltd. acquired assets worth Rs. $75,000$ from H Ltd. By issue of share of Rs. $10$ at a premium of Rs. $5$. The number of shares to be issued by G Ltd. to settle the purchase consideration _________.

Question 30 :
When a company receives application for subscriptions to the shares of the company much more than the issued capital, the issue is called __________.

Question 31 :
When shares are forfeited the share capital account is debited with the:

Question 32 :
Alok Ltd. forfeited 300 shares of Rs 10 each, fully called up, held by Ram for non payment of allotment money of Rs 3 per share and final call money of Rs 4 per share. Out of these shares 250 were re-issued to Shyam for a total payment of Rs 2,000. The profit on re-issue is-

Question 33 :
Yogeshwar Ltd. forfeited 5 shares of Rs. 10 each issued at $10\%$ premium to umpire (Rs.9 called up) on which he did not pay allotment money (including premium) of Rs. 3 and call money of Rs. 2 per share. What amount is transferred to Share Forfeiture Account?

Question 34 :
In case of forfeiture of shares, a notice requiring payment of the amount together with any interest accurred must be served mentioning a further day not less than ________ from date of service of the notice.

Question 35 :
On 1.1.2015, X Ltd. makes an issue of 1,00,000 equity shares of Rs. 100 each payable as follows:<br/><table class="wysiwyg-table"><tbody><tr><td></td><td>Rs.</td></tr><tr><td>Application</td><td>20</td></tr><tr><td>Allotment</td><td>30 (3 months after allotment)</td></tr><tr><td>Final Call</td><td>50</td></tr></tbody></table>Applications were received for 1, 20,000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2,000, shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 3,000 shares but which he paid with first and final call. Directors have decided to charge and allow interest, according to the Table F of Schedule I to the Companies Act, 2013. The amount of interest on calls-in-advance _______.

Question 36 :
_______ is to be executed on a non judicial stamp paper.

Question 37 :
<span>N Ltd. has allocated 10,000&#160;shares to the applicants of 14,000 shares on pro rata basis. The amount payable&#160;on application is Rs. 2. Ram applied for 420 shares. The number of shares&#160;allocated and amount carried forward for adjustment against allotment will be_____.</span>

Question 38 :
If the company has adopted Table A as the articles, the interest charged on calls-in-arrears will be _______________.

Question 39 :
If the number of shares issued for is more than the number of shares applied, the shares are said to be______.

Question 40 :
A company issued $25,000$ shares of $Rs. 10$ each. The amount was demanded as under:<br>On application - $Rs. 2$ On allotment - $Rs. 4$<br>On $1st$ Call - $Rs. 2$ On $2nd$ Call - $Rs. 2$<br>A shareholder, who was allotted $500$ shares did not pay $1st$ Call and $2nd$ Call money. His shares have been forfeited. What amount will be credited to share forfeited account?

Question 41 :
A company issued $5,000$ shares of Rs. $10$ each at $20\%$ premium payable as follows: Application- Rs. $2$, allotment Rs. $5$ (including premium) and first and Final Call Rs. $5$. A holder of $200$ shares failed to pay the first and final call. His shares were forfeited. Calculate the amount to be credited to share Forfeiture Account.

Question 42 :
If XYZ Co. Ltd. forfeited $10$ shares of $Rs. 10$ each $Rs. 7$ called up, $Rs. 5$ paid on application, the amount to be forfeited is _________.&#160;

Question 43 :
Statement $1$: Discount on issue of shares should be shown on the asset side of the balance sheet.<br>Statement $2$: The discount has to be written off even through profit and loss account<br>Choose the correct.

Question 45 :
Uncle frenchie Ltd. forfeited 20 shares of Rs. 10 each, Rs. 8 called up on which Satya Narayan Bhati had paid application and allotment money of Rs. 5 per share. Of these 15 shares were re-issued to Akshay Sahoo as fully paid up for Rs. 6 per share. What amount will be balance in the share forfeiture account after the relevant amount has been transferred to Capital Reserve Account?

Question 46 :
Vikas was holding 30 shares of Rs. 10.00 each issued at $10\%$ discount. He paid Rs. 2.00 per share on application but could not pay the allotment money of Rs. 3.00 per share and his shares were forfeited. The journal entry to record forfeiture is :

Question 47 :
Amit holds 20 shares of Rs. 10.00 each on which he had paid Rs. 2.00 per share on application but could not pay Rs. 3.00 per share on allotment and Rs. 1.00 per share on first call. The journal entry to record the forfeiture of these shares is:

Question 48 :
B Ltd. issued 1,00,000 equity shares of Rs. 10 each to the public at par. The details of the amount payable are as follows:<br/>Application&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Rs. 2.00<br/>Allotment&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;Rs. 3.00<br/>First &amp; final call &#160; &#160; &#160; &#160; Rs. 5.00<br/>Applications were received for 1,20,000 shares. Excess application monies were refunded. All other amount was received excepting final call on 1,000 shares. These shares were forfeited and reissued at Rs. 8 per share.<br/><span>On receipt of first&#160;&amp; final call, bank account will be debited by _____.</span><br/>

Question 49 :
When shares are issued at discount, the amount of discount is debited to _______, which is in the nature of capital loss for the company.

Question 50 :
Vivek holds 30 shares of Rs. 10.00 each at a premium of $10\%$. He paid Rs. 2.00 per share on application. Rs. 3.00 per share on allotment (including premium) but could not pay the first call of Rs. 2.00 per share. his shares are forfeited. The journal entry to record forfeiture is :