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51.	Sona Ltd. purchased machinery costing Rs. 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued equity shares of Rs. 100 each at a premium of 25%. Pass necessary Journal Entries for the above transactions in the books of Sona Ltd. Show your working notes clearly.
Answer» Number of shares issued 10,880.

52.	Equity shareholders are ………………………… of the Company (Creditors, Owners, Customers)
Answer» Correct Answer - Owners

53.	Preference shareholders are …………………….. of the Company. (Creditors, Owners, Customers)
Answer» Correct Answer - Owners

54.	Vikas Ltd. has an authorised capital of Rs. 40,00,000 divided into 4,00,000 Equity Shares of Rs. 10 each. Out of these, the company invited applications for 3,00,000 equity shares. The public applied for 2,80,000 shares and all the money was duly received. Show how Share Capital will appear in the Balance Sheet of the Company. Also prepare notes to accounts.
Answer» Subscribed and Fully Paid Capital Rs. 28,00,000 .

55.	Shareholders get ………………………. (Interest, Dividend)
Answer» Correct Answer - Dividend

56.	According to Table F of Schedule I of Companies Act 2013, interest on calls in advance may be paid at a rate not exceeding ………………. % p.a. (10, 12)
Answer» Correct Answer - 12,

57.	Madhur Ltd. took over the assets of Rs. 3,90,000 and Liabilities of Rs. 40,000 of Rasova Ltd. for a consideration of Rs. 4,00,000. 20% was paid by a cheque and the balance by issue of fully paid equity shares of Rs. 100 each at a premium of 60%. Show necessary journal entries for these transactions in the books of Mandhur Ltd.
Answer» Goodwill Rs. 50,000, Number of shares issued 2,000.

58.	Metacaf Ltd. issued 50,000 shares of Rs. 100 each payable Rs. 20 on application (on 1st May 2012), Rs. 30 on allotment (on 1st January 2013) , Rs. 20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made ans Shankar paid the first call amount along with the second call. All sums due were received. Total amount received on 1st February was :A. Rs. 15,00,000B. Rs. 16,00,000C. Rs. 10,00,000D. Rs. 11,00,000
Answer» Correct Answer - B

59.	What is the net balance left in Share Forfeiture Account :A. Rs. 1,400B. Rs. 1,500C. Rs. 900D. Rs. 1,000
Answer» Correct Answer - D

60.	Khushboo Ltd. issued for Public subscription 50,000 equity shares of Rs. 10 each at a premium of 30% payable as under : Rs. 4 on application Rs. 5 on allotment (including premium) Rs. 4 on first & final call Applications were received for 1,00,000 shares. Allotment was made pro-rata to the applicants for 80,000 shares, the remaining applications being refused. Money overpaid on applications was utilised towards sums due on allotment. Chatterjee, to whom 1,000 shares were allotted, failed to pay the allotment and call money and the shares subsequently forfeited. Half of the forfeited shares were reissued as fully paid at a discount of 10%. Show the journal entries to record the above transactions.
Answer» Amount received on allotment Rs. 1,27,400, Capital Reserve Rs. 2,500. Hints : (i) Out of excess application money of Rs. 2,400, the amount of Rs. 2,000 is a part of share capital and balance of Rs. 400 is a part of securities premium. (ii) Entry for forfeiture of shares : `{:("Equity Share Capital A/c","Dr. 10,000"),("Securities Premium Reserve A/c (3,000-400)","Dr. 2,600"),(" To Equity Share Allotment A/c"," 2,600"),(" To Equity Share First & Final Call A/c"," 4,000"),(" To Share Forfeiture A/c"," 6,000"):}`

61.	Elite Ltd. invited applications from public for 5,00,000 equity shares of Rs. 10 each issued at Rs. 11 per share. The payment was to be made as follos : Rs. 3 on Application, Rs. 4 on Allotment including premium, and Rs. 4 on call. Applications fr 6,50,000 shares were received. Allotment of shares was made as follows : (i) 100% shares to applicants of 4,00,000 shares, (ii) 50% shares to applicants of 2,00,000 shares, (iii) No allotment to applicants of 50,000 shares. A shareholder to whom 500 shares were allotted under category (i) paid full amount due on shares along with allotment money. Another shareholderholding 1,000 shares were subsequently re-issued as fully paid-up @ Rs. 8 per share. Pass the journal entries.
Answer» Cash at Bank Rs. 55,02,400, Balance of Securities Premium Reserve A/c Rs. 5,00,000, Balance of Share forfeiture A/c Rs. 1,200, Capital Reserve Rs. 3,200.

62.	Amount of Calls inAdvance isA. Added to Share CapitalB. Deducted from Share CapitalC. Shown on the Assets sideD. Shown on the Equity & Liabilities side
Answer» Correct Answer - D

63.	Equity shares cannot be issued for the purpose of :A. Cash ReceiptsB. Purchase of assetsC. Redemption of debenturesD. Distribution of dividend
Answer» Correct Answer - D

64.	Maximum limit of Premium on shares is :A. `5 %`B. `10 %`C. No LimitD. `100 %`
Answer» Correct Answer - C

65.	The liability of every shareholder of a Company is ……………………. (Limited, Unlimited)
Answer» Correct Answer - Limited

66.	Minimum Share Application money is …………………. % of the nominal value of shares. (5, 20, 25)
Answer» Correct Answer - 25,

67.	Share Application Account is in the nature of :A. Real AccountB. Personal AccountC. Nominal AccountD. None of the above
Answer» Correct Answer - B