CBSE Class 12 Accountancy Accounting For Share Capital Worksheet

Read and download free pdf of CBSE Class 12 Accountancy Accounting For Share Capital Worksheet. Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Class 12. Free chapter wise worksheets with answers have been designed by Class 12 teachers as per latest examination pattern

Part 2 Chapter 1 Accounting for Share Capital Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital Worksheet Pdf

Question. Name the head of Capital Clause of Memorandum of Association of a company in which maximum amount of share capital mentioned is called .
(a) Reserve Capital
(b) Subscribed Capital
(c) Authorised Capital
(d) Issued Capital
Answer. C

Question. A shareholder allotted to whom 9,000 shares of ₹ 10 per share failed to pay first & final of ₹ 2 per share. ₹ 18,000 to be recorded in the books of company with
(a) Dr. to Calls-in Arrears A/c
(b) Dr. to Share Forfeiture
(c) Cr. to Calls-in Arrears A/c
(d) Cr. to Share Forfeiture A/c
Answer. A

Question. Arrange the following in proper sequence as types of “Share Capital”
a) Paid up capital
b) Issued capital
c) Subscribed capital
d) Authorised capital
a) a) ,c) , d) , b)
b) d), c) , b), a)
c) d), b), c),a)
Answer. C

Question. Shobha Limited was formed with share capital of Rs. 50,00,000 divided into 50,000 shares of Rs.100 each. 8,000 shares were issued to the vendor as fully paid for purchase consideration of a Machinery acquired. 30,000 shares were allotted in payment of cash on which Rs.70 per share was called and paid. State the amount of subscribed capital:
A) Rs. 50,00,000
B) Rs. 30,50,000
C) Rs. 29,00,000
D) Rs. 20,00,000
Answer. C

Question. Star Ltd forfeited 1,000 shares of Rs.10 each (which were issued at par )of Jeevan, a share holder of the company, for non payment of allotment money of Rs.4 per share. The called up value per share was Rs.7. On forfeiture, the amount debited to share capital:
a) Rs.3,000
b) Rs.7,000
c) Rs.4,000
d) Rs.10,000
Answer. B

Question. The allowed amount of discount on re-issue of shares will be
(a) 10% of issue price
(b) Up to the amount of forfeited money
(c) Could not issue at discount
(d) None of these
Answer. B

Question. Once, forfeited shares reissued, balance of share forfeiture money will be transferred to:
(a) General Reserve
(b) Capital Reserve
(c) Reserve Capital
(d) Securities Premium Reserve
Answer. B

Question. 12,000 shares of ₹ 100 each forfeited due to non-payment of allotment of ₹ 40 per share and first & final call of ₹ 30 per share. Out of the forfeited shares, 9,000 shares were reissued at ₹ 80 per share fully paid. Which of the following amount of share forfeiture account will be transferred to Capital Reserve Account?
(a) 90,000
(b) 1,80,000
(c) 3,60,000
(d) 2,70,000
Answer. A

 

CASE STUDY BASED QUESTIONS

Read the following statement carefully and give the answer for the questions:
Shine Firework Ltd is authorised to issue shares 5,00,000 of ₹ 100 each. Company raised the capital by issue of 2,00,000 shares through e-IPO. As per the decision of Managing Board of Directors of company, company issued 75,000 shares to their parent company and 40,000 shares issued to existing employees of company as per their choice and option at the below price than the market price.

Question. “Company issued 75,000 shares to their parent company” is an example of .
(a) Public Issue
(b) Private Placement
(c) ESOP
(d) Issue other than cash
Answer. B 

Question. “40,000 shares issued to existing employees of company as per their choice and option at the below price than the market price.” Is an example of
(a ) Public Issue
(b) Private Placement
(c) ESOP
(d) Issue other than cash
Answer. C


Read the following statement carefully and give the answer for the questions:
X Ltd issued 2,00,000 shares of ₹ 100 each. Amount to be paid on Application ₹ 30 per share; on allotment ₹ 40 per share and on first & final call ₹ 30 per share. All money was duly subscribed and paid towards the nominal value of shares except on 9,000 shares who failed to pay allotment and calls money. These shares were forfeited. 5,000 shares were re-issued at ₹ 80 per share fully paid.

Question. Which amount of the following will be shown into the Balance Sheet of the company under the sub-head “Share Capital”?
(a) ₹ 1,96,00,000
(b) ₹ 1,97,20,000
(c) ₹ 2,00,00,000
(d) ₹ 1,97,70,000
Answer. A

Question. Which of the following amount will be, balance in Share Forfeiture Account?
(a) ₹ 4,00,000
(b) ₹ 1,50,000
(c) ₹ 1,20,000
(d) ₹ 50,000
Answer. D

Question. Given below are two statements, one labelled as Assertion the other labelled as Reason (R):
Assertion(A): Preferential allotment means allotment of shares at a pre determined price to the identified people who are interested in taking shares in the company.
Reason(R): Employee Stock Option Plan is a category of sweat Equity In the context of the above two statements, which of the following is correct?
(A) Both (A) and (R) are correct and (R) is the correct reason of (A)
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is correct.
(D) Both (A) and (R) are wrong.
Answer. B

Question. Given below are two statements, one labelled as Assertion the other labelled as Reason (R):
Assertion (A): The forfeited shares may be reissued by the company at par, at premium or at discount.
Reason(R): Reissue of forfeited shares is not an issue of shares but is selling the shares that were issued earlier and were cancelled by the company. In the context of the above two statements, which of the follow-ing is correct?
(A) Both (A) and (R) are correct and (R) is the correct reason of (A).
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is correct.
(D) Both (A) and (R) are wrong.
Answer. A

Question. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R)
Assertion (A)The part of un-called capital, to be called only in the liquidation of a company is called Reserve Capital.
Reason (R) : It can be used for writing off capital losses.
In the context of the above two statements, which of the following is correct?
(A) is correct, but (R) is wrong.
(B) Both (A) and (R) are correct.
(C) (A) is wrong, but (R) is correct.
(D) Both (A) and (R) are wrong
Answer. A

 

Company Account – Accounting For Share Capital
 
1 Mars Ltd. invited applications for 50,000 shares of `100 each at a premium of `10 per share payable as follows:
On Application – `50 per share;
On Allotment - `35 per share (including premium);
On First and Final Call – Balance.
 
Applications for 92,500 shares were received. Applications for 30,000 shares were rejected and allotment was made on pro rata basis for the remaining applicants. Raheel who had applied for 1,250 shares, failed to pay the amount due on allotment and call. The company forfeited his shares. Later, out of the forfeited shares, company reissued 500 shares at `120 per share as fully paid up. Pass necessary journal entries in the books of Mars Ltd.
 
2 IPC Ltd. invited applications for issuing 70,000 equity shares of `10 each at par.
The amount was payable as follows:
On Application – `4 per share;
On Allotment - `4 per share; and
On First and Final Call – Balance.
 
Applications for 80,000 shares was received. Applications for 5,000 shares were rejected and the shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was utilized towards sums
due on allotment. Johny, who had applied for 1,500 shares, failed to pay allotment money. His shares were forfeited immediately after allotment. Afterwards the First and Final Call was made. First and Final Call was not received on 700 shares held by Romi. Her shares were also forfeited. 1,500 forfeited shares (including 100 shares of Romi) were reissued at `13 per share fully paid up. The reissued shares included all the shares of Johny. Pass necessary journal entries in the books of IPC Ltd. for the above transactions.
 
3 Sunrise Ltd. invited applications for issuing 30,000 Equity shares of `10 each at a premium of `30 per share. The amount was payable as follows:
On Application – `10 per share (including `8 premium)
On Allotment - `12 per share (including `9 premium); and
On First and Final Call – Balance.
Applications for 27,000 shares were received. All the calls were made and were duly received except on 3,000 shares held by Shiva who failed to pay the Allotment and First and Final Call money and on 2,000 shares of Giridhar who did not pay the First and Final Call. Shares of Shiva and Giridhar were forfeited at `17 per share fully paid up.
Pass necessary journal entries in the books of Sunrise Ltd. for the above transactions.
 
4 Moonlight Ltd. issued 30,000 shares of `10 each at par, payable as follows:
`3 per share on Application;
`3 per share on Allotment;
Balance on First and Final Call.
The applications were received on 50,000 shares. Applications for 10,000 shares were rejected and allotment was made on pro rata basis to the remaining applicants.
 
Nimesh who had applied for 1,600 shares failed to pay the amount due on allotment and call. The company forfeited his shares. Later on out of the forfeited shares, company reissued 800 shares at `10 per share as fully paid up. Pass necessary journal entries in the books of Moonlight Ltd.
 
5 Ruchi Ltd. made an issue of 1,00,000 equity shares of `10 each at a premium of 20% payable as follows.
On Application – `2.5 per share;
On Allotment - `4.5per share; and
On First and Final Call – Balance.
Applications were received for 2,40,000 equity shares. Applications for 40,000 shares were rejected and pro rata allotment was made to the remaining applicants.
 
Renu who had applied for 800 shares did not pay the allotment and final call money. As a result her shares were forfeited. Later on 80% of the forfeited shares were reissued at `8 per share fully paid up. Pass necessary journal entries in the books of the company.
 
6 Shakti Ltd. issued a prospectus inviting applications for 50,000 equity shares of `10 each at a premium of 20%, payable `5 as per application (including `2 as premium), `4 as per allotment and the balance towards first and final call.
Applications were received for 75,000 shares. Application money received on 15,000 shares was refunded and allotment were made on pro rata basis to the applicants of 60,000 shares. Excess application money including premium received was adjusted against amount due on allotment.
 
Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the directors on his subsequent failure to pay the call money.
 
All the forfeited shares were subsequently issued to Mr. Jain for `9 per share credited as fully paid. Pass the journal entries of Shakti Ltd. and prepare Cash Book assuming that Calls-in-Arrear Account is maintained.
 
7 Benolac Paints Ltd. invited applications for issuing 1,20,000 equity shares of `10 each at a premium of `2 per share. The amount was payable as follows:
On Application – `3 per share (including Re.1 premium)
On Allotment - `3 per share; and
On First and Final Call –`6 per share (including Re.1 premium)
 
Applications for 1,40,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants. Over payments on application were adjusted towards sums due on allotment. All
calls were made and were duly received except allotment and final call on 6,000 shares allotted to Sharvi. These shares were forfeited. Afterwards, half of the forfeited shares were reissued for `33,000 fully paid up. Pass necessary journal entries in the books of Benolac Paints Ltd.
 
8 Bayson Ltd. invited applications for issuing 54,000 shares of `100 each payable as follows.
`50 per share on Application;
`10 per share on Allotment;
Balance on First and Final Call.
Applications were received for 80,000 shares. Full allotment was made to applicants of 14,000 shares. The remaining application were allotted 40,000 shares on pro rata basis. Excess money received with application was adjusted towards sums due on allotment and call.
 
Vibhor holding 1,200 shares, who belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Vidur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 400 shares. Vidur’s shares were later reissued at `110 per share as fully paid up. Pass necessary journal entries in the books of Bayson Ltd. by opening Calls-in- Arrears Account and Calls-in-Advance Account wherever necessary.
 
9 Jayanti Ltd. has an authorized capital of `10,00,000 divided into equity shares of `10 each. The company invited applications for 50,000 shares. Applications for 45,000 shares were received. All calls were made and duly received except the final call of `2 per share on 1,000 shares and these shares were forfeited. Show how share capital will be shown in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

10 Complete the following journal entries for forfeiture and reissue.

CBSE Class 12 Accountancy Accounting For Share Capital Worksheet 1

CBSE Class 12 Accountancy Accounting For Share Capital Worksheet 2

11 Madhur Ltd took over the assets of `3,90,000 and Liabilities of `40,000 of Rasova Ltd. for a consideration of `4,00,000. 20% was paid by cheque and the balance by issue of fully paid up equity shares `100 each at a premium of 60%. Show necessary journal entries for these transactions in the books of Madhur Ltd.
 
12 Prayuj Ltd. forfeited 2,000 shares of `10 each, fully called up, on which they had received only `14,000. 50 of the forfeited shares were reissued for `9 per share fully paid up.
Pass necessary journal entries for forfeiture and reissue of shares. Also prepare Share Forfeited Account.
 
13 Little Comforts Ltd. had an authorized capital of `5,00,000 divided into equity shares of `10 each. The company offered for subscription `3,00,000 shares. The issue was fully subscribed. The amount payable on application was `2 per share. `4 per share were payable each on allotment and first and final call. A shareholder holding 300 shares failed to pay the allotment. His shares were forfeited. The company did not make the first and final call. Show how the ‘Share Capital’ will be shown in the company’s balance sheet.

 

Please click on below link to download CBSE Class 12 Accountancy Accounting For Share Capital Worksheet

Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements of A Company Worksheet

More Study Material

CBSE Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital Worksheet

The above practice worksheet for Part 2 Chapter 1 Accounting for Share Capital has been designed as per the current syllabus for Class 12 Accountancy released by CBSE. Students studying in Class 12 can easily download in Pdf format and practice the questions and answers given in the above practice worksheet for Class 12 Accountancy on a daily basis. All the latest practice worksheets with solutions have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their examinations. Studiestoday is the best portal for Printable Worksheets for Class 12 Accountancy students to get all the latest study material free of cost.

Worksheet for Accountancy CBSE Class 12 Part 2 Chapter 1 Accounting for Share Capital

Teachers of studiestoday have referred to the NCERT book for Class 12 Accountancy to develop the Accountancy Class 12 worksheet. If you download the practice worksheet for the above chapter daily, you will get better scores in Class 12 exams this year as you will have stronger concepts. Daily questions practice of Accountancy printable worksheet and its study material will help students to have a stronger understanding of all concepts and also make them experts on all scoring topics. You can easily download and save all revision Worksheets for Class 12 Accountancy also from www.studiestoday.com without paying anything in Pdf format. After solving the questions given in the practice sheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 12 Accountancy designed by our teachers

Part 2 Chapter 1 Accounting for Share Capital worksheet Accountancy CBSE Class 12

All practice paper sheet given above for Class 12 Accountancy have been made as per the latest syllabus and books issued for the current academic year. The students of Class 12 can be assured that the answers have been also provided by our teachers for all test paper of Accountancy so that you are able to solve the problems and then compare your answers with the solutions provided by us. We have also provided a lot of MCQ questions for Class 12 Accountancy in the worksheet so that you can solve questions relating to all topics given in each chapter. All study material for Class 12 Accountancy students have been given on studiestoday.

Part 2 Chapter 1 Accounting for Share Capital CBSE Class 12 Accountancy Worksheet

Regular printable worksheet practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Part 2 Chapter 1 Accounting for Share Capital concepts. Practice worksheets play an important role in developing an understanding of Part 2 Chapter 1 Accounting for Share Capital in CBSE Class 12. Students can download and save or print all the printable worksheets, assignments, and practice sheets of the above chapter in Class 12 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 12 Accountancy MCQ Test for the same chapter.

Worksheet for CBSE Accountancy Class 12 Part 2 Chapter 1 Accounting for Share Capital

CBSE Class 12 Accountancy best textbooks have been used for writing the problems given in the above worksheet. If you have tests coming up then you should revise all concepts relating to Part 2 Chapter 1 Accounting for Share Capital and then take out a print of the above practice sheet and attempt all problems. We have also provided a lot of other Worksheets for Class 12 Accountancy which you can use to further make yourself better in Accountancy

Where can I download latest CBSE Practice worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital

You can download the CBSE Practice worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital for the latest session from StudiesToday.com

Can I download the Practice worksheets of Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital in Pdf

Yes, you can click on the links above and download chapter-wise Practice worksheets in PDFs for Class 12 for Accountancy Part 2 Chapter 1 Accounting for Share Capital

Are the Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital Practice worksheets available for the latest session

Yes, the Practice worksheets issued for Part 2 Chapter 1 Accounting for Share Capital Class 12 Accountancy have been made available here for the latest academic session

How can I download the Part 2 Chapter 1 Accounting for Share Capital Class 12 Accountancy Practice worksheets

You can easily access the links above and download the Class 12 Practice worksheets Accountancy for Part 2 Chapter 1 Accounting for Share Capital

Is there any charge for the Practice worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital

There is no charge for the Practice worksheets for Class 12 CBSE Accountancy Part 2 Chapter 1 Accounting for Share Capital you can download everything free

How can I improve my scores by solving questions given in Practice worksheets in Part 2 Chapter 1 Accounting for Share Capital Class 12 Accountancy

Regular revision of practice worksheets given on studiestoday for Class 12 subject Accountancy Part 2 Chapter 1 Accounting for Share Capital can help you to score better marks in exams

Are there any websites that offer free Practice test papers for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital

Yes, studiestoday.com provides all the latest Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital test practice sheets with answers based on the latest books for the current academic session

Can test sheet papers for Part 2 Chapter 1 Accounting for Share Capital Class 12 Accountancy be accessed on mobile devices

Yes, studiestoday provides worksheets in Pdf for Part 2 Chapter 1 Accounting for Share Capital Class 12 Accountancy in mobile-friendly format and can be accessed on smartphones and tablets.

Are practice worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital available in multiple languages

Yes, practice worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital are available in multiple languages, including English, Hindi