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Share Capital Class 12 Accountancy Worksheet Pdf
Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Share Capital in standard 12. This test paper with questions and answers for Grade 12 Accountancy will be very useful for exams and help you to score good marks
Class 12 Accountancy Worksheet for Share Capital
CHAPTER:-SHARE CAPITAL.
Question : Name different types of Share Capital.
Answer : (i) Authorised Share Capital.
(ii) Issued Share Capital.
(iii) Subscribed Share Capital.
(iv) Called—up Share Capital.
(v) Paid-up Share Capital.
(vi) Reserve Capital.
Question : What is meant by Initial Public Offer?
Answer : Making an offer, inviting the public in general to subscribe for the shares is called as Initial Public Offer. .
Question : What is meant by ‘Minimum Subscription?
Answer : ‘Minimum subscription’ refers to the minimum amount of capital that must be subscribed by the public before a company can proceed with allotment of shares. In general, it is 90% of the issue.
Question : At what rate interest on Calls-in-Advance may be paid by a ComPany according to Table F of Schedulel of the Companies Act,2013?
Answer : As per Table F of the Companies Act, 2013, Company IS required to pay interest @12% p.a. from the date of receipt of Calls in advance to the due date of the Call.
Question : What is the maximum amount of discount at which forfeited shares can be re-issued?
Answer : If the forfeited shares are issued at a discount, the amount of discount must not exceed the amount received on them on their original issue.
(Use the following Information :-
Jain Ltd. issued 3,00,000 shares of ₹ 100 each at a premium of ₹ 30 per share payable as follows :-
On Application ₹ 20; On Allotment ₹ 60 (including premium); On First Call ₹ 30; On Second and Final Call ₹ 20.
Applications were received for 4,50,000 shares and pro-rata allotment was made to applicants of 3,60,000 shares. The money excess received on application was employed on account of the sum due on allotment as part of share capital. Brahma, to whom 6,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and Vishnu, the holder of 9,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 12,000 shares were reissued to Mahesh at a discount, of 15%, the whole of Brahma's forfeited shares being reissued.
MCQ Questions for Chapter 1 Accounting for Share Capital
Question : Journal Entry for amount received on application is :-
(a) Bank A/c Debited ₹ 60,00,000; Share Application A/c Credited ₹ 60,00,000.
(b) Bank A/c Debited ₹ 90,00,000; Share Application A/c Credited ₹ 90,00,000.
(c) Share Application A/c Debited ₹ 90,00,000; Bank A/c Credited ₹ 90,00,000. (d) None of these
Question : Journal Entry for adjusting application money to share Allotment A/c is :-
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 18,00,000; Bank A/c Credited ₹ 18,00,000.
(c) Share Application A/c Debited ₹ 60,00,000; Share Capital A/c Credited ₹ 60,00,000.
(d) Share Application A/c Debited ₹ 12,00,000; Share Allotment A/c Credited ₹ 12,00,000.
Question : Journal entry for amount refunded to shareholders out of application money is __________.
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 60,00,000; Share Capital A/c Credited ₹ 60,00,000.
(c) Share Application A/c Debited ₹ 18,00,000; Bank A/c Credited ₹ 18,00,000.
(d) Share Application A/c Debited ₹ 12,00,000; Share Allotment A/c Credited ₹ 12,00,000.
Question : Total Amount paid by Brahma = ___________.
(a) ₹ 96,000 (b) ₹ 1,00,000 (c) ₹ 2,40,000 (d) ₹ 1,44,000
Question : Application money received from Brahma adjusted against allotment = ___________.
(a) ₹ 24,000 (b) ₹ 1,44,000 (c) ₹ 20,000 (d) None of these
Question : Amount per share to be received from Brahma against allotment after adjustment = ___________.
(a) ₹ 4 per share (b) ₹ 56 per share (c) ₹ 60 per share (d) None of these
Question : Amount transferred to share forfeiture account at the time of forfeiting Brahma's shares = __________.
(a) ₹ 45,000 (b) ₹ 1,00,000 (c) ₹ 4,45,000 (d) ₹ 1,44,000
Question : Total Amount paid by Vishnu = ___________.
(a) ₹ 1,44,000 (b) ₹ 4,50,000 (c) ₹ 7,20,000 (d) ₹ 2,40,000
Question : Number of shares applied by Vishnu with share application = __________.
(a) 9,000 shares (b) 10,800 shares (c) 7,500 shares (d) None of these
Question : Application money received from Vishnu adjusted against allotment = __________.
(a) Nil (b) ₹ 36,000 (c) ₹ 24,000 (d) None of these
Question : Amount per share received from Vishnu adjusted against allotment = __________.
(a) ₹ 4 per share (b) ₹ 56 per share (c) ₹ 60 per share (d) None of these
Question : Amount transferred to share forfeiture account at the time of forfeiting Vishnu's shares = __________.
(a) ₹ 1,20,000 (b) ₹ 4,50,000 (c) ₹ 7,20,000 (d) ₹ 2,60,000
Question : Net Balance in Share Capital Account = ________.
(a) ₹ 3,00,00,000 (b) ₹ 3,07,00,000 (c) ₹ 3,04,00,000 (d) ₹ 2,97,00,000
Question : Net Balance in Securities Premium Account = __________.
(a) ₹ 88,20,000 (b) ₹ 87,20,000 (c) ₹ 88,16,000 (d) ₹ 88,44,000
Question : Net Balance in Share Forfeiture Account = _________.
(a) ₹ 1,50,000 (b) ₹ 4,50,000 (c) ₹ 1,00,000 (d) ₹ 4,00,000
Question : Net Balance in Capital Reserve Account = __________.
(a) ₹ 2,00,000 (b) ₹ 1,80,000 (c) ₹ 3,60,000 (d) ₹ 2,64,000
Question : Net Balance in Bank Account = ___________.
(a) ₹ 3,89,34,500 (b) ₹ 3,89,00,000 (c) ₹ 3,79,00,000 (d) ₹ 3,89,34,000
Question : Balance Sheet Total = _____________.
(a) ₹ 3,80,34,000 (b) ₹ 3,89,00,000 (c) ₹ 3,79,00,000 (d) ₹ 3,89,34,000
Use the following Information :-
Bharat Ltd. issued 1,20,000 equity shares of ₹ 25 each, payable as under :-
On Application ₹ 7.5; On Allotment ₹ 10; On First Call ₹ 5; On Second and Final Call ₹ 2.5
The Application money received for 1,80,000 shares were dealt with as under :-
(i) Applicants of 30,000 shares were allotted in full.
(ii) Applicants of 1,20,000 shares were allotted 90,000 shares pro-rata.
(iii) Applications for 30,000 shares were rejected.
Question : Journal entry for amount received on application is :-
(a) Bank A/c Debited ₹ 9,00,000; Share Application A/c Credited ₹ 9,00,000.
(b) Bank A/c Debited ₹ 13,50,000; Share Application A/c Credited ₹ 13,50,000.
(c) Share Application A/c Debited ₹ 13,50,000; Bank A/c Credited ₹ 13,50,000. (d) None of these
Question : Total excess money received as compared to the number of shares allotted = _________.
(a) ₹ 18,00,000 (b) ₹ 9,00,000 (c) ₹ 6,25,000 (d) ₹ 4,50,000
Question : Journal Entry for amount refunded to shareholders out of application money is __________.
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 2,25,000; Bank A/c Credited ₹ 2,25,000.
(c) Share Application A/c Debited ₹ 9,00,000; Share Capital A/c Credited ₹ 9,00,000
(d) Share Application A/c Debited ₹ 2,25,000; Share Allotment A/c Credited ₹ 2,25,000.
Question : Journal entry for adjusting application money to Share Allotment A/c is :-
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 2,25,000; Share Allotment A/c Credited ₹ 2,25,000.
(c) Share Application A/c Debited ₹ 9,00,000; Share Capital A/c Credited ₹ 9,00,000.
(d) Share Application A/c Debited ₹ 2,25,000; Bank A/c Credited ₹ 2,25,000
Question : Amount of excess application money available for adjustment against call money is ________.
(a) Nil (b) ₹ 2,25,000 (c) ₹ 3,80,000 (d) ₹ 9,00,000
Question : Tushar Ltd. proposed to issue 6,000 equity shares of ₹ 100 each at a premium of 20%. The minimum amount of application money to be collected per share = ?
(a) ₹ 10 (b) ₹ 12 (c) ₹ 14 (d) ₹ 16.80.
Question : Dividends are usually paid as a percentage of ________.
(a) Authorised Share Capital (b) Net Profit (c) Paid-up Capital (d) Called-up Capital
Question : E Ltd. had allotted 15,000 shares to the applicants of 21,000 shares on pro-rata basis. The amount payable on application is ₹ 3. F applied for 630 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F?
(a) 90 shares; ₹ 270 (b) 500 shares; ₹ 360 (c) 480 shares; ₹ 450 (d) 450 shares; ₹ 540.
Question : Prashant Ltd. issued 15,000 equity shares of ₹ 25 each at a premium of 20% payable ₹ 15 on application (including premium), ₹ 10 on allotment and the balance on first and final call. The company received applications for 20,000 shares and allotment was made pro-rata. P, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Q at par. Assuming that no other bank transactions took place, the bank balance of the company after effecting the above transactions.
(a) ₹ 3,80,000 (b) ₹ 4,95,000 (c) ₹ 4,30,000 (d) ₹ 3,00,000
Question : A company forfeited 2,000 shares of ₹ 15 each (which were issued at par) held by Mr. John for nonpayment of allotment money of ₹ 4 per share. The called-up value per share was ₹ 12. On forfeiture, the amount debited to share capital.
(a) ₹ 26,000 (b) ₹ 30,000 (c) ₹ 75,000 (d) ₹ 24,000
Question : Haresh Ltd. acquired assets worth ₹ 9,00,000 from H Ltd. by issue of shares of ₹ 100 at a premium of 20%. The number of shares to be issued by Haresh Ltd. to settle the purchase consideration = ?
(a) 7,500 Shares (b) 6,000 Shares (c) 8,375 Shares (d) 6,625 Shares
Question : Eqbal Ltd. issued 10,000 equity shares of ₹ 40 each at a premium of 20% payable ₹ 16 on application (including premium), ₹ 20 on allotment and the balance on first and final call. The company received applications for 15,000 shares and allotment was made pro-rata. E, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All her shares were forfeited, after the call was made. The forfeited shares were reissued to F at par. Assuming that no other bank transactions took place, the bank balance of the company after affecting the above transactions.
(a) ₹ 4,80,000 (b) ₹ 5,28,000 (c) ₹ 4,20,000 (d) ₹ 5,00,000
Question : Unclaimed dividend should be classified in the Balance Sheet as a ________.
(a) Provision (b) Current Liability (c) Reserve (d) Current Asset.
Use the following information for questions no. 32 and 33 :-
Consider the following data pertaining to W Ltd. as on March 31, 2008 Share Capital :-
Issued, Subscribed Called-up (25,000 shares of ₹ 100 each) ₹ 25,00,000; Calls in arrear ₹ 15,000; Profit and Loss Account (Cr.) as on April 01, 2007 ₹ 60,000; Profit for the year ₹ 5,25,500.
(i) The company appropriates ₹ 40,000 to Debenture Redemption Reserve and
(ii) The company declared 15% dividends on paid up capital.
Question : The amount of dividend declared :-
(a) ₹ 2,01,400 (b) ₹ 4,51,522 (c) ₹ 3,72,750 (d) ₹ 4,00,000
Question : The balance of Profit and Loss Appropriation Account transferred to Balance Sheet after effecting the above transactions.
(a) ₹ 3,72,750 (b) ₹ 5,81,500 (c) ₹ 1,67,750 (d) 60,810
Question : Janpath Ltd. issued 25,000 shares of ₹ 20 each at a premium of 25% on 1st May, 2006, payable as follows :-
On Application ₹ 9.00 (inclusive of premium); On Allotment ₹ 6.00; On First and Final Call ₹ 10.00 1,500 shares were allotted to Mrs. Maharukh, who has paid ₹ 12,500 on 1st June, 2006. At the time of remitting the allotment money, she indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2006. The company holds a policy of paying interest on calls in advance. The amount of interest paid to Mrs. Maharukh on calls in advance :-
(a) ₹ 87.50 (b) ₹ 77.08 (c) ₹ 150.00 (d) ₹ 175.00
Question : The following information pertains to Bhavik Ltd.
(i) Equity share capital called up ₹ 3,00,000 (ii) Calls in arrear ₹ 25,000
(iii) Calls in advance ₹ 15,000 (iv) Proposed Dividend 20%
The amount of dividend payable :-
(a) ₹ 65,000 (b) ₹ 57,750 (c) ₹ 62,250 (d) ₹ 55,000
Use the following information for Question no. 36 to 38 :-
Zuber Ltd. issued 10,000 shares of ₹ 10 each. The called up value per share was ₹ 7. The company forfeited 450 shares of Mr. Ansari for non-payment of first call money of ₹ 2 per share. He paid ₹ 5 for application and allotment money.
Question : On Forfeiture of shares of Mr. Ansari, the share capital account will be ___________.
(a) Debited by ₹ 2,500 (b) Debited by ₹ 3,150 (c) Credited by ₹ 3,600 (d) Debited by ₹ 3,200
Question : On forfeiture of shares of Mr. Ansari "Share Forfeiture A/c" will be ___________.
(a) Debited by ₹ 2,250 (b) Credited by ₹ 3,150 (c) Credited by ₹ 2,250 (d) Debited by ₹ 3,150
Question : On forfeiture of shares of Mr. Ansari "First Call A/c" will be ___________.
(a) Credited by ₹ 900 (b) Credited by ₹ 3,150 (c) Debited by ₹ 900 (d) Debited by ₹ 2,250
Question : Chandrakant Ltd. issued shares of ₹ 10 each at a discount of 10%. Mr. Chatur purchased 75 shares and paid ₹ 4 on application but did not pay the allotment money of ₹ 5. If the company forfeited his entire shares, the forfeiture account will be credited by :-
(a) ₹ 450 (b) ₹ 405 (c) ₹ 300 (d) ₹ 270
Use the following information :-
B Ltd. invited applications for 50,000 shares of ₹ 15 each at a premium of ₹ 5 per share payable as follows :-
On Application ₹ 10 (including premium); On Allotment ₹ 6; On Final Call ₹ 4 Allotment was made on pro-rata basis to the applicants of 70,000 shares. Mr. C to whom 100 shares were alloted, failed to pay allotment money and call money. Mr. D holder of 150 shares, failed to pay call
money. All these shares were forfeited after proper notice and reissued at ₹ 18 per share.
Question : Balance of share capital account :-
(a) ₹ 7,46,250 (b) ₹ 7,49,500 (c) ₹ 7,50,000 (d) None of these
Question : Balance of security premium account :-
(a) ₹ 2,50,000 (b) ₹ 2,50,750 (c) ₹ 2,48,750 (d) None of these
Question : The net balance of share forfeiture account :-
(a) ₹ 2,350 (b) Nil (c) ₹ 1,950 (d) None of these
Question : The net balance of capital reserve account :-
(a) ₹ 1,840 (b) ₹ 1,980 (c) ₹ 1,520 (d) ₹ 2,550
Question : Balance in bank account after share capital transactions :-
(a) ₹ 10,03,300 (b) ₹ 10,00,000 (c) ₹ 9,99,550 (d) None of these
Question : On forfeiture, the amount debited to share capital account :-
(a) ₹ 2,250 (b) ₹ 1,500 (c) ₹ 3,750 (d) None of these
Question : On forfeiture, the amount credited to share final call account :-
(a) ₹ 600 (b) ₹ 1,000 (c) ₹ 400 (d) None of these
Question : On forfeiture, the amount credited to share allotment account :-
(a) ₹ 480 (b) ₹ 540 (c) ₹ 200 (d) ₹ 300
Question : On forfeiture, the amount credited to share forfeiture account :-
(a) ₹ 1,840 (b) ₹ 1,980 (c) ₹ 1,520 (d) ₹ 2,550
Question : The authorised capital of Prakash Ltd. consists of issued and paid-up capital as follows :-
(i) 5% Cumulative Preference Shares of ₹ 100 each – ₹ 1,50,000
(ii) Equity Share Capital of ₹ 10 each – ₹ 5,00,000
If dividend declarations totalled ₹ 5,000 and ₹ 20,000 in the year 2006-07 and 2007-08 respectively, the dividends allocated to the equity shareholders in the year 2007-08 = ?
(a) ₹ 10,000 (b) ₹ 11,667 (c) ₹ 23,330 (d) ₹ 28,000
Use the following Information :-
Faruk Ltd. issued 15,000 equity shares of ₹ 20 each at a premium of 20% payable :-
₹ 10 on application (including premium); ₹ 6 on allotment and The balance on first and final call.
The company received applications for 20,000 shares and allotment was made pro-rata. Irfan, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Anish at par. No other transactions took place.
Question : The bank balance of the company after effecting the above transactions :-
(a) ₹ 3,28,000 (b) ₹ 3,88,000 (c) ₹ 3,60,000 (d) ₹ 3,00,000
Question : The Balance of share capital account of company after effecting the above transactions :-
(a) ₹ 3,28,000 (b) ₹ 3,88,000 (c) ₹ 3,60,000 (d) ₹ 3,00,000
Question : The Balance of Security Premium Account of company after effecting the above transactions :-
(a) ₹ 30,000 (b) ₹ 40,000 (c) ₹ 60,000 (d) ₹ 80,000
Question : The Balance of Capital Reserve Account of company after effecting the above transactions :-
(a) ₹ 28,000 (b) ₹ 40,000 (c) ₹ 30,000 (d) ₹ 12,000
Question : Which of the following is not true ?
(a) Loss on reissue of shares cannot be more than the gain on forfeiture of those shares.
(b) When all the forfeited shares are not reissued, the share forfeited account will show a credit balance equal to gain on forfeiture of shares not yet issued.
(c) When the shares are forfeited, share premium is debited along with share capital where premium has not been received.
(d) Where forfeited shares are issued at premium, the amount of such premium is credited to capital reserve account.
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