Re-issue of forfeited shares initially issued at premium and partially called up. Illustration 8: Super Co. Ltd. forfeited 500 shares of Rs.100 each issued at a premium of Rs.20 on which the company did not receive first call of Rs.30. Issue of shares at a price lower than its face value is called (B) Issue at a Profit (A) Issue at a Loss (D) Issue at a Premium (C) Issue at a Discount J. Ltd. re-issue 2,000 shares which where forfeited by crediting share forfeiture account by ₹ 3,000. Premium received on issue of shares is shown on-----. * Re issue of forfeited shares : Bank A/c Dr [Amt. These shares were re-issued at ₹ 9 per share. Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 7 Issue of Shares. A. Answer: (c) ₹ 1000 The second and final call money of Rs.20 was not called up. Q.12) Ltd. If you find difficulty in answering these questions, read ‘ Issuance of shares and debenture ‘ chapter thoroughly from explanation section of the website. Note: As the premium has already been received on these shares, Securities Premium Account will not be debited. Issue, Forfeiture and Reissue of shares online tests for CA - CPT Fundamentals of Accounting. Forfeited 200 shares of Rs.10 each fully called up held by X for no payment of allotment money of Rs.3 per share & Final call of Rs.4 per share. received] Share forfeiture A/c Dr. [Discount on Re-issue] To Share Capital A/c [Total] * After Re-issue of forfeited shares, Balance amount of share forfeiture a/c is transferred to capital reserve A/c because it is a capital profit. Just click the “start quiz” button and start issuance of shares and debenture MCQs quiz. Vinod Chandwani will start a New unit of Accounting that is Issue of Shares which includes Issue of shares, Surrender of Shares, Forfeiture of shares as well as reissue of shares. 41. Answer. Illustration 10: Give journal entries for the forfeiture and re-issue of shares in the following cases: (a) P Ltd. forfeited 300 shares of Rs.10 each, fully called up for non-payment of final call @ Rs. He paid the application money of Rs.3 per share. Issue of Shares, Forfeiture of Shares,Re Issue of Shares. Foundation, Dec. 20 Q. He will cover all points related to the above mentioned unit. Hello Friends in this lesson Dr. CS. Academia.edu is a platform for academics to share research papers. 1 per share D. 15% of the face value of shares 4. To Share forfeiture A/c [Paid up Amt.] 4 per share. Reissue entry of forfeited shares to Y A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. These shares were reissued to Y for Rs.8 per shares. These online MCQ tests includes all main concepts of the Issue, Forfeiture and Reissue of shares in CA - CPT Fundamentals of Accounting . 5% of the face value of shares B. The minimum share Application money is -----. Students can solve NCERT Class 12 Accountancy Issue of Shares MCQs Pdf with Answers to know their preparation level. These MCQs can help you to prepare for your exams, interviews and different tests. (A) Share allotment. Online Exam in Issue of Shares, Forfeiture of Shares,Re Issue of Shares in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA 10% of the issue price of shares C. Re. 3. (B) Share forfeiture (D) Share Purchase (C) Share trading (C.S. The amount transferred to capital reserve will be : (a) ₹ 3,000 (b) ₹ 2,000 (c) ₹ 1000 (d) Nil. shares is made to an applicant in response to his application? 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