He paid the application money of Rs.3 per share. Q.12) Ltd. 4 per share. The amount transferred to capital reserve will be : (a) ₹ 3,000 (b) ₹ 2,000 (c) ₹ 1000 (d) Nil. These shares were re-issued at ₹ 9 per share. These online MCQ tests includes all main concepts of the Issue, Forfeiture and Reissue of shares in CA - CPT Fundamentals of Accounting . To Share forfeiture A/c [Paid up Amt.] 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 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. Foundation, Dec. 20 Q. 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. 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. These shares were reissued to Y for Rs.8 per shares. Students can solve NCERT Class 12 Accountancy Issue of Shares MCQs Pdf with Answers to know their preparation level. 1 per share D. 15% of the face value of shares 4. A. These MCQs can help you to prepare for your exams, interviews and different tests. The second and final call money of Rs.20 was not called up. Note: As the premium has already been received on these shares, Securities Premium Account will not be debited. The minimum share Application money is -----. 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. (B) Share forfeiture (D) Share Purchase (C) Share trading (C.S. He will cover all points related to the above mentioned unit. Academia.edu is a platform for academics to share research papers. Hello Friends in this lesson Dr. CS. Reissue entry of forfeited shares to Y J. Ltd. re-issue 2,000 shares which where forfeited by crediting share forfeiture account by ₹ 3,000. Accountancy MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. (A) Share allotment. Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 7 Issue of Shares. Issue, Forfeiture and Reissue of shares online tests for CA - CPT Fundamentals of Accounting. 3. 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. 10% of the issue price of shares C. Re. Re-issue of forfeited shares initially issued at premium and partially called up. shares is made to an applicant in response to his application? 5% of the face value of shares B. Just click the “start quiz” button and start issuance of shares and debenture MCQs quiz. 41. Premium received on issue of shares is shown on-----. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. 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 Issue of Shares, Forfeiture of Shares,Re Issue of Shares. 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