Accounting Mock Test: Share Capital and Allotment
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Questions and Answers

What is the authorized capital of A Ltd?

  • ₹ 5,00,000
  • ₹ 20,00,000
  • ₹ 10,00,000 (correct)
  • ₹ 15,00,000

    • What is the face value of each share of A Ltd?

  • ₹ 5
  • ₹ 20
  • ₹ 15
  • ₹ 10 (correct)

    • What is the amount payable on application per share?

  • ₹ 8
  • ₹ 2
  • ₹ 5
  • ₹ 3 (correct)

    • What is the amount payable on allotment per share?

    <p>₹ 5</p> Signup and view all the answers

    What is the total amount received from Hari?

    <p>₹ 3,000</p> Signup and view all the answers

    What is the amount at which half of Hari's forfeited shares were reissued?

    <p>₹ 8 per share</p> Signup and view all the answers

    What is the total amount received on share allotment account?

    <p>2,50,000</p> Signup and view all the answers

    What is the amount received from Hari's reissued shares?

    <p>4,800</p> Signup and view all the answers

    Which account should be debited for the discount allowed on reissue of forfeited shares?

    <p>Securities Premium Reserve Account</p> Signup and view all the answers

    Where should the balance left in the share forfeited account relating to reissued shares be transferred to?

    <p>Capital Reserve Account</p> Signup and view all the answers

    Electrical Ltd. issued 10000, 6% debentures of 100 each at a premium of 10. What is the total amount received?

    <p>11,00,000</p> Signup and view all the answers

    What is the journal entry for the issue of debentures in Electrical Ltd?

    <p>Debenture Application and Allotment A/c Dr. 11,00,000, To Bank A/c 11,00,000</p> Signup and view all the answers

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