Accounting Transactions and Share Capital Quiz

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Questions and Answers

What is the total discount received in the transaction?

₹12,75,000

₹1,500

₹10,000 (correct)

₹8,500

How many shares did Rakesh purchase?

1,500

3,000

2,000 (correct)

5,000

What is the amount payable after forfeiture fees?

₹17,30,000 (correct)

₹23,05,000

₹20,000

₹18,30,000

How much does Rakesh provide as a discount on each share?

₹150 (B) Signup and view all the answers

What is the total number of shares purchased in the transaction?

1,500 (C) Signup and view all the answers

What is the decrease in the capital reserve account due to discounts?

-₹3,000 (A) Signup and view all the answers

What is the total transaction amount?

₹18,30,000 (C) Signup and view all the answers

How much did the 2000 shares held by Rakesh cost?

-₹15 lakh (B) Signup and view all the answers

What is the amount payable after first call alert notification?

-₹5 lakh (A) Signup and view all the answers

What is the additional payment made by Rakesh for the installation charge?

₹10,000 (B) Signup and view all the answers

What is the primary focus of the Principles of Management course?

Exploring fundamental truths accepted as a basis for management action (A) Signup and view all the answers

How are management principles expected to be used by managers?

Universally, in various situations (D) Signup and view all the answers

What is the main difference between a principle and a principal as mentioned in the text?

A principle is a fundamental truth, while a principal is a person in authority (C) Signup and view all the answers

What do the 14 principles of management provide?

Guidelines for their application in management (B) Signup and view all the answers

In what ways do management principles help managers?

By assisting with personnel management, planning, and communication (C) Signup and view all the answers

Who are expected to understand and apply the principles of management?

Managers of any type of organization (B) Signup and view all the answers

What concepts are included in the principles of management?

Leadership, motivation, communication, and time management (D) Signup and view all the answers

What is the role of a principal as mentioned in the text?

The person who holds a position of authority and makes decisions (B) Signup and view all the answers

What category of organizations can apply management principles?

All types of organizations including small businesses and individuals (B) Signup and view all the answers

What is the definition of a principle according to the text?

A fundamental truth accepted as a basis for action (A) Signup and view all the answers

Study Notes

The text discusses a transaction involving first call, share capital account, premium accounts, and discounts.
The first call alert notification shows ₹5 lakh, ₹6500, ₹23,000, and ₹23,05,000.
The first call account holder has a debt of ₹5 lakh in their share capital account but only ₹20,000 was received from Rakesh.
The 2000 shares held by Rakesh have a ₹5 installation charge each, resulting in an additional ₹10,000 payment.
The transaction requires filling out forms for fit and then resale. The resale amount would be calculated as ₹5,500 + ₹15,500 = ₹21,000.
The class requires writing ₹20,000 and ₹20,000, but after forfeit fees, the amount payable is ₹17,30,000.
The capital reserve shows a decrease of ₹3,000 due to a ₹3,000 discount.
The 2000 shares purchased cost ₹15 lakh, and the total transaction amount is ₹18,30,000.
The transaction involves a discount of ₹1,500 on the brokerage account and a discount of ₹8,500 on the capital reserve account.
The total discount received is ₹10,000, and the transaction amount payable is ₹17,30,000.
The text mentions that Rakesh provides a discount of ₹150 on each share and a discount of ₹150 on every transaction, totaling ₹3,000.
The transaction involves buying 1,500 shares at a price of ₹8,500 each, totaling ₹12,75,000.
The transaction also mentions a last entry of ₹25,000 on the brokerage account.
The text suggests avoiding purchasing 1,500 shares and instead purchasing 150 shares from Rakesh for ₹8,500 each.
The text also advises buying 150 shares from Rakesh and then immediately selling 150 shares at ₹8,500 each to cover the transaction fee.

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Description

This quiz covers accounting transactions related to share capital, premium accounts, discounts, and brokerage accounts. It includes calculations for first call amounts, installation charges, resale amounts, forfeit fees, and capital reserve adjustments.