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प्रश्न
Give the meaning of 'Calls-in-Advance'.
उत्तर
Calls-in-advance is the amount not called up by the company but being paid by the shareholder in advance.
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संबंधित प्रश्न
Long Answer Question
Explain the terms ‘Over-subscription’ and ‘Under-subscription’. How are they dealt with in accounting records?
Z Ltd . purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each ata premium of ₹ 10 per share . Pass necessary Journal entries in the books of Z Ltd.
JJK Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at par. The amount was payable as follows:
| On Application | --- | ₹ 2 per share, |
| On Allotment | --- | ₹ 4 per share; and |
| On First and Final call | --- | Balance Amount. |
The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded .Allotment was made to the remaining applicants as follows:
| Category | No . of Shares Applied | No. of Shares Allotted |
| I | 80,000 | 40,000 |
| II | 25,000 | 10,000 |
Excess money paid by the applicants who were allotted shares was adjusted towards sums due on allotment .
Deepak, a shareholder belonging to Category I , who had applied for 1,000 shares ,failed to pay the allotment money. Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Raju belonged to Category II. Shares of both Deepak and Raju were forfeited immediately after allotment . Afterwards, first and final call was made and was duly received . The forfeited shares of Deepak and Raju were reissued at ₹11 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of company.
Answer in One Sentence only:
Where is the profit or loss on sale of asset is transferred?
Write the word/term/phrase which can substitute the following statement:
The expenditure incurred for purchase, installation charges, etc. of an asset.
Write the word/term/phrase which can substitute the following statement:
The amount that a fixed asset is expected to realise on its disposal.
On Jan 01, 2016 Rao sold goods ₹ 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment. Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.
Specify the rate of interest to be used on calls in arrear as per the TABLE - F.
Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?
Newfound Ltd took over business of Old land ltd and paid for it by issue of 30,000, Equity Shares of ₹100 each at a par along with 6% Preference Shares of ₹1,00,00,000 at a premium of 5% and a cheque of ₹8,00,000. What was the total agreed purchase consideration payable to Old Land ltd.
The 'minimum subscription' of capital cannot be less than up to how much % of the issued amount according to SEBI (Disclosure and Investor Protection) Guidelines, 2000.
What will be the time interval between the making of two calls from the shareholders of the company?
When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ______
Some shareholders pay a part or the whole of the amount of the calls not yet made. The amount so received from the shareholders is known as ______?
What is the rate of interest on calls in advance if an article of association of the company is silent?
Subscription of shares should not be less than ______% of the issued shares.
Right shares are the shares, which:
Premium on issue of shares is a ______.
When the number of debentures applied is less than number of debentures offered to public the issue is said to be ______.
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
What amount is received at the time of first and final call?
