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प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
उत्तर
Calls-in-Advance refers to a situation when a shareholder pays the whole amount or a part of the amount of shares before it become due, i.e. before the company calls for it.
So, the amount of money that is being paid in advance at the earlier stages is termed as Calls-in-Advance.
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संबंधित प्रश्न
Short Answer Question
What are the uses of securities premium?
Alpha Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share.
Mr. Gupta was allotted 100 shares. Pass necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases:
| Case I | If Mr. Gupta failed to pay the allotment money and his shares were immediately forfeited. |
| Case II | If Mr. Gupta failed to pay allotment money and on his subsequent failure to pay the first call, his shares were forfeited. |
| Case III | If Mr. Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited |
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
| On application | --- | ₹ 2 per share; |
| On allotment | --- | ₹ 5 per share (including premium), |
| On first call | --- | ₹ 2 per share, |
| On second and final call | --- | ₹ 3 per share. |
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ ₹ 8 per share.
Give necessary Journal entries for the above transactions.
The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable per shares was: on application ₹ 5, on allotment ₹ 4 (including premium of ₹ 2), first call ₹ 2 and final call ₹ 1.
Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares ---- in full,
(ii) to applicants for 80,000 shares --- 60,000 shares,
(iii) to applicants for 60,000 shares --- 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares[1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.
Write the word/term/phrase which can substitute the following statement:
The expenditure incurred for purchase, installation charges, etc. of an asset.
Interest on calls in advance.
What will be the time interval between the making of two calls from the shareholders of the company?
While issuing the share capital for public subscription the minimum amount of application money should be at least upto how much % the face value of the share?
When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ______
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
When Company issues the shares for consideration other than cash to the vendor from whom it has purchased assets. These shares can be issued at ______?
Under which of the following headings/sub-headings, Calls-in-advance will be presented in the Balance Sheet of a Company as per Schedule III Part I of the Companies Act, 2013?
Which statement is issued before the issue of shares?
Shares may be issued ______.
Premium on issue of shares is shown on which side of the Balance sheet?
The maximum capital beyond which a company is not allowed to raise funds, by the issue of shares is called ______.
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Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
