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प्रश्न
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
विकल्प
True
False
उत्तर
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संबंधित प्रश्न
Short Answer Question
What are the uses of securities premium?
Long Answer Question
Describe the purposes for which a company can use ‘Securities Premium Account’
Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment, and balance on first and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares . Pass the journal entries in the books of Citizen Watches Ltd.
Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as
| (i) | Applicants of 40,000 shares | 30,000 shares, |
| (ii) | Applicants of 50,000 shares | 30,000 shares, |
| (iii) | Applicants of 2,000 shares | Nil. |
Mohan, who had applied for 800 shares in Category
(i) and Sohan, who was allotted 600 shares in Category
(ii) failed to pay the allotment money. Calculate amount received on allotment.
XYZ Ltd . is registered with an authorised capital of ₹ 2,00,000 divided into 2,000 shares of ₹ 100 each of which , 1,000 shares were offered for public subscription at a premium of ₹ 5 per share , payable as:
| On application | --- | ₹ 10 per share, |
| On allotment | --- | ₹ 25 per share (including premium), |
| On first call | --- | ₹ 40 per share |
| On final call | --- | ₹ 30 per share |
Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright; the rest of the application were allotted 1,000 shares on pro rata basis. Excess application money was transferred to allotment.
All the money was duly received except from Sundar , holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Shyam at ₹ 60 per share ₹ 70 paid-up. Final call has not been made.
Pass necessary Journal entries and prepare Cash Book in the books of XYZ Limited.
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.
Answer in One Sentence only:
To which account balance on Depreciation A/c is transferred?
Write the word/term/phrase which can substitute the following statement:
The amount that a fixed asset is expected to realise on its disposal.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The balance of depreciation account is transferred to ______
Which of the following statement is false?
Interest on calls in advance.
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.
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?
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?
In case of "over subscription" the director of the company has the power to deal the situation in which of the following manner?
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
What would be the Journal entries for shares issued at a premium called at the time of application?
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 ______?
Right shares are the shares, which:
Y Ltd. invited applications for 10,000 shares of ₹10 each. Applications were received for 9,000 shares. Identify the kind of subscription.
A company issues its shares at a premium under which Section of Indian Companies Act, 2013?
Which statement is issued before the issue of shares?
When a company issues shares at a premium, amount of premium may be received by the company ______.
'Non Recurring nature', 'Lump-sum' and 'once and for all' amount paid as membership fee, instead of paying regular periodic subscription is called ______.
