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प्रश्न
Long Answer Question
Describe the purposes for which a company can use ‘Securities Premium Account’
उत्तर
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by the company for the following activities:
1. For paying up unissued shares of the company to be issued to members (shareholders) of the company as fully paid bonus share,
2. For writing off the preliminary expenses of the company,
3. For writing off the expenses of, or the commission paid or discount allowed on, any issue of shares or debentures of the company,
4. For paying up the premium that is to be payable on redemption of preference shares or debentures of the company.
5. Further, as per the Section 77A, the securities premium amount can also be utilised by the company to Buy-back its own shares.
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संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Long Answer Question
Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘Calls-in-Advance’
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.
Alankrit Ltd. purchased machinery of ₹ 10,00,000 from Grand Iron Works Ltd. and paid as follows:
(a) Issued 50,000 Equity Shares of ₹ 10 each at a premium of ₹ 2.
(b) Gave an acceptance of ₹ 3,00,000 payable after 3 months; and
(c) Balance by issuing post-dated cheque of two months of ₹ 1,00,000.
Pass the Journal entries in the books of Alankrit Ltd. and Grand Iron Works Ltd.
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 |
Answer in One Sentence only:
Where is the profit or loss on sale of asset is transferred?
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The balance of depreciation account is transferred to ______
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
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.
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?
Interest on calls-in-arrears is charged according to Table A at ______.
ESOP offered by company will create/retain ______.
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?
Shares may be issued ______.
Premium on issue of shares is a ______.
Premium on issue of shares is shown on which side of the Balance sheet?
|
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?
