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प्रश्न
Long Answer Question
Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘Calls-in-Advance’
उत्तर
Calls-in-Arrears: When a shareholder fails to pay the amount due on allotment or any subsequent calls, then it is termed as Calls-in-Arrears. The Company is authorised by its Article of Association to charge interest at a specified rate on the amount of Call in Arrears from the due date till the date of payment. If the Article of Association is silent in this regard, then Table A shall be applicable that is interest at 5% p.a. is charged from the shareholders. As per the Revised Schedule VI of the Companies Act, Calls-in-Arrears are deducted from the Called-up Share Capital in the Notes to Accounts (that is prepared outside the Balance Sheet) under the head 'Share Capital'. The final amount of Share Capital is shown on the Equity and Liabilities side of the Company’s Balance Sheet. The company can also forfeit the shares on account of non-payment of the calls money after giving proper notice to the shareholders.
Example- X Ltd. issued 12,000 shares of Rs 10 each. All the shares were duly subscribed, however, the first and final call of Rs 4 on 5,000 shares remained unpaid.
X Ltd.
Balance Sheet
| Particulars | Note No. | Amount (rs) |
|
I. Equity and Liablities
2. Non-Current Liablities 3. Current Liablities |
1 |
1,00,000 - - |
| Total | ||
|
II. Assets
|
- - |
|
| Total | ||
Notes to Accounts
APPEARS IN
संबंधित प्रश्न
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.
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.
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.
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.
Give the meaning of 'Calls-in-Advance'.
Answer in One Sentence only:
To which account balance on Depreciation A/c is transferred?
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
Give the performa of a Bill of Exchange
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 ______?
For which of the following purposes the amount of securities premium can be utilized?
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 ______?
Interest on calls-in-arrears is charged according to Table A at ______.
ESOP offered by company will create/retain ______.
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 ______.
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
