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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
Write a brief note on ‘Minimum Subscription’.
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 |
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.
Give the meaning of 'Calls-in-Advance'.
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.
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
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.
Interest on calls in advance.
What will be the journal entry for the money received on application for shares?
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:
ESOP offered by company will create/retain ______.
Premium on issue of shares is shown on which side of the Balance sheet?
When the number of debentures applied is less than number of debentures offered to public the issue is said to be ______.
Premium on issue of shares can be used for:
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.
The above case shows which of the following case of subscription?
