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Question
Give the meaning of 'Calls-in-Advance'.
Solution
Calls-in-advance is the amount not called up by the company but being paid by the shareholder in advance.
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Short Answer Question
What is meant by Calls-in-Advance?
Arti Ltd. offered for subscription 20,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded. Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time. Company didn't make first and final call.
You are to prepare the Journal, Cash Book, Ledger Accounts and show 'Share Capital' in the Balance Sheet of the company.
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.
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.
When a company makes an offer or invites the public in general to subscribe its shares, it is known as ______.
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.
What will be the time interval between the making of two calls from the shareholders of the company?
What is the rate of interest on calls in advance if an article of association of the company is silent?
When applications for more shares of a company are received than the number of shares offered to the public for a subscription it is called ______?
In case of "over subscription" the director of the company has the power to deal the situation in which of the following manner?
Share Allotment Account is a/an ______.
When a company issues shares at a premium, amount of premium may be received by the company ______.
A company issued 1,000, 12% Debentures of ₹ 100 each at 10% premium. 12% stands for ______.
When the number of debentures applied is less than number of debentures offered to public the issue is said to be ______.
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.
How much allotment amount is already received during application?
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.
What amount is received at the time of first and final call?
'Non Recurring nature', 'Lump-sum' and 'once and for all' amount paid as membership fee, instead of paying regular periodic subscription is called ______.
