HSC Commerce (English Medium) 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions

State to whether the following statement is True/False.
The rate of interest on debentures is attached to the debenture

Dinesh Ltd. Issued 10,00,000 6% Debentures on 1^st April, 2010. Interest is paid on 30 sept., 2010 and 31^st March, 2011.
Record necessary journal entries assuming that income tax is deducted at 30% of the amount of interest.

Select the most appropriate alternative from given below and rewrite the statement:

Return outward are decuted from ________________.

The balance of Share Forfeiture A/c is transferred to _________ account after re-issue of these share.

When shares are forfeited the Share Capital Account is _________.

State true or false with reason.

Directors can forfeit the shares for any reason.

State whether you agree or disagree with following statement:

Directors can re-issue forfeited shares.

Answer in one sentence only.

What is Forfeiture of Shares?

One shareholder holding 500 equity shares paid share application money @ ₹ 3 Allotment money @ ₹ 4 per share and failed to pay final call of ₹ 3 per share, his shares were forfeited. Calculate the amount of share forfeiture.

Pass Journal entries for the forfeiture and re-issue of shares in the following cases.

A) Asha Ltd. forfeited 100 equity shares of ₹ 20 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 5 per share. 80 shares of these were reissued at ₹ 15 per share fully paid

B) Bhakti Ltd. forfeited 100 equity shares of ₹ 10 each, ₹ 6 called-up on which the shareholder paid application and allotment of ₹ 5 per share. Of these 80 shares were re-issued as fully paid-up for ₹ 6 per share.

C) Konark Ltd. forfeited 50 shares of ₹ 10 each, ₹ 8 called-up. The shareholder failed to pay first call of ₹ 3 per share. Later on 30 shares of these were re-issued at ₹ 7 per share.

Vraj Ltd. issued 40,000 equity shares of ₹ 20 each payable as follows:

On Application: ₹ 4

On Allotment: ₹ 6

On First Call: ₹ 6

On Second Call: ₹ 4

The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Share allotment and calls were made and as also received except Ravi holding 100 shares failed to pay both the calls. His shares were forfeited after second call.

Record the above transactions in the books of Vraj Ltd.

The Subscribed Capital of Parag Limited is 30,000 equity shares of ₹ 100 each and 50,000 preference shares of ₹ 100 each. On both of these shares ₹ 80 per share were called-up.

The Directors forfeited 500 equity shares held by Ashish who failed to pay First and Second Call each of ₹ 20 per share. They also forfeited 500 preference shares of Ashok who failed to pay ₹ 20 per share on Allotment, ₹ 20 per share on First call and ₹ 20 per share on Second call.

The Director re-issued these forfeited shares of Ashish at ₹ 60 per share, ₹ 80 paid up and those of Ashok at ₹ 72 per share ₹ 80 paid up. All re-issued shares were taken up by Anagha.

Pass Journal entries to record the forfeiture and re-issue of shares in the books of Parag Ltd.

What do you mean by ‘non‐recurring expenses’?

Answer the following questions in only 'one' sentence each:

To which account gross profit is transfered?

Prepare a specimen of Bill of Exchange from the following information:-

1. Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
2. Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
3. Payee - Shri Sanjay Bornare, Vaijapur.
4. Period of Bill - 60 days
5. Date of Bill - 16th March, 2013
6. Amount of Bill - Rs. 15000
7. Date of Acceptance - 20th March, 2013