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Share Capital of a Company consists of 5...

Share Capital of a Company consists of 5,00,000 Shares of Rs. 10 each, Rs. 8 called up. All the shareholders have duly paid the called up amount. Share capital will be shown as :

A

Subscribed and Fully Paid

B

Subscribed but not fully paid

C

Any of the above

D

None of the above

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The correct Answer is:
B
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The paid-up capital of a company is Rs.50,000. If the company has shares of face of Rs.25 in which Rs.20 is paid-up, then how many shares does it have ? What is the authorized capital of the company?

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Pass journal entries for the forfeiture and re-issue in the following cases : (i) A Ltd. forfeited 100 shares of Rs. 10 each fully called-up foe non-payment of first call of Rs. 3 per share and final call of Rs. 3 per share. All of these shares were re-issued as fully paid for Rs. 10 per share. (ii) B Ltd. forfeited 400 shares of Rs. 10 each fully called-up for non-payment of final call of Rs. 3 per share. 300 of these shares were re-issued as fully paid for Rs. 8 per share. (iii) C Ltd. forfeited 700 shares of Rs. 10 each fully called-up on which the holder has paid application money @ Rs. 3 and allotment money @ Rs. 2 per share. Out of these, 300 shares were re-issued as fully paid @ Rs. 7 per share. (iv) D Ltd. forfeited 1,000 shares of Rs. 10 each fully called-up on which the holder has paid only the application money @ Rs. 3 per share. Out of these, 600 shares were re-issued at Rs. 10.50 per share, fully paid up.

DK GOEL-FINANCIAL STATEMENTS OF COMPANIES-MCQ
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