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Share Application Account is in the natu...

Share Application Account is in the nature of :

A

Real Account

B

Personal Account

C

Nominal Account

D

None of the above

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The correct Answer is:
B
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Applicability Of Accounting Standards

Which application is used for the purposes of basic accounting?

A, who holds 200 shares of Rs. 100 each, has paid only Rs. 25 per share as application money. B, who holds 300 shares of Rs. 100 each, has paid Rs. 25 per share on application and Rs. 30 per share on allotment. C, who holds 400 shares of Rs. 100 each, has paid Rs. 25 per share on application, Rs. 30 per share on allotment and Rs. 20 per share on first call. They failed to pay their arrears and the final call. Their shares were forfeited and re-issued at Rs. 95 per share. Prepare necessary journal entries.

Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows: Rs. 50-per share on application, Rs. 10-per share on allotment, and Balance-on First and Final call. Application were received for 40,000 shares. Full allotment was made to the applications of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro rata basis. Excess money received on application was adjusted towards allotment and call. Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 200 shares. Ankur's shares were forfeited after the First and Final call. These shares were later reissued at Rs. 105 per share as fully paid-up. Pass necessary Journal entries in the books of Midee Ltd. for the above transactions, by opening Call-in-Arrears and Call-in-Advance Accounts wherever necessary.

DK GOEL-COMPANY ACCOUNTS - ISSUE OF SHARES -MULTIPLE CHOICE QUESTIONS
  1. Equity shares cannot be issued for the purpose of :

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  2. Which of the following is not under the heading 'Share Capital' in a B...

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  3. Share Application Account is in the nature of :

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  4. Maximum limit of Premium on shares is :

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  5. Amount of Calls inAdvance is

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  6. Following amount were payable on issue of shares by a Company : Rs. 3 ...

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  7. The subscribed capital of a company is Rs. 80,00,000 and the nominal v...

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  8. A shareholder holding 600 shares paid the amount of call @ Rs. 5 per s...

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  9. E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares o...

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  10. A company issued 4,000 equity shares of Rs. 10 each at par payable as ...

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  11. A company issued 4,000 equity shares of Rs. 10 each at par payable as ...

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  12. Which one of the following items is not a part of subscribed capital ?

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  13. Y Ltd. forfeited 400 shares of Rs. 10 each, Rs. 7 called up, for non-...

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  14. 400 shares of Rs. 10, on which Rs. 8 has been called and Rs. 5 has bee...

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  15. R Ltd. forfeited 600 shares of Rs. 100 each Rs. 70 called up on which ...

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  16. Madhu Ltd. forfeited 800 shares of Rs. 10 each issued at 10% premium t...

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  17. B Ltd. forfrited 300 shares of Rs. 100 each, Rs. 70 called up, for non...

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  18. 2,000 shares of Rs. 10, on which Rs. 7 has been called and Rs. 5 been ...

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  19. X Ltd. forfeited 400 shares of Rs. 20 each Rs. 15 called up on which a...

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  20. Z Ltd. forfeited 300 shares of Rs. 10 each issued at 20% premium (Rs. ...

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