Class 12 Accounting Accounting for Share Notes and Important Questions
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Notes for Class 12 Accounting for Share (Accounting) are shown above.
Practice
Important Questions
Define authorized capital.
A Company Ltd. invited application for shares of Rs. 100 each at premium, payable as under:
On application: Rs. 30
On allotment: Rs. 40
On first and final call: Rs. 40
Applications were received for shares. The board of directors decided to allot applicants in full, some applicants partially, and some applicants were rejected. It was decided to utilize excess application money as part payment of allotment. All money was duly received except a shareholder holding 200 shares failed to pay first and final call money.
Required (Entries for):
i) Share application
ii) Share allotment
iii) Share first and final call
A company forfeited 800 shares out of 5,000 shares @ Rs. 100 each issued at 10% premium due to non-payment of first and final call money of Rs. 30. These shares were subsequently re-issued at Rs. 85 per share as fully paid up.
Required: Entries for share final call, forfeiture, re-issue and transfer
A company issued 5,000 shares of Rs. 100 each at a discount of 10%.
On application: Rs. 30 per share
On allotment: Rs. 40 per share
On first and final call: Rs. 20 per share
Applications were received for 7,000 shares and allotment was made as follows:
Applicants for 2,000 shares were allotted 2,000 shares
Applicants for 4,000 shares were allotted 3,000 shares
Applicants for 1,000 shares were allotted nil
It is resolved that the excess amount paid on applications is to be adjusted against the amount due on allotment.
All money was duly received except a shareholder holding 300 shares, who failed to pay the first and final call money.
Required:
Entries for Application, Allotment and First and Final Call.
A Company issued 6,000 shares of Rs. 100 each payable as follows:
On application: Rs. 30
On allotment: Rs. 45
On first and final call: Rs. 25
Applications were received for 9,000 shares. Among them, applicants for 3,000 shares were allotted in full, 4,000 applicants were allotted on a pro-rata basis, and the rest were refunded. Excess application money was adjusted on subsequent calls. All money was duly received except the final call money on 500 shares.
Required:
a) Share application
b) Share allotment
c) First and final call
XYZ company issued 10,000 shares of Rs. 100 each at Rs. 10 premium payable as under.
On application: Rs. 30
On allotment: Rs. 40 (with premium)
On first and final call: Rs. 40
Applications were received for 16,000 shares. No allotment was made to the applicants for 4,000 shares. Rest was allotted on pro-rata basis. All calls were duly made and received except one share holder holding 400 shares paid the full value of shares on allotment.
Required:
a) Share application
b) Share allotment
c) Share first and final call
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Exam
Past Question Analysis
Historical exam-pattern data from past NEB question papers — not a prediction of future questions.
9
Question Items
18
Total Marks
3
Papers Appeared In
| Year | Question Items | Marks |
|---|---|---|
| 2082 | 3 | — |
| 2081 | 3 | 9 |
| 2080 | 3 | 9 |
Also appears in 10 model questions (not counted above — model sets aren't actual NEB exam history).
This page covers Accounting for Share, chapter 2 of 15 in the Class 12 Accounting syllabus set by the National Examination Board (NEB). 15 important questions for this chapter are available, each with a full solution.
For subjects like this one, examiners tend to reuse similar question patterns year to year — comparing this chapter's important questions against recent old NEB papers is one of the more efficient ways to revise.