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Joint Stock Accounts : Issue of Share — Chapter Summary

ICSE · Class 12 · Accountancy

Summary of Joint Stock Accounts : Issue of Share for ICSE Class 12 Accountancy. Part of the ICSE Class 12 Accountancy syllabus.

45 questions39 flashcards4 formulas & key relations5 concepts

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An infographic illustrating the main features of a company: Separate Legal Entity, Limited Liability, Perpetual Succession, Common Seal, Transferability of Shares, and May Sue or be Sued. Each feature
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Overview

A share is a part of the share capital of a company. Joint stock accountancy records the issue of shares, collection of money in stages, and the treatment of special situations such as premium, discount, issue for non-cash consideration, calls in arrears, calls in advance, forfeiture, and re-issue.

Key Concepts

A company is an artificial person

A company is an artificial person created by law, with separate legal identity and perpetual succession. It is distinct from its members.

A share means a share

A share means a share in the share capital of a company and includes stock. It is a movable property transferable in the manner provided by the Articl

An equity share is a share

An equity share is a share which is not preference share. It usually carries voting rights, has no fixed dividend rate, and receives dividend and capi

A preference share carries a right

A preference share carries a right to receive dividend at a fixed rate before equity shareholders and a right to return of capital before equity share

The maximum amount of share capital

The maximum amount of share capital a company is authorised by its memorandum to raise. It is also called registered or nominal capital.

Learning Objectives

  • Understand the meaning of a company, shares, and share capital
  • Distinguish between equity shares and preference shares
  • Explain the different kinds of share capital
  • Record journal entries for issue of shares for cash and for non-cash consideration
  • Apply the rules for issue of shares at par, premium, and discount

Frequently Asked Questions

What are the important topics in Joint Stock Accounts : Issue of Share for ICSE Class 12 Accountancy?
Key topics in Joint Stock Accounts : Issue of Share include Meaning of Company, Share and Types of Shares, Classification of Companies, Share Capital and Its Types, Issue of Shares: Modes, Price and Legal Rules. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How should I revise Joint Stock Accounts : Issue of Share for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 45 practice questions on Joint Stock Accounts : Issue of Share. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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