Joint Stock Accounts : Issue of Share
ICSE · Class 12 · Accountancy
Most important questions from Joint Stock Accounts : Issue of Share for ICSE Class 12 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.
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X Ltd. forfeited 1,000 equity shares of ₹10 each issued at a premium of ₹3, for non-payment of final call of ₹6 per share (including premium of ₹3). These shares were later re-issued at ₹7 per share fully paid. The amount transferred to Capital Reserve will be:
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₹4,000
Step 1: Determine the forfeiture entry. Share Capital Dr. ₹10,000 (1,000 × ₹10); Securities Premium Reserve Dr. ₹3,000 (1,000 × ₹3); To Calls-in-Arrears ₹6,000 (1,000 × ₹6); To Share Forfeiture A/c ₹7,000 (balancing figure = ₹13,000 – ₹6,000). Step 2: Wait – Amount called up excluding premium = ₹10 (face value). Premium was ₹3. Final call not paid = ₹6 (including ₹3 premium). So: Share Capital Dr. ₹10,000; Securities Premium Reserve Dr. ₹3,000; Calls-in-Arrears Cr. ₹6,000; Share Forfeiture Cr. ₹7,000. Step 3: Re-issue entry: Bank A/c Dr. ₹7,000; Share Forfeiture A/c Dr. ₹3,000; To Share Capita
As per Schedule I Table F of the Companies Act, 2013, the rate of interest charged on Calls-in-Arrears and paid on Calls-in-Advance respectively are:
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10% p.a. and 12% p.a.
Step 1: Schedule I Table F of the Companies Act, 2013 revised the interest rates from the older Act. Step 2: Interest on Calls-in-Arrears: The company CHARGES interest from shareholders who have not paid the call money. The revised rate is 10% per annum (earlier it was 5% p.a. under the 1956 Act). Step 3: Interest on Calls-in-Advance: The company PAYS interest to shareholders who pay future calls in advance. The revised rate is 12% per annum (earlier it was 6% p.a.). Step 4: The interest on Calls-in-Advance (12%) is higher than Calls-in-Arrears (10%) because the company is benefiting from adva
AB Ltd. invited applications for 1,00,000 equity shares of ₹10 each. Applications were received for 3,00,000 shares and shares were allotted on pro-rata basis. M applied for 3,000 shares. How many shares were allotted to M?
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1,000 shares
Step 1: Pro-rata allotment means shares are allotted in the ratio of shares offered to shares applied. Step 2: Ratio = Shares Offered : Shares Applied = 1,00,000 : 3,00,000 = 1 : 3. Step 3: M applied for 3,000 shares. Shares allotted to M = (1,00,000 / 3,00,000) × 3,000 = (1/3) × 3,000 = 1,000 shares. Step 4: Option A (3,000) is the number applied, not allotted. Option B (1,500) uses a ratio of 1:2, which is incorrect. Option D (2,000) uses a ratio of 2:3, which is also wrong. Step 5: Always establish the allotment ratio first (offered ÷ applied) and multiply by the individual applicant's appl
A company issued 20,000 equity shares of ₹10 each at a premium of 10%, payable ₹3 on application, ₹4 on allotment (including premium), ₹2 on first call and ₹2 on final call. A holder of 600 shares paid entire balance with allotment. The Calls-in-Advance Account will show a credit balance of:
Show answer
₹2,400
Step 1: The shareholder holding 600 shares paid the entire balance with allotment. The balance remaining after allotment = first call (₹2) + final call (₹2) = ₹4 per share. Step 2: Total calls-in-advance = 600 shares × ₹4 = ₹2,400. Step 3: This ₹2,400 is credited to Calls-in-Advance Account (a liability) when received with allotment money. Step 4: Option A (₹1,200) accounts for only one call (₹2 × 600). Option C (₹3,000) incorrectly includes allotment money. Option D (₹4,800) incorrectly adds premium to the calculation. Step 5: Calls-in-Advance represents only future call amounts paid early –
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