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Joint Stock Accounts : Issue of Share

ICSE · Class 12 · Accountancy

Quick revision notes for Joint Stock Accounts : Issue of Share — ICSE Class 12 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

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1. Company: Definition and Characteristics

  • A company is an artificial person created by law with a separate legal entity
  • Companies are governed by the Indian Companies Act, 2013
  • Five key characteristics: (1) Incorporated association, (2) Separate legal entity, (3) Perpetual existence, (4) Limited liability, (5) Common seal
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2. Classification of Companies

  • Based on Liability: (1) Unlimited Company, (2) Limited by Guarantee, (3) Limited by Shares
  • Based on Membership: (1) One Person Company (OPC), (2) Private Company, (3) Public Company
  • One Person Company (OPC): Only one natural person member who must be Indian citizen and resident; cannot exceed ₹50 lakh paid-up capital or ₹2 crores turnover
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3. Share Capital and Its Types

  • Share: Proportionate part of share capital; represents ownership stake in company
  • Shares have distinctive numbers and are moveable property
  • Authorised/Nominal/Registered Capital: Maximum capital company can raise as per Memorandum
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4. Preference and Equity Shares

  • Preference Shares: Fixed rate dividend; priority in capital repayment during winding up; usually no voting rights
  • Equity Shares: Variable dividend based on profits; no fixed rate; voting rights; residual claim on assets
  • Preference shareholders receive dividend before equity shareholders

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Key Concepts

A company is an artificial personCompanies are classified asA share represents a proportionate partShare capital is categorized asWhen shares are issued at face

Frequently Asked Questions

What are the important topics in Joint Stock Accounts : Issue of Share for ICSE Class 12 Accountancy?
Joint Stock Accounts : Issue of Share covers several key topics that are frequently asked in ICSE Class 12 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Joint Stock Accounts : Issue of Share — ICSE Class 12 Accountancy?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision 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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