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Joint Stock Accounts : Issue of Share — Revision Notes

ICSE · Class 12 · Accountancy

Joint Stock Accounts : Issue of Share revision notes for ICSE Class 12 Accountancy: 4 topics in quick points. Includes Meaning of Company, Share.

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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Key Topics to Revise

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1. Meaning of Company, Share and Types of Shares

  • A company is an artificial person created by law, with a separate legal entity and perpetual succession.
  • A company incorporated under the Companies Act, 2013 or any previous law is called a company.
  • Shares are movable property and are transferable as provided in the Articles of Association.
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2. Classification of Companies

  • Unlimited company means a company not having any limit on the liability of its members.
  • Company limited by guarantee means members’ liability is limited to the amount they undertake to contribute in winding up.
  • Company limited by shares means members’ liability is limited to unpaid amount on shares held by them.
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3. Share Capital and Its Types

  • Share capital is the amount a company can raise or has raised by issue of shares.
  • Authorised Capital is the maximum share capital a company is authorised to raise by its memorandum.
  • Issued Capital is the portion of authorised capital offered to the public for subscription, including shares offered to vendors.
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4. Issue of Shares: Modes, Price and Legal Rules

  • Shares can be issued for cash or for consideration other than cash.
  • Issue price means the price at which shares are issued.
  • Shares may be issued at par, at premium, or at discount in teaching illustrations, but issue at discount to the general public is prohibited.

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Full Notes

Key Concepts

A company is an artificial personA share means a shareAn equity share is a shareA preference share carries a rightThe maximum amount of share capital

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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All ICSE Class 12 Accountancy Revision Notes

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