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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.

45 questions39 flashcards5 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 Company and Share Capital Structure, Share Issuance Process Flow, Mind map showing six key characteristics of joint stock companies organized by legal status, existence, liability, and capital structure. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Joint Stock Accounts : Issue of Share — ICSE Class 12 Accountancy?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and 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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