CUET Accountancy 2022 15 July Shift 2 PYQs - Free Mock Test (No Login)

Mona Ltd. issued $10,000$ shares of $\text{Rs. }10$ each at $\text{Rs. }11$ per share (Premium $=\text{Rs. }1$).Application: $\text{Rs. }3$ Allotment: $\text{Rs. }4$ (including premium of $\text{Rs. }1$)First & Final Call: $\text{Rs. }4$ Applications were received for $12,000$ shares and pro-rata allotment was made. Mr. Sharma, who applied for $120$ shares, failed to pay allotment and call money. Calculate the total net amount received by the company on allotment.

[Context based on Mona Ltd.] Out of the forfeited shares, $150$ shares were reissued at $\text{Rs. }8$ per share fully paid up, including the whole of Mr. Sharma's shares ($100$ shares). The remaining $50$ shares were from Mr. Verma's forfeited shares (who held $200$ shares and failed to pay call money).Calculate the amount transferred to the Capital Reserve.

[Context based on Mona Ltd.] Calculate the net amount received on the First and Final Call.

[Context based on Mona Ltd.] What is the balance remaining left over in the Share Forfeiture Account after the reissue of $150$ shares?

[Context based on Mona Ltd.] At the time of forfeiture, the Securities Premium Reserve Account will be debited for how many shares?