Company Accounts Questions

In a company's Balance Sheet, the balance of the "Share Forfeiture Account" is presented under which main head/sub-item?

Calculate the amount of Dividend paid during the year 2022 from the following information:Balance of Proposed Dividend as on 31st March, 2021 was Rs. $40,000$ and on 31st March, 2022 Rs. $60,000$. Interim Dividend was paid @$20\%$ on share capital. Share capital was Rs. $4,00,000$.

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.Assuming all other shareholders paid their due amounts, the final total balance of the Securities Premium Account shown under the sub-head 'Reserves and Surplus' will be:

Arrange the following steps as per the procedure of issue of shares:(a) Receipt of applications(b) Allotment of shares(c) Reissue of forfeited shares(d) Issue of prospectus(e) Forfeiture of sharesChoose the correct answer from the options given below:

Steel and Company purchased a machine from Safe Machine Limited for ₹ $4,80,000$ and took over its liabilities of ₹ $3,00,000$. As per the purchase agreement, ₹ $50,000$ was paid in cash, and the remaining balance was settled by the issue of $2,000$ equity shares of ₹ $100$ each. What will be the amount of goodwill or capital reserve arising from this acquisition?

Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue $12\%$ Debentures of Rs. $100$ each at $10\%$ Discount and were to be redeemed at $25\%$ premium in such a way that they could arrange fund of Rs. $45,00,000$. At the time of issue of Debenture they also issued equity Share of Rs. $30,00,000$ at $20\%$ premium.Interest payable on the Debentures issued for the year ended Mar, 31st 2023 will be:

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What is the amount to be credited to the Calls-in-Arrears Account at the time of forfeiture?

Raj Ltd. was registered with $70,000$ equity shares. They issued $40,000$ equity shares @ $10$ each payable as follow :On Application Rs. $4$ per shareOn Allotment Rs. $3$ per shareand Balance on $2$ callsThe issue was over subscribed by $50,000$ shares. The directors decided upon making prorata allotment to $60,000$ shares while remaining were returned.The amount to be adjusted with the call of allotment will be :

Which of the following will be credited for the excess amount received along with allotment money from the shareholders?

Arrange the following steps in correct sequence with regard to Shares of a company.(A) Making Calls(B) Forfeiture of Shares(C) Issue of Prospectus(D) Calls in Arrears(E) Reissue of SharesChoose the correct answer from the options given below:

Which of the following indicates the other name of 'Nominal Capital'?

MNO Ltd. forfeited 1,000 shares of Rs. 10 each on which shareholders had paid only application money of Rs. 3 per share. Out of these, 400 equity shares were reissued as fully paid for Rs. 9 per share. The gain on reissue of shares transferred to Capital reserve is:

What does 'E' stand for in ESOP?

The paid up share capital of "One Person Company" cannot be more than:

In which order, the share capital of the Company is shown on the balance sheet:(A) Authorized Capital
(B) Subscribed and fully paid up Capital
(C) Issued Capital
(D) Subscribed but not fully paid upChoose the correct answer from the options given below:

Securities premium Reserve can be utilised ___A. to return excess money received on applicationB. to write off preliminary expensesC. to issue partly paid bonus sharesD. for premium paid on Redemption of Debentures or preference sharesE. for buy back of sharesChoose the correct answer from the options given below:

Which of the following is incorrect about the minimum subscription?Minimum subscription is the minimum amount that, in the opinion of directors, must be raised to meet the needs of business operations of the company relating to:

Redemption of Debenture can be done by many ways. Identify the wrong option.

Which statements are correct about capital reserve?(A) It is necessary to create capital reserves out of capital profits, if any.
(B) It cannot be used to issue bonus shares.
(C) It can be used to write off capital losses or to issue bonus shares any time during the lifetime of the company.
(D) It is not shown on the company balance sheet.Choose the correct answer from the options given below:

If a share of Rs. 100 on which Rs. 45 has been paid is forfeited, at what minimum price can it be reissued:

The debentures which are payable on the expiry of the specific period are:

According to regulatory guidelines, receiving the minimum subscription of $90\%$ of the entire public issue must be completed within how many days from the date of issue of the prospectus?

Part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay is known as __________.

Blue Prints Ltd. purchased a building worth Rs. $1,50,000$, Machinery worth Rs. $1,40,000$ and Furniture worth Rs. $10,000$ from XYZ Co. and took over its liabilities of Rs. $20,000$ for a purchase consideration of Rs. $3,15,000$.Calculate the Goodwill/Capital Reserve to be recorded by Blue Print Ltd.

There must be an interval of how many months between the making of two calls unless otherwise provided by the articles of association of the company?

When a company reserves a specific portion of its uncalled capital to be called up only in the event of liquidation or winding up, this capital is known as:

If a delay occurs beyond 8 days from the date of closure of the subscription list in refunding the amount received due to non-fulfilment of the criteria of minimum subscription, the company shall be liable to pay the amount with interest at the rate of:

X Ltd. purchased assets from Y Ltd. for ₹98,10,000. X Ltd. issued 12% Debentures of ₹100 each at a 10% discount against the payment. The number of debentures issued to Y Ltd. is:

At the time of forfeiture, the share capital account is:

\textbf{Case Study Description:}Review the share allotment data for Eicher Ltd. to answer the questions:Eicher Ltd. issued $50,000$ equity shares of $\text{Rs. }10$ each at a premium of $\text{Rs. }5$ per share, payable as follows:\begin{itemize}\item On Application: $\text{Rs. }3$ per share\item On Allotment: $\text{Rs. }5$ per share (including $\text{Rs. }3$ Premium)\item On First Call: $\text{Rs. }5$ per share (including $\text{Rs. }2$ Premium)\item On Final Call: Balance amount\end{itemize}Applications were received for $72,000$ shares. The Directors allotted $50,000$ shares on a pro-rata basis to applicants who applied for $65,000$ shares, rejecting the remaining applications. The excess application money received was adjusted against the amount due on allotment. All amounts due were received except for the first call from Rahul, who had applied for $2,600$ shares. His shares were forfeited immediately after the non-payment of the first call. These forfeited shares were later reissued at the minimum possible reissue price.Identify the ratio in which the shares were allotted on a pro-rata basis:

According to Sec 2 (62) of Companies Act, 2013, the maximum amount of paidup share capital of an OPC is:

All of them are shown under the sub-heading 'Reserve and Surplus' except :

Equity shareholders are..................of the company:

\textbf{Case Study Description:}Review the share allotment data for Eicher Ltd. to answer the questions:Eicher Ltd. issued $50,000$ equity shares of $\text{Rs. }10$ each at a premium of $\text{Rs. }5$ per share, payable as follows:\begin{itemize}\item On Application: $\text{Rs. }3$ per share\item On Allotment: $\text{Rs. }5$ per share (including $\text{Rs. }3$ Premium)\item On First Call: $\text{Rs. }5$ per share (including $\text{Rs. }2$ Premium)\item On Final Call: Balance amount\end{itemize}Applications were received for $72,000$ shares. The Directors allotted $50,000$ shares on a pro-rata basis to applicants who applied for $65,000$ shares, rejecting the remaining applications. The excess application money received was adjusted against the amount due on allotment. All amounts due were received except for the first call from Rahul, who had applied for $2,600$ shares. His shares were forfeited immediately after the non-payment of the first call. These forfeited shares were later reissued at the minimum possible reissue price.Determine the amount to be transferred to the Capital Reserve Account upon the reissue of Rahul's shares:

Arrange the following categories of capital in the correct hierarchical sequence (from largest/first to narrowest):(A) Called-up capital(B) Subscribed capital(C) Issued capital(D) Paid-up capitalChoose the correct answer from the options given below:

Securities Premium Reserve can be used to:A. Issue new shares to existing shareholdersB. Write off Preliminary expensesC. Writing off of GoodwillD. Premium on Redemption of debenturesE. Issue fully paid Bonus SharesChoose the correct answer from the options given below:

\textbf{Case Study Description:}Review the share allotment data for Eicher Ltd. to answer the questions:Eicher Ltd. issued $50,000$ equity shares of $\text{Rs. }10$ each at a premium of $\text{Rs. }5$ per share, payable as follows:\begin{itemize}\item On Application: $\text{Rs. }3$ per share\item On Allotment: $\text{Rs. }5$ per share (including $\text{Rs. }3$ Premium)\item On First Call: $\text{Rs. }5$ per share (including $\text{Rs. }2$ Premium)\item On Final Call: Balance amount\end{itemize}Applications were received for $72,000$ shares. The Directors allotted $50,000$ shares on a pro-rata basis to applicants who applied for $65,000$ shares, rejecting the remaining applications. The excess application money received was adjusted against the amount due on allotment. All amounts due were received except for the first call from Rahul, who had applied for $2,600$ shares. His shares were forfeited immediately after the non-payment of the first call. These forfeited shares were later reissued at the minimum possible reissue price.Before a company can legally forfeit a shareholder's shares for non-payment of calls, which corporate body is authorized and required to issue the formal forfeiture notice?

Which of the following statements about share capital is TRUE?(A) A company's shares are generally transferable.(B) Share application account is a personal account.(C) The part of capital which is called up only on winding up of a company is called reserve capital.(D) Paid up capital can exceed called up capital.Choose the correct answer from the options given below:

The balance of the share forfeiture account is shown in the balance sheet under:

A minimum of ______ days' notice is to be given to the shareholders to pay the amount of any call:

Correct sequence of issue of shares is -A. Receipt of ApplicationB. Issue of ProspectusC. Letter of Allotment of SharesD. Letter of RegretChoose the correct answer from the options given below:

When the purchase consideration is more than the value of net assets taken over, the difference will be debited to:

The net balance of the Share Forfeiture Account is presented in the Balance Sheet under which item?

Match List-I with List-IIList-I (Debenture Type)List-II (Meaning)(A) Redeemable Debenture(I) Payable on the expiry of the specific period either in lump sum or in installments during the lifetime of the company.(B) Perpetual Debenture(II) Company does not give any undertaking for the repayment of money borrowed by issuing such debentures.(C) Specific Coupon Rate Debenture(III) Issued with a specified rate of interest, which is called the coupon rate.(D) Bearer Debenture(IV) Can be transferred by way of delivery and the company does not keep any record of the debenture.Choose the correct answer from the options given below:

According to the Companies Act 2013, while issuing shares, the application money should be at least ______ of the face value of the share.

Match List-I with List-II and choose the correct answer from the options given below:List-I (Name of account to be debited or credited, when shares are forfeited)(A) Share Capital Account(B) Share Forfeited Account(C) Calls-in-arrears Account(D) Securities Premium AccountList-II (Amount to be debited or credited)(I) Debited with amount not received(II) Credited with amount not received(III) Credited with amount received towards share capital(IV) Debited with amount called up

Under Indian accounting disclosure criteria, specification of the exact shareholding percentage and count is mandatory for each individual shareholder holding more than:

According to Section 52(2) of the Companies Act, 2013, the amount of Securities Premium can be used only for the following purposes:(A) To write off preliminary expenses.(B) To make partly paid shares as fully paid up.(C) To issue fully paid bonus shares.(D) Purchase of its own shares (Buyback).Choose the correct answer from the options given below:

A company can accept calls in advance, if authorised by:

Match List-I with List-II:List-IList-II(A) Redeemable Debentures(I) The debentures which can be transferred by way of delivery and the company does not keep any record of the debentures(B) Convertible Debentures(III) These debentures are issued with a specified rate of interest(C) Specific Coupon Rate Debentures(III) Which are convertible into equity shares or in any other security either at the option of the company or the debentureholders(D) Bearer Debentures(IV) Which are payable on the expiry of the specific period either in lump sum or in instalments during the life time of the company.Choose the correct answer from the options given below:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The total amount of Securities Premium Reserve credited at the time of the allotment of shares will be:

According to the provisions of SEBI guidelines and the historical timelines of the Companies Act, a company must secure its minimum subscription within how many days from the date of opening the issue?

Arrange the following in the correct order of presentation/classification of share capital:(A) Subscribed Capital(B) Issued Capital(C) Authorised Capital(D) Paid-up Capital(E) Called-up CapitalChoose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Unregistered Debentures(I) Perpetual Debentures(B) Unsecured Debentures(II) Naked Debentures(C) Secured Debentures(III) Bearer Debentures(D) Irredeemable Debentures(IV) Mortgage DebenturesChoose the correct answer from the options given below:

The directors of a company forfeited $400$ equity shares of Rs. $10$ each fully called up on which Rs. $1,600$ had been paid. All the forfeited shares were reissued upon payment of Rs. $3,000$. Calculate the amount transferred to Capital Reserve

$\text{Rs }50,000$ were received in advance for the second and final call along with the first call. The second and final call was due after two months from the first call. Table F (formerly Table A) provides for interest on calls in advance at a rate not exceeding _____ per annum, and the calculated interest on calls in advance for this period amounted to $\text{Rs }..........$

Which of the following is NOT a characteristic of a corporate company structure?

Match List-I with List-II:List-IList-II(A) Debenture of Rs 100 issued at Rs 110(I) Debenture as collateral security(B) Debenture of Rs 100 issued at Rs 100(II) Debenture issued at Premium(C) Debenture of Rs 100 issued at Rs 90(III) Debenture issued at par(D) Debenture issued to the lender in addition to some other assets already pledged(IV) Debenture issued at DiscountChoose the correct answer from the options given below:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The shares are reissued at a:

Blue Prints Ltd. purchased a building worth $\text{Rs. }1,50,000$, machinery worth $\text{Rs. }1,40,000$, and furniture worth $\text{Rs. }10,000$ from XYZ Co., and took over its liabilities of $\text{Rs. }20,000$ for a total purchase consideration of $\text{Rs. }3,15,000$. Blue Prints Ltd. settled the purchase consideration by issuing $12\%$ debentures of $\text{Rs. }100$ each at a premium of $5\%$. The number of debentures issued is:

Which of the following statements are wrong about debentures?(A) Debenture is a part of owned capital.(B) The debentures cannot be issued at a discount of more than 10% of the face value.(C) Debentures cannot be converted into shares.(D) Redeemable debentures are those debentures, which are payable on the expiry of a specific period.Choose the correct answer from the options given below:

Forfeiture of shares results in the reduction of :

A debenture which is transferable merely by physical delivery is a:

Match List-I with List-II:List-IList-II(A) Interest on calls in arrears(I) Preference Shares(B) Interest on calls in advance(II) OPC (One Person Company)(C) Sec. 2(62) of The Companies Act, 2013 defines(III) 12%(D) Sec. 43 of The Companies Act, 2013 defines(IV) 10%Choose the correct answer from the options given below:

Which of the following statements are correct?(A) A company is an artificial person.(B) Company's shares are generally transferable.(C) Paid-up capital can exceed called-up capital.(D) The part of capital which is called up only on winding up is called reserve capital.Choose the correct answer from the options given below:

The balance in the securities premium account cannot be used for which of the following purposes?

Case Study Information (Questions 46-50):Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The Balance Sheet of the company will show the authorized capital of the company as:

$400$ shares of $\text{₹ }50$ each issued at par were forfeited for non-payment of final call of $\text{₹ }10$ per share. These shares were reissued at $\text{₹ }45$ per share as fully paid-up. The amount transferred to capital reserve is:

Match List-I with List-IIList-I (Allotment Stage)List-II (Journal Entry)(A) For Transfer of Application Money(I) Share Application A/c Dr. To Bank A/c(B) For Money Refunded on Rejected Application(II) Bank A/c Dr. To Share Allotment A/c(C) For Amount Due on Allotment(III) Share Application A/c Dr. To Share Capital A/c(D) For Receipt of Allotment Money(IV) Share Allotment A/c Dr. To Share Capital A/cChoose the correct answer from the options given below:

Match List-I with List-II:List-I (Feature)List-II (Description)(A) Separate Legal Entity(I) A company being a legal person can enter into contracts and can enforce the contractual rights against others.(B) Perpetual Succession(II) It can hold and deal with any type of property, it can enter into contracts and even open a bank account in its own name.(C) Common Seal(III) The company being an artificial person created by law continues to exist irrespective of the changes in its membership.(D) May Sue or be Sued(IV) The company being an artificial person, cannot sign its name by itself.Choose the correct answer from the options given below:

Which section of the Indian Companies Act, 2013 clarifies the legal classification of share capital into Equity shares and Preference shares?

The money received from applicants to whom no debentures have been allotted will be ________

Select the pair which is true about debentures:(A) Debenture is a part of owned capital.(B) The payment of interest on debentures is a charge on the profits of the company.(C) The debentures cannot be issued at a discount of more than 10% of the face value.(D) Redeemable debentures are those debentures, which are payable on the expiry of the specific period.Choose the correct answer from the options given below:

Shares can be forfeited:

X Limited Issued $10,000$, $12\%$ debentures of $\text{Rs. }100$ each payable $\text{Rs. }40$ on application and $\text{Rs. }60$ on allotment. The public applied for $14,000$ debentures. Applications for $9,000$ debentures were accepted in full, applications for $2,000$ debentures were allotted $1,000$ debentures and the remaining applications were rejected. All money was duly received. The $12\%$ Debenture Application A/c will be credited with:

Under which sub-head in the balance sheet does the balance of the share forfeiture account appear?

Match List-I with List-II:List-IList-II(A) Authorised Capital(I) Capital which is actually issued to the public for subscription including the shares allotted to vendors and the signatories to the company's memorandum.(B) Issued Capital(II) It is that part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay.(C) Subscribed Capital(III) The amount of share capital which a company is authorised to issue by its Memorandum of Association.(D) Called up Capital(IV) It is that part of the issued capital which has been actually subscribed by the public.Choose the correct answer from the options given below:

When debentures are issued at premium with the term of redeeming them at par. The amount of premium received at the time of issue will be:

Which of the following statements about debentures is FALSE?(A) Debenture is a part of owned capital.(B) Debentures cannot be converted into shares.(C) Redeemable debentures are those debentures, which are payable on the expiry of the specific period.(D) Debentures cannot be issued at a premium.Choose the correct answer from the options given below:

Which of the following statements are correct in relation to the issue of share capital for public subscription?(A) The application money should be at least 5% of the face value of the share.(B) Calls are to be made as per the provisions of the articles of association.(C) Where there is no articles of association of its own, the provisions of Table F (or Table A of earlier acts) will apply.(D) Calls need not be made on a uniform basis on all shares within the same class.Choose the correct answer from the options given below:

Arrange the following stages of share capital transactions in their correct chronological operational sequence:(A) Share Allotment(B) Share Application(C) Share forfeiture(D) Share CallChoose the correct answer from the options given below:

A company purchases its own shares of Rs. $5,00,000$ from the market. What is this process called?

If a delay occurs beyond $8$ days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

According to 'Table F' of Schedule I of Companies Act 2013, interest on calls-in-arrears is charged at a maximum rate of:

Arrange the following events (in relation to the issue of shares) in a logical order.(A) Transfer to capital reserve.(B) Forfeiture of share.(C) Calls in arrears.(D) Re-issue of share.Choose the correct answer from the options given below:

The following journal entry appears in the books of X Co. Ltd.:
$$\begin{array}{llcc}\text{Bank A/c}& \text{Dr.}& 4,75,000& \\ \text{Loss on issue of debenture A/c}& \text{Dr.}& 75,000& \\ \text{To }12\%\text{ Debentures A/c}& & & 5,00,000\\ \text{To Premium on Redemption of Debenture A/c}& & & 50,000\end{array}$$
Based on this entry, the debentures have been issued at a discount rate of:

Who from the following regularly attends the office of a company?

In a Journal Entry of Forfeiture of Shares, Share Capital Account will be :-

ABC Ltd. issued $3,000$, $14\%$ Debentures of $\text{Rs. }100$ each at a discount of $5\%$ on April 1, 2023. What is the total discount amount on the issue of these debentures?

The account which is not used in journal entry of the forfeiture of shares is:

A share having a face value of $\text{Rs. }12$, on which $\text{Rs. }10$ is called-up and $\text{Rs. }8$ is paid, is forfeited. State the amount with which the Share Capital account will be debited.

Uncalled capital that can be called up only in event of winding up of the company is called :

Match List I with List IILIST I: Basis of DebentureA. TenureB. Interest rate point of viewC. SecurityD. BearerLIST II: Types of DebentureI. Zero coupon rateII. IrredemableIII. RegistrationIV. SecuredChoose the correct answer from the options given below:

What is the correct sequence of types of capital in company's Balance sheet while preparing notes to accounts.A. Issued CapitalB. Subscribed and fully paid up capitalC. Share forfeited BalanceD. Authorised CapitalE. Subscribed but not fully paid up capital Choose the correct answer from the options given below:

What are different types of debentures from the view point of registration A. ConvertibleB. BearerC. RedeemableD. SecuredE. Registered Choose the correct answer from the options given below:

An issue of shares made by the company to the public in general for subscription is called :

Which A/c is credited for transfer of interest on Debenture Redemption Fund Investment?

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The amount of Securities Premium Reserve to be debited at the time of forfeiture of shares will be:

Oversubscription is a situation where the:

Match List-I with List-IIList-IList-II(A) Calls in advance(I) The maximum number of members is 200.(B) Calls in arrears(II) $12\%$ interest p.a.(C) Private company(III) $10\%$ interest p.a.(D) Public company(IV) No limit on the maximum number of members.Choose the correct answer from the options given below: