Read the passage given below and answer the questions: K Ltd. invited applications on 3,000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50, on allotment ₹50, and on final call ₹20. Application also includes premium amount. Total applications received 4,000 and allotted on pro-rata basis and excess amount adjusted towards allotment. One shareholder holding 600 shares did not pay allotment money but paid it with the final call that was made after 2 months of allotment. Final call amount received in full.
What will be the rate of interest on calls in arrears if Articles of Association is silent?
10% p.a.
As per Table F of the Companies Act, 2013, the rate of interest on calls in arrears is 10% p.a. if the Articles of Association do not specify otherwise.
Important Questions from Accounting for Share Capital
Arrange the following in the correct order:
(A) Subscribed Capital
(B) Issued Capital
(C) Authorised Capital
(D) Paid-up Capital
(E) Called-up Capital
Choose the correct answer from the options given below:
Libraries run by charitable trusts are an example of:
Oversubscription is a situation where the:
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)List-II
(Amount to be debited or credited)(A) Share Capital Account (I) Debited with amount not received (B) Share Forfeited Account (II) Credited with amount not received (C) Calls-in-arrears Account (III) Credited with amount received towards share capital (D) Securities Premium Account (IV) Debited with amount called up 400 shares of ₹ 50 each issued at par were forfeited for non-payment of final call of ₹ 10 per share. These shares were reissued at ₹ 45 per share as fully paid-up. The amount transferred to capital reserve is:
