PSEB-XII SERIES Accountancy
Issue Of Shares
3 previous year questions.
Volume: 3 Ques
Yield: Medium
High-Yield Trend
3
2025 Chapter Questions 3 MCQs
01
PYQ 2025
medium
accountancy ID: pseb-xii
Ambuja Ltd. issued for public subscription 2,00,000 equity shares of ₹20 each at a premium of ₹10 per share payable as under:
On application ₹10
On allotment ₹14 (including premium ₹10)
On first & final call ₹6
Applications were received for 3,00,000 shares. Allotment was made pro-rata to all the applicants, and the money overpaid on application was utilized towards sums due on allotment.
Pooja, who applied for 3,600 shares, failed to pay the allotment and call money, and the shares were subsequently forfeited. Two-thirds of the forfeited shares and the money paid were re-issued to Sandeep as fully paid-up at ₹16 per share. Show the journal entries to record the above transactions.
On application ₹10
On allotment ₹14 (including premium ₹10)
On first & final call ₹6
Applications were received for 3,00,000 shares. Allotment was made pro-rata to all the applicants, and the money overpaid on application was utilized towards sums due on allotment.
Pooja, who applied for 3,600 shares, failed to pay the allotment and call money, and the shares were subsequently forfeited. Two-thirds of the forfeited shares and the money paid were re-issued to Sandeep as fully paid-up at ₹16 per share. Show the journal entries to record the above transactions.
02
PYQ 2025
medium
accountancy ID: pseb-xii
Ritu Ltd. forfeited 2,000 shares of ₹20 each issued at 10% premium to Neeru (₹18 called up) on which he did not pay ₹6 of allotment (including premium) and first call of ₹4. Out of these, 1200 shares were re-issued to Goldy as fully paid up for ₹16 per share. Give journal entries for forfeiture and re-issue of shares.
03
PYQ 2025
medium
accountancy ID: pseb-xii
A company purchased machinery for ₹18,00,000 and in consideration issued shares at 20% premium. What will be the face value of shares issued?
1
₹21,60,000
2
₹18,00,000
3
₹14,40,000
4
₹15,00,000