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ISSUE OF SHARES
PRACTISE QUESTIONS DAY-2
Calls in arrear:
Q.17 VIK ltd issues 10,000 shares @10 each payable as Rs. 2 on application, Rs 3 on allotment and
the balance on final installment of first call. The applications were received for 10,000 shares. All the
money was duly received except ram who failed to pay call money on 200 shares. Journalize.

Hint-____________________________________________________________________________

Q.18 Seema ltd issues 12,000 shares @20 each payable as Rs. 12 on application, Rs 3 on allotment
and Rs.5 on first and final call. The issue was subscribed in full. All the money was duly received
except Lata who failed to pay allotment money on 400 shares. Journalize.

Hint-____________________________________________________________________________

Q.19 Arohi Ltd. issues 2,50,000 shares @10 each at a discount of 20% payable as Rs. 2 on
application, Rs 5 on allotment and the balance on final call. Applications were received for 200,000
shares. All the money was called and received except allotment money on 10,000 shares. Journalize.

Hint-____________________________________________________________________________

Q.20 Nandita ltd issues 1,000 shares @100 each at a premium of Rs.20 payable as Rs. 30 on
application, Rs 50 on allotment and the balance in two equal installments of first and final call. The
applications were received for 800 shares. All the money was duly received except call money on 40
shares. Journalize.

Hint-____________________________________________________________________________

Q.21 Vijeshwari ltd. Issued 30,000 shares of face value 20 at a premium of 40% payable as follows:

 Application – 10
 Allotment – 10
 1 call – 6 ( including Rs.4 of premium)
 Final call - -3 (including Rs.1 of premium)
The issue was undersubscribed by 12,000.The final call is yet to be made. All the money was
duly received except allotment money on 400 shares. Journalize.

Hint-____________________________________________________________________________

Calls in arrear (HOMEWORK)

Q.17 Kara ltd issues 20,000 shares @20 each payable as Rs. 12 on application, Rs 3 on allotment and
the balance on final installment of first call. The applications were received for 12,000 shares. All the
money was duly received except Meera who failed to pay call money on 200 shares. Journalize.

Q.18 Teena ltd issues 22,000 shares @20 each payable as Rs. 12 on application, Rs 3 on allotment and
Rs.5 on first and final call. The issue was subscribed in full. All the money was duly received except
SAMEERA who failed to pay allotment money on 400 shares. Journalize.
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Q.19 Vidrohi Ltd. Issues 50,000 shares @10 each at a discount of 10% payable as Rs. 2 on
application, Rs 5 on allotment and the balance of 2 on final call. Applications were received for
40,000 shares. All the money was called and received except allotment money on 10,000 shares.
Journalize.

Q.20 Ron ltd issues 4,000 shares @10 each at a premium of Rs.2 payable as Rs. 3 on application, Rs 5
on allotment and the balance in two equal installments of first and final call. The issue was fully
subscribed. All the money was duly received except call money on 400 shares. Journalize.

Q.21 Rajeshwari ltd. Issued 40,000 shares of face value 10 at a premium of 50% payable as follows:

 Application – 2
 Allotment – 4
 1 call – 6 ( including Rs.4 of premium)
 Final call - -3 (including Rs.1 of premium)
The issue was undersubscribed by 12,000. The final call is yet to be made. All the money was
duly received except allotment money on 4000 shares. Journalize.

Oversubscription and calls in arrears (mix)

Case-1 reject the excess

Q.22 Khusbu ltd issues 12,000 shares @10 each payable as Rs. 2 on application, Rs 3 on allotment
and the balance in two equal installments. The applications were received for 20,000 shares.
Journalize. All the money was duly received except call money on 4000 shares.

Hint-____________________________________________________________________________

Q.23 Seema ltd issues 10,000 shares @10 each payable as Rs. 2 on application, Rs 3 on allotment and
Rs.5 on first and final call. The applications were received for 18,000 shares. Journalize. All the
money was duly received except allot money on 4000 shares.

Hint-____________________________________________________________________________

Q.24 Nandini Ltd. issues 1,00,000 shares @10 each at a discount of 20% payable as Rs. 4 on
application, Rs 3 on allotment and the balance on final call. The issue was over subscribed by 80,000
shares. All the money was duly received except call money on 4000 shares. Journalize.

Hint-____________________________________________________________________________

Q.25 Nita ltd issues 1,00,000 shares @100 each at a premium of Rs.20 payable as Rs. 20 on
application, Rs 50 on allotment and the balance on first and final call. The applications were received
for 1,80,000 shares. All the money was duly received except allot money on 2000 shares. Journalize.

Hint-____________________________________________________________________________

Q.26 Janvi ltd. Issued 10,000 shares of face value 20 at a premium of 30% payable as follows:

 Application – 8
 Allotment – 8
 1 call – 6 ( including Rs.4 of premium)
The second and final call is yet to be made
The issue was over subscribed to the extent of 22,000. The final call has yet to be made and
All the money was duly received except first call money on 400 shares. Journalize.
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Hint-____________________________________________________________________________

Q.27 Sona ltd. Issued 40,000 shares of face value 25 at a premium of Rs.10 payable as follows:

 Application – 10
 Allotment – 12 ( including Rs.10 of premium)
 1 call –balance
The applications were received for 48000 shares. All the money was duly received except
allot money on 4000 shares. Journalize.

Hint-____________________________________________________________________________

Oversubscription and calls in arrears (mix) (HOMEWORK)

Case-1 reject the excess

Q.22 Mitu ltd issues 10,000 shares @10 each payable as Rs. 2 on application, Rs 3 on allotment and
the balance in two equal installments. The applications were received for 18,000 shares. All the
money was duly received except call money on 1000 shares.

Journalize.

Q.23 Leena ltd issues 20,000 shares @20 each payable as Rs. 12 on application, Rs 3 on allotment
and Rs.5 on first and final call. The applications were received for 28,000 shares. All the money was
duly received except allot money on 2000 shares Journalize.

Q.24 Nandini Ltd. issues 80,000 shares @10 each at a discount of 20% payable as Rs. 4 on
application, Rs 3 on allotment and the balance on final call. The issue was over subscribed by 40,000
shares. All the money was duly received except call money on 3000 shares Journalize.

Q.25 Nita ltd issues 2,00,000 shares @100 each at a premium of Rs.30 payable as Rs. 10 on
application, Rs 70 on allotment and the balance on first and final call. The applications were received
for 1,00,000 shares. All the money was duly received except allot money on 20,000 shares. Journalize.

Q.26 Manvi ltd. Issued 10,000 shares of face value 20 at a premium of 20% payable as follows:

 Application – 10
 Allotment – 10
 1 call – 4 ( including Rs.2 of premium)
The second and final call is yet to be made.The issue was over subscribed to the extent of
24,000. All the money was duly received except call money on 20,000 shares. Journalize.

Q.27 Tona ltd. Issued 50,000 shares of face value 35 at a premium of Rs.10 payable as follows:

 Application – 20
 Allotment – 12 ( including Rs.10 of premium)
 1 call –balance
The applications were received for 68000 shares. All the money was duly received except
allot money on 4000 shares. Journalize.