cbse12 − Q & A

Q.1. A ltd issued 500000 equity shares of Rs.10 each for Rs.12 per share to public for subscription. The issue was fully subscribed. State how the shares are issued, where will this amount appear in the balance sheet of the company and also mention any 2 uses for which amount collected can be used.

Q.2. Rohit and company issued 30000 shares of Rs.10 each payable Rs,3 on application on 1/7/2013, Rs.3 on allotment on 30/9/2013 , Rs.2 on first call on 1/12/2013 and balance on final call on 31/12/2013. The issue was full subscribed. All calls were duly received except for the allotment and first call by Ravi which he paid along with the final call and Shiv who paid final call with first call. Pass entries

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