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Questions and Answers of Corporate Accounting

What are the legal provisions in India regarding over-all maximum managerial remuneration?
Every Balance Sheet and Statement of Profit and Loss of a company shall comply with:A. US GAAPB. Indian Accounting StandardC. International Accounting Standard.
Exchange Limited has an issued Share Capital of 650 7% Redeemable Preference Shares of ~ 100 each and 4,500 Equity Shares of ~ 50 each. The Preference Shares are redeemable at a premium of 10% on
The books of S.B. Ltd showed the following balances on 31st December, 2016:30,000 Equity Shares of ~ 10 each fully paid; 18,000 12% Redeemable Preference Shares of ~ 10 each fully paid; 4,000 10%
The Balance Sheet of Ananda Ltd as on 31st March, 2017 is given below :You are required to show:(a) Necessary Journal Entries to record the above transactions (including cash);(b) The Balance Sheet
The financial position of R Limited at 31st March, 2017 was as follows:As per the terms of issue of the Preference Shares these were redeemable at a premium of 5 per cent on 1st April, 2017 and it
What are the different methods of redemption of debentures?
Sure Ltd. made an issue of 1,000, 6% debentures of ₹1,000 each on 1.1.2014 at the issue price of ₹960. The terms of issue provided that beginning with 2016, ₹40,000 debentures should be
Name three types of companies which do not require to creaste Debenture Redemption Reserve as per the provision of the Companies Act, 2013.
On 31st March 2016, Varun Ltd’s Balance Sheet showed 10,000 12% Debentures of ₹100 each outstanding. Interest on Debentures is payable on 30th September and 31st March every year. On 1st August,
Define debenture as per Companies Act, 2013. What is the time limit for redemption of debentures?
Spotlight Ltd has issued share capital of 60,000----8% redeemable cumulative preference shares of ~ 20 each and 4,00,000 equity shares of ~ 10 each. The preference shares are redeemable at a premium
The skeleton Balance Sheet of Happy Limited as at 31st March 2017 was as under:The Board of Directors decided to redeem the preference shares both by issue of fresh capital and by utilisation of
State the conditions and limits of buy back.
The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016.The preference shares were redeemed on 1st January, 2017 at a premium of 10%. A bonus issue of 1 equity share
Discuss the provisions of the Companies Act, 2013 with regard to redemption of Redeemable Preference Shares.
Under what circumstances may a company issue Redeemable Preference Shares? Discuss the different methods of redemption of preference shares.
The Balance Sheet of Producers Ltd as at 31st December, 2016 is as follows:You are required to give the journal entries, including those relating to cash to record the above transactions and draw up
Discuss the provisions of Sec 55 of the Companies Act, 2013 with regard to redemption of irredeemable preference shares.
Discuss the logic behind the creation of capital redemption reserve.
State the sources of buy back in detail.
State SEBI Guidelines for ESOS.
What do you mean by a small company as per the provisions of Companies Act, 2013?
Define a Company as per Companies Act, 2013.
Define debenture as per the Companies Act, 2013.
Show by means of Journal Entries how will you record the following issues. Also, show how they will appear in the respective Balance Sheets:(a) A Ltd. issues 10,000, 16% debentures of ₹100 each at
State the factors to be taken into consideration for the issue of debentures.
You are required to show the Journal Entries necessary to record the issue of 10,000, 12% Debentures of ₹100 each by X and Co. Ltd under the following cases separately:(i) At par and were also
What are the advantages and disadvantages of issue of debentures?
A limited company made an issue of 10,000, 14% debentures of ₹100 each at par, which was fully subscribed. The debentures were allotted on July 31, 2016, subscription being payable 10% on
What are the different types of debentures?
X Limited issued for subscription 5,000 debentures of ₹100 each at a discount of 3%. The whole of the issue offered was underwritten by Pal & Co., commission being 2.5% on nominal value. The
Give entries relating to the issue of debentures.
Journalise the transactions given below:(i) A debenture issued at ₹95 repayable at ₹100;(ii) A debenture issued at ₹95 repayable at ₹105;(iii) A debenture issued at ₹100 repayable at
What do you mean by issue of debentures as collateral security for a loan? Give its accounting treatment.
What do you mean by ‘naked debentures’? State the treatment of this debenture as per the Comapnies Act, 2013.
State two conditions for appointment of a trustee.
What do you mean by retail investor for the purpose of issue of debentures?
Why debenture redemption reserve is created?
Distinguish between Bonus Shares and Stock Split.
L&T Ltd. grants 5,000 options on 1st April, 2013 at ₹240 when the market price was ₹300 and the face value was ₹10. The vesting period was three years. The maximum exercise period was one
A Limited company issued 10,000 shares of ₹ 10 each payable as ₹ 2 on application; ₹ 3 on allotment; and ₹ 5 on final call. The public applied for 9,000 shares, which
What are the different kinds of shares which a company can issue as per the Companies Act, 2013 ?
A limited company has its issued capital comprising of 20,000 equity shares of ₹ 10 each payable as : ₹ 2 on application; ₹ 3 on allotment (including premium); ₹ 3 on first call; and ₹ 3 on
Can shares be issued at a discount? If so, what are the provisions of the Companies Act, 2013 in this regard ?
On April 1, 2017, the directors of ABC Ltd issued 1,00,000 equity shares of ₹ 10 each at ₹ 12 per share payable at ₹ 5 on application, ₹ 4 on allotment including premium and the balance on
State the purposes for which securities premium can be utilised.
Bijon Trading Co. Ltd was registered on 2nd January, 2017, with 10,000 equity shares of ₹ 10 each. The Company offered 8,000 shares for subscription to public. The condition was that ₹ 3 per
M. Khaitan Ltd was formed with an authorised capital of 20,000 equity shares of ₹ 10 each to purchase the business of M. Khaitan for ₹ 1,00,000 by the allotment of fully paid shares. On July 1,
What do you mean by ‘Calls-in-Arrear’ and ‘Calls-in-Advance’? What are the provisions of Companies Act, 2013 in this regard?
How can the profit on re-issue of forfeited shares be treated in accounts ?
East Coast Ltd made an issue of 30,000 shares of ₹ 10 each payable as ₹ 3 on application; ₹ 5 on allotment; and ₹ 2 on call. 93,200 shares were applied for and owing to this heavy
What is one man company ? What are the characteristics of this type of company ?
A Ltd issued 1,00,000 shares of ₹ 10 each payable as follows : ₹ 3 on application, ₹ 2 on allotment, ₹ 3 on first call and ₹ 2 on final call. Applications were received for 1,60,000 shares
Alfa Trading Co Ltd offered 10,000 equity shares of ₹ 10 each for subscription at a premium of ₹ 2 per share payable as :On Application ₹ 3, on Allotment ₹ 4 (including premium), on First and
What are the advantages of issuing preference shares ?
A limited company invited applications for 10,000 shares of ₹ 10 each at a premium of ₹ 5 per share payable as : On application ₹ 3 per share, on allotment ₹ 6 per share including premium and
What do you mean by(i) Authorised Capital;(ii) Issued Capital;(iii) Subscribed Capital;(iv) Paid-up Share Capital
New Company Ltd issued 50,000 equity shares of ~ 10 each at a premium of ₹ 2 per share payable as: On Application---- ₹ 3 per share; on Allotment ---- ₹ 5 per share (Including Premium); on
What do you mean by Further Issue of Shares (FPO) ? State the conditions for Further Issue of Shares.
A. Ltd invited applications for 1,00,000 of its Equity Shares of ₹ 10 each on the following terms:(i) Payable on application on 31st January, 2017 ₹ 5 per share including premium.(ii) Payable on
What is depository system ? What are the advantages and limitations of depository system ?
Analysts Limited had issued 1,00,000 equity shares of ₹ 10 each to the public at a premium of ₹ 2 per share. The amount was payable as follows : On application ₹ 3; on allotment ₹ 5
What do you mean by ‘book building’ method of issuing shares ?
Hindustan Limited invited applications for 1,00,000 shares of ₹ 10 each at a price of ₹ 11 payable ₹ 4 on application (including premium), ~ 4.50 on allotment and balance on first and final
Applications were invited by the directors of Grobigg Ltd for 15,000 of its equity shares at ₹ 115 per share payable as follows:(a) On application on 1st April, 2017 (including premium of ₹ 15
What is ‘Sweat Equity’ Shares ? State four important rules as per the Companies (Share Capital and Debentures) Rules, 2014 in this respect.
Ronak Ltdwasregisteredwithanominalcapitalof ₹ 2,00,000 in equity shares of ₹ 10 each and 10,000 of these shares were issued to the public at a premium of 20%. The amount payable was as follows :
M/s Blue Chips Ltd issued 5,000 Equity Shares of ₹ 100 each at a premium of ₹ 25 per share. On 1st January, 2017 the company received 12,000 applications of which 2,000 applications were totally
A limited company issued 90,000 shares of ₹ 10 each at a premium of ₹ 3 per share payable as follows :On application ₹ 6 (including premium) per share, on allotment ₹ 5 per share and on call
The directors of XYZ Limited invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable on shares is as follows : on application ₹ 5, on allotment
Super Star Ltd offered 10,000 equity shares of ₹ 100 each for subscription at a premium of ₹ 20 per share payable as follows: on application ₹ 10; on allotment ₹ 40 (including premium); on
(a) What is a bonus share ?(b) State the Provision of the Companies Act, 2013 for the issue of bonus shares.
Sweetwell Co. Ltd has a share capital of ₹7,00,000 in equity shares of ₹10 each which are quoted in the market at ₹20. The company now declares a bonus is to be paid by issue of 40,000 fully
Discuss the sources from which bonus shares can be issued by a company.
The following are the extracts from the Balance Sheet of A Ltd as on 31.3.2017: Authorised capital : 10,000 Equity Shares of ₹10 each : ₹1,00,000 Issued and Subscribed Capital : 5,000 Equity
Discuss the latest guide lines issued by the the SEBI for the issue of bonus shares.
The following are the extract from the Draft Balance Sheet of Omega Tools Ltd as on 31st March, 2017. ₹ 10,00,000 8,00,000 1,00,000 General Reserve 3,50,000 Profit and Loss Account 2,50,000 A
The following was the Balance Sheet of Zodiac Ltd. as at 30.9.2016 : I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus - General Reserve (2) Share
What is bonus debentures ? What are the logics of issuing bonus debentures ?
From the following prepare a statement showing the basis of allotment in respect of a rights issue :1. Centurion Bank Limited issues 22,69,44,320 equity shares on rights basis.2.
Distinguish between ‘Bonus Shares’ and ‘Bonus Debentures’.
What do you mean by stock split?
Distinguish between ‘Rights Share Issue’ and ‘Bonus Share Issue’.
What are the advantages and disadvantages of issuing bonus shares ?
What do you mean by Employee Stock Option Scheme (ESOS) ?
Modern Bio-tech Ltd. granted 4,000 options to employees and directors on 1st April, 2013 asnd ₹150 when the market price was ₹300. Vesting period is 3 years. You are required to :(i) Calculate
On 1st April, 2013 CTS Ltd. granted 10,000 shares to employees and directors under stock option scheme at ₹100 (face value ₹10 and market value ₹130). The vesting period was three years. The
What do you mean by Vesting Period?
What do you mean by Employee Stock Purchase Scheme (ESPS)?
M.H.K. Ltd. issued 5,000 equity shares on 1st April, 2017 under Employees Stock Purchase Scheme at ₹100 when the market price was ₹170 and face value was ₹10. Pass journal entries to record the
A Company has its share capital divided into shares of ₹10 each. On 1st April, 2016 it granted 10,000 employees’ stock options at ₹40, when the market price was ₹130. The options were to be
X Co Ltd. has its share capital divided into equity shares of ₹10 each. On 1.10.2008 it granted 20,000 employees stock options at ₹50 per share, when the market price was ₹120 per share. The
A Company has its share capital divided into shares of ₹10 each. On 1.4.2010, it granted 5,000 employees stock option at ₹50, when the market price was ₹140. The options were to be exercised
G Ltd. grants 100 share options to each of its 690 employees. Each grant containing condition in the employees of G Ltd. as :I) Working over the next 4 years.ii) It is estimated that 30% of employees
Virtual Limited granted on 1st April, 2011, 1,00,000 Employees Stock Options at ₹40, when the market price was ₹60. These options will vest at the end of year 1, if the earnings of Virtual
On 1st April, 2013 X Limited granted 2,000 shares to the employees under stock option scheme at ₹75 each (face value ₹0 and market value ₹165). The company allowed 3 years for vesting the
Beta Limited granted 1,000 options at ₹40 to its employees under employee stock option scheme. The face value of each option was ₹10 and its market price at that time was ₹120. The vesting
The following is the Balance Sheet of XYZ Limited as on 31.3.2017:The company decides to buy back 20% of its paid-up equity share capital at ₹11 each. For that purpose, it decides to issue 1,600
(a) What do you mean by "buy back of shares"?(b) What are the objectives of buying back ?

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