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Question : To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the company decided to issue 8,50,000 equity shares of  Rs. 10 each at a premium of  Rs. 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro rata basis.

On the basis of the above information, choose the correct option for the following question

Question:-  Amount refunded ___________.

Option 1: Rs 1,49,50,000

Option 2: Rs 11,50,000

Option 3: Rs 25,50,000

Option 4: None of theses 

Team Careers360 14th Jan, 2024

Correct Answer: Rs 1,49,50,000


Solution :

Answer = 14,50,000  

JOURNAL

Date

Particulars

L.F.

Dr. ( Rs.)

Cr.( Rs.)

 

Bank A/c

...Dr.

 

2,60,00,000

 
 

To Equity Shares Application and Allotment A/c (Application and allotment money received on 20,00,000 shares of  Rs. 10 each @  Rs. 13 per share)

     

2,60,00,000

 

Equity Shares Application and Allotment A/c

...Dr.

 

2,60,00,000

 
 

To Equity Share Capital A/c (8,50,000 x  Rs. 10)

To Securities Premium Reserve A/c (8,50,000 x  Rs. 3)

To Bank A/c (11,50,000 x Rs. 13)

(Application and allotment money adjusted for 8,50,000 shares and the balance refunded)

     

85,00,000

 

25,50,000

 

1,49,50,000

Hence, the correct option is 1.
3 Views

Question : A supercomputer would be used for which one of the following applications?

Option 1: Business computing

Option 2: Desktop publishing

Option 3: Weather forecasting

Option 4: Computer-aided designing

Team Careers360 18th Jan, 2024

Correct Answer: Weather forecasting


Solution : The correct option is weather forecasting.

A supercomputer would be utilised for weather forecasting. Supercomputers are built to handle exceedingly complex and computationally demanding activities like modelling and simulating weather patterns, climate change and atmospheric conditions. These machines can handle massive quantities of data and conduct complicated computations at rates much above those of standard desktop computers or smaller servers.

18 Views

Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:-  At the time of forfeiture of Ganesh’s share, forfeited share account will be ___________.

Option 1: Credited with Rs. 12,000

Option 2: Credited  with Rs. 24,000

Option 3: Credited with Rs. 9,000

Option 4: None of the above

Team Careers360 22nd Jan, 2024

Correct Answer: Credited with Rs. 12,000


Solution : Answer = Credited with Rs. 12,000

Number of Shares allotted to Ganesh = 3,20,000/3,60,000 × 2,700 = 2,400 shares.
Amount received per share = Rs.5.
Amount in Share Forfeiture A/c = Rs.2,400 X 5 = Rs.12,000.
Hence, the correct option is 1.

5 Views

Question :  In the following passage, some blanks are given and against each blank five alternative words are suggested. Choose the correct alternative to complete the passage in a meaningful way.

Meanwhile in technical ________________ (1) the “Cloud” may be called as the combination of computing resources over a network, popularly, “Cloud” has come to mark and encompass the complete range of sructures that make online activity possible, from facebook to netflix to Google Drive. Like a fluffly ________________ (2) moving across a wide and clear blue sky, not forming a particular shape or form, the Cloud of the digital is elusive, its internal working seems complex to the public, an example of what MIT cybernetician Norbert Weiner once called a “black box.” But like the clouds above us, however shapelss or ________________ (3) they may seem to be, are in fact made of matter, the Cloud of the digital is also perpetually material.

To get at the matter of the Cloud we must ________________ (4) the coils of coaxial cables, fiber optic tubes, cellular towers, air conditioners, power distribution units, transformers, water pipes, computer servers, and more.  We must be aware of its  material flow of electricity, water, air, heat, metals, minerals, and all the earth elements that ________________ (5) our digital lives. By this we can say that cloud is not only material but is also an ecologicak force. As it continues to ________________ (6), its impact on the environment is also increasing, even as entire workforce from engineers to technicians, and executives behind its formation aspire to balance profitability with sustainability.

Nowhere is this ________________ (7) more visible than in the walls of the infrastructures where the content of the Cloud lives: the factory-libraries where data is stored and computational power is pooled to keep our cloud applications ________________ (8).

Q. Choose the correct alternative for blank 8

Option 1:  Afloat
 

Option 2: Wrangle
 

Option 3: Interdict

Option 4: Obviate

Team Careers360 18th Jan, 2024

Correct Answer:  Afloat
 


Solution : The correct answer is option 1.

explanation:

The only word that will fit the blank and make the sentence coherent is afloat.

Afloat means being free of debt or having difficulty moving through the economy.

Wrangle -A wrangle is a long and complicated disagreement or argument.

Interdict:  an authoritative prohibition.

Obviate:  remove (a need or difficulty).

12 Views

Question :  In the following passage, some blanks are given and against each blank five alternative words are suggested. Choose the correct alternative to complete the passage in a meaningful way.

Meanwhile in technical ________________ (1) the “Cloud” may be called as the combination of computing resources over a network, popularly, “Cloud” has come to mark and encompass the complete range of sructures that make online activity possible, from facebook to netflix to Google Drive. Like a fluffly ________________ (2) moving across a wide and clear blue sky, not forming a particular shape or form, the Cloud of the digital is elusive, its internal working seems complex to the public, an example of what MIT cybernetician Norbert Weiner once called a “black box.” But like the clouds above us, however shapelss or ________________ (3) they may seem to be, are in fact made of matter, the Cloud of the digital is also perpetually material.

To get at the matter of the Cloud we must ________________ (4) the coils of coaxial cables, fiber optic tubes, cellular towers, air conditioners, power distribution units, transformers, water pipes, computer servers, and more.  We must be aware of its  material flow of electricity, water, air, heat, metals, minerals, and all the earth elements that ________________ (5) our digital lives. By this we can say that cloud is not only material but is also an ecologicak force. As it continues to ________________ (6), its impact on the environment is also increasing, even as entire workforce from engineers to technicians, and executives behind its formation aspire to balance profitability with sustainability.

Nowhere is this ________________ (7) more visible than in the walls of the infrastructures where the content of the Cloud lives: the factory-libraries where data is stored and computational power is pooled to keep our cloud applications ________________ (8).

Q. Choose the correct alternative for blank 2.

Option 1: Paradox
 

Option 2: Elusive
 

Option 3: Wreak
 

Option 4: Cumulus

Team Careers360 12th Jan, 2024

Correct Answer: Cumulus


Solution : The correct answer is option 4.

Explanation:

Cumulus is the only word that will fit the blank and make the sentence coherent.

Cumulus: a cloud that forms rounded masses heaped on top of each other above a flat base at a low altitude.

Paradox: a seemingly absurd or contradictory statement or proposition which when investigated may prove to be well founded or true

Wrek:cause (a large amount of damage or harm):

Elusive:difficult to find, catch, or achieve:

 

14 Views

Question : Which type of insulator is used in high-voltage applications?

Option 1: Suspension type

Option 2: Pin type

Option 3: Strain type

Option 4: Post type

Team Careers360 16th Jan, 2024

Correct Answer: Suspension type


Solution : The correct option is the Suspension type

High-voltage gearboxes use suspension-type insulators. Porcelain discs joined together and can transmit larger voltages from suspension-type insulators. Straight-running transmission lines employ pin-type insulators. Bridges over rivers are examples of significant mechanical strains that handle strain-type insulators, which are suspension insulators suspended horizontally. Post-type insulators have a strong defence against punctures.

40 Views

Question :

On 15-2-2017 A Ltd. invited applications for the issue of 1,00,000 9% debentures of Rs.100 each at a discount of 6%, redeemable at par after 3 years. The full amount was payable on application and the debentures were issued on 15-3-2017. At the time of application received Bank account will be debited by 

 

Option 1: Rs 94,00,000

Option 2: Rs 1,00,00,000

Option 3: Rs 90,00,000

Option 4: None of the above

Team Careers360 25th Jan, 2024

Correct Answer: Rs 94,00,000


Solution : Answer = Rs 94,00,000

Bank A/c                                                     Dr    94,00,000 (1,00,000×94(100-6))

To Debenture Application and allotment A/c                          94,00,000
Hence, the correct option is 1.

 

21 Views

Question : XYZ  Ltd. invited applications for issuing 1,00,000 equity shares of  Rs. 10 each at par. The amount was payable as follows:

On Application— Rs. 3 per share;

On Allotment— Rs. 4 per share; and

On First and Final Call— Rs. 3 per share.

The issue was oversubscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:

Category No. of Shares Applied No. of Shares Allotted
I 1,60,000 80,000
II 80,000 20,000

Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were reissued at  Rs. 15 per share fully paid-up.

Question:-  At the time of forfeiture  of shares, share forfeited account will be:

Option 1: Rs. 1,000

Option 2: Rs. 1,120

Option 3: Rs. 1,500

Option 4: Rs. 1,400

Team Careers360 16th Jan, 2024

Correct Answer: Rs. 1,120


Solution : Answer = Rs. 1,120 

   

1. Adjustment of Application Money:

Rs.

Application money received on shares applied (3,00,000 x  Rs. 3)

9,00,000

Less: 20% applications rejected (20% of 3,00,000, i.e., 60,000 x  Rs. 3)—Refunded (A)

1,80,000

 

7,20,000

Less: Application money adjusted on allotted shares (1,00,000 x  Rs. 3)

3,00,000

(Category I and II)

 

Excess Application money (Category I and II)

4,20,000

 

2. Adjustment of Excess Application Money:

Rs.

Category 1: Application money received (1,60,000 x  Rs. 3)

4,80,000

Less: Application money adjusted on allotted shares (80,000 x  Rs. 3) (C)

2,40,000

Excess application money

2,40,000

Less: Excess application money to be adjusted on allotment

2,40,000

Surplus

Nil

 

Category II: Application money received on shares applied (80,000 x  Rs. 3) Less: Application money due on shares allotted (20,000 x  Rs. 3)

 

. 2,40,000 60,000

Excess Application money

Less: Amount to be adjusted on Allotment (20,000 x  Rs. 4) (D)

80,000

1,80,000

Amount to be adjusted on first and final call (20,000 x  Rs. 3) (E)

60,000

1,40,000

Excess Amount to be refunded (B)

 

40,000

 

• Total Application Money Refunded (A + B) =  Rs. 1,80,000 +  Rs. 40,000 =  Rs. 2,20,000.

• Excess Application Money to be adjusted on Allotment (C + D) =  Rs. 2,40,000 +  Rs. 80,000 =  Rs. 3,20,000.

• Excess Application Money to be adjusted on First and Final Call (Calls-in-Advance) =  Rs. 60,000 (E).

3. Shares are reissued at premium, discount on reissue is Nil.Therefore, total amount of  Rs. 1,120 credited to Forfeited Shares Account is capital gain and is transferred to Capital Reserve Account.
Hence, the correct option is 2.

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