Applications
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 3
Option 1: Spangle
Option 2: Clandestine
Option 3: Ethereal
Option 4: Despoil
Correct Answer: Ethereal
Solution : The correct answer is option 3.
Explanation:
The only word that fits the blank and makes the sentence coherent is ethereal.
Ethereal: extremely delicate and light in a way that appears to be out of this world
Spangle: a small thin piece of glittering material, typically sewn as one of many on clothing for decoration; a sequin.
Clandestine: kept secret or done secretively, especially because illicit.
Plunder: to steal or violently remove valuable possessions.
Question : Narain Ltd. invited applications for issuing 7,500, 12% Debentures of Rs.100 each at a premium of Rs.35 per debenture. The full amount was payable on application. Applications were received for 10,000 debentures. Applications for 2,500 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.
Bank account will be credited by _____________.
Option 1: Rs 3,37,500
Option 2: Rs 6,00,000
Option 3: Rs 4,00,000
Option 4: None of the above .
Correct Answer: Rs 3,37,500
Solution : Answer = Rs 3,37,500
Deb Application and allotment A/c Dr. 3,37,500
To Bank A/c (2500 x 135) 3,37,500 Hence, the correct option is 1.
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:- What will be the amount of capital Reserve?
Option 1: Rs. 800
Option 2: Rs. 2,400
Option 3: Rs. 3,000
Option 4: Rs. 2,000
Correct Answer: Rs. 2,400
Solution : Answer = Rs. 2,400
Calculation of Amount transferred to Capital Reserve: Amount forfeited on reissued shares: Jeevan (800 shares) = [Rs. 2,700 - Rs. 800(premium)] = Rs. 1,900 Ganesh (700 shares) = [Rs.12,000 × 700/2,400] = Rs. 3,500 Total forfeited amount on 1,500 shares = Rs. 5,400 Less: Discount on reissue of 1,500 forfeited shares = (Rs.3,000) Amount transferred to Capital Reserve = Rs.2,400 Hence, the correct option is 2.
Question : Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro-rata basis and surplus of application money was adjusted for allotment money due.
Excess money adjusted towards Shares Allotment will be:
Option 1: Rs. 20,000
Option 2: Rs. 80,000
Option 3: Rs. 40,000
Option 4: Rs. 15,000
Correct Answer: Rs. 20,000
Solution : Answer = Rs. 20,000
JOURNAL OF KIRLOSKAR LTD.
Date
Particulars
L.F.
Dr.ro
Cr.( Rs.)
Bank A/c
...Dr.
1,00,000
To Shares Application A/c
(Application money received on 25,000 shares @ Rs. 4 per share)
Shares Application A/c
To Share Capital A/c (20,000 x Rs. 4)
To Shares Allotment A/c (5,000 x Rs. 4)
(Application money transferred to Share Capital Account on 20,000 shares and excess money adjusted towards Shares Allotment)
80,000
20,000
Hence, the correct option is 1.
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 Rs. 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.
Question:- Amount to be refunded:
Option 1: Rs. 25,50,000
Option 2: Rs. 1,49,50,000
Option 3: Rs. 65,00,000
Option 4: None of these
Correct Answer: Rs. 1,49,50,000
Solution : Answer = Rs. 1,49,50,000
In the Books of Jyoti Power Ltd.
JOURNAL
Dr. ( Rs.)
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)
Equity Shares Application and Allotment A/c
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 2.
Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.
Question:- Number of shares allotted to A.
Option 1: 2,500
Option 2: 6,000
Option 3: 3,000
Option 4: 2,000
Correct Answer: 2,500
Solution : Answer = 2,500
Number of shares allotted = Number of shares applied X total shares allotted/total shares applied = 6,000 X 50,000/1,20,000 = 2.500.
Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:
On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.
Applications were received for 1,10,000 shares. It was decided
(i) to refuse allotment to the applicants for 10,000 shares,
(ii) to allot 50% to X who has applied for 20,000 shares,
(iii) to allot in full to Y who has applied for 10,000 shares,
(iv) to allot balance of the available shares on pro-rata basis among the other applicants, and
(v) to utilise excess application money in part payment of allotment and final call.
Question:- Total application money will refund will be:
Option 1: Rs. 60,000
Option 2: Rs. 30,000
Option 3: Rs. 1,50,000
Option 4: Rs. 20,000
Correct Answer: Rs. 30,000
Solution : Answer = Rs. 30,000
STATEMENT SHOWING DETAILS OF SHARES APPLICATION MONEY
Categories
Shares
Application
Disposal of Shares Application Money Received
Applied
Allotted
Money
Share
Calls-in-
Refund
Received
Capital
Allotment
Advance
Rs.
1 (Rejected)
10,000
NIL
30,000
(10,000 x Rs.3)
II X
60,000
(20,000 x Rs. 3)
(10,000 x Rs. 3)
III Y
IV (Prorata)
70,000
2,10,000
90,000
(Bal.Fig.)
(70,000 x Rs. 3)
(30,000 x Rs. 3)
(2,10,000
- 90,000 - 90,000)
Total
1,10,000
50,000
3,30,000
1,50,000
1,20,000
Question : A company offered 40,000 shares of Rs.10 each at par payable as to Rs.4 on application, Rs.5 on allotment and the balance on final call. Applications were received for 50,000 shares and the allotment was made on pro-rata basis. The excess application money was to be adjusted on allotment and call. How much amount will be transferred from Share Application A/c to Share Allotment A/c?
Option 1: Rs.30,000
Option 2: Rs.40,000
Option 3: Rs.20,000
Option 4: Rs.50,000
Correct Answer: Rs.40,000
Solution : Excess application money received = 10,000 X Rs.4 = Rs.40,000. This excess application money will be adjusted through allotment money of Rs.40,000. Hence, the correct option is 2.
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