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:

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

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:- Amount received at the time of First and Final call is _______.

Option 1: Rs. 2,37,500

Option 2: Rs. 2,50,000

Option 3: Rs. 2,22,000

Option 4: Rs. 2,38,000

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 

Question : Raghav Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application,  Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:

Rs. 84,000 were received as allotment money (excluding the amount carried from application money).

Question:-  Amount refunded will be:

Option 1: Rs. 36,000

Option 2: Rs. 96,000

Option 3: Rs. 60,000

Option 4: Rs. 30,000

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 6

Option 1: Expand
 

Option 2: Obsequiously

Option 3: Parochial

Option 4: Lancing: moving suddenly and quickly.

Question : Raghav Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application,  Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:

Rs. 84,000 were received as allotment money (excluding the amount carried from application money).

Question:-  Amount refunded will be:

Option 1: Rs. 36,000

Option 2: Rs. 96,000

Option 3: Rs. 60,000

Option 4: Rs. 30,000

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

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

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:- The amount adjusted against allotment will be:

Option 1:

Rs. 1,50,000

Option 2: Rs. 1,20,000

Option 3: Rs. 1,80,000

Option 4: Rs. 1,00,000