Practice Test

_____ may be said to be the compulsory termination of membership by way of penalty for non-payment of allotment and/or any call money.

Partly paid up shares can not be made fully paid up by bonus from:

The balance sheet of A Ltd. has 20,000 9% preference shares of Rs. 10 each. The company redeemed preference shares at a premium of Rs. 2 per share. For redemption it realized investments at a value of Rs. 1,60,000 (Book value Rs. 2,00,000). At the time of redemption balance in profit & loss account was Rs. 1,60,000.
Issued at a premium of Rs. 40 per share, such a number of equity shares of Rs. 100 each for the purpose of redemption as to ensure that after the compliance with the requirements of the Companies Act, 2013, the credit balance in profit and loss account would be Rs. 25,000. No. of equity shares to be issued are ….. & balance transferred to capital redemption account …..