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Forfeiture and Reissue of Shares MCQs for Competitive Exams

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Forfeiture and Reissue of Shares MCQs for Competitive Exams

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Topic Notes: Forfeiture and Reissue of Shares

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Quick Overview

Forfeiture and Reissue of Shares MCQs in Commerce are useful for candidates who need targeted practice for CSS, PMS, FPSC, PPSC, NTS, entry tests, and other competitive exams in Pakistan. This topic page is designed for quick revision, repeated practice, and exam-focused preparation.

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51
A company forfeited 100 shares of Rs. 10 each (fully called up) with Rs. 4 paid up. If 50 shares are reissued at Rs. 8 each, what amount is transferred to the Capital Reserve?
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52
A Ltd. forfeited 500 shares of Rs. 10 each for non-payment of calls totaling Rs. 4. If 300 shares are reissued at Rs. 9 fully paid, what is the Capital Reserve transfer?
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53
If 50 shares of Rs. 100 each, with Rs. 80 per share called up and paid, are forfeited due to non-payment of a final call, what amount is credited to the share forfeiture account?
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54
How is the Share Capital account treated when shares are forfeited by a company?
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55
When equity shares are forfeited, which amount is debited to the Share Capital account?
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56
Mr. Smith applied for 200 shares at Rs. 10 each, but was allotted 160 shares. He paid Rs. 2 on application but defaulted on the allotment (Rs. 2) and first call (Rs. 3). What is the total amount in arrears on his allotted shares?
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57
Prior to the forfeiture of shares, what is the minimum notice period that directors must provide to the shareholder to settle the outstanding amount and accrued interest?
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58
A company forfeits 40 shares of Rs. 10 each, with Rs. 4 paid. If these are reissued as Rs. 8 paid-up, what is the minimum price the company must charge?
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59
What is the primary consequence of share forfeiture due to the non-payment of allotment or call money?
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60
Where is the remaining balance of the Share Forfeiture Account transferred after the reissue of forfeited shares?
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