Accounting for Share Capital
Madhya Pradesh Board · Class 12 · Accountancy
Flashcards for Accounting for Share Capital — Madhya Pradesh Board Class 12 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is a company according to Chief Justice Marshal's definition?
Answer
A company is a person, artificial, invisible, intangible and existing only in the eyes of law. Being a mere creation of law, it possesses only those properties which the charter of its creation confer…
List the key features that distinguish a company from other forms of organization.
Answer
1. Body Corporate - formed under law 2. Separate Legal Entity - distinct from members 3. Limited Liability - members liable only to extent of unpaid shares 4. Perpetual Succession - continues despite …
What are the three types of companies based on liability of members?
Answer
1. Companies Limited by Shares - liability limited to nominal value of shares held 2. Companies Limited by Guarantee - liability limited to guarantee amount in winding up 3. Unlimited Companies - no l…
Define Authorised Capital and explain its significance.
Answer
Authorised Capital is the amount of share capital which a company is authorised to issue by its Memorandum of Association. Also called Nominal or Registered capital. The company cannot raise more than…
Distinguish between Issued Capital, Subscribed Capital, and Called-up Capital.
Answer
Issued Capital: Part of authorised capital actually offered to public for subscription Subscribed Capital: Part of issued capital actually subscribed by the public Called-up Capital: Part of subscribe…
What is the relationship between Paid-up Capital and Calls in Arrears?
Answer
Paid-up Capital = Called-up Capital - Calls in Arrears Paid-up Capital is the portion of called-up capital actually received from shareholders. Calls in Arrears represents the amount not yet received…
Define preference shares according to Companies Act 2013.
Answer
Preference shares fulfill two conditions: 1. Carry preferential right to dividend (fixed amount or fixed rate) before any dividend to equity shareholders 2. Carry preferential right to capital repayme…
What are equity shares and how do they differ from preference shares?
Answer
Equity shares are shares which are not preference shares. They: - Do not enjoy preferential rights in dividend payment or capital repayment - Are entitled to remaining profits after preference dividen…
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