What traumatic event does Zitkala-Sa describe at the school?

The forcible cutting of her long hair

Why was the cutting of her hair so humiliating to Zitkala-Sa?

Among her people, shingled hair was worn by cowards and mourners

What are the main features of a company?

Separate legal entity, artificial legal person, perpetual succession, limited liability of members, common seal and transferability of shares.

Distinguish equity and preference shares.

Preference shares carry a preferential right to dividend and to repayment of capital; equity shares carry the residual rights and voting power.

What is securities premium and how can it be used?

It is the excess of issue price over face value, used only for purposes such as issuing bonus shares, writing off preliminary expenses or premium on redemption, as permitted by the Act.

What is oversubscription of shares?

A situation where the number of shares applied for exceeds the number offered, requiring pro-rata allotment or refund of excess application money.

What are calls-in-arrears?

The amount of a call due from a shareholder which remains unpaid on the due date.

What are calls-in-advance?

Money paid by a shareholder in respect of calls not yet made; the company may pay interest on it.

What is forfeiture of shares?

It is the cancellation of a member's shares for non-payment of allotment or call money, the amount already received being retained.

How is profit on reissue of forfeited shares treated?

Any surplus remaining in the Forfeited Shares Account after reissue is transferred to Capital Reserve.

Can shares be issued for consideration other than cash?

Yes, shares may be issued to vendors for assets acquired or to promoters for services, instead of receiving cash.

CBSE · Senior secondary

CBSE Class 12 — Notes, Chapters & Practice Quizzes

Q: Name the categories of share capital.

Authorised, issued, subscribed, called-up and paid-up capital.

Master every Class 12 chapter — the base your board marks and your NEET / JEE / CUET prep both stand on.

13 subjects 166 chapters 171 practice quizzes NCERT syllabus

56 quiz attempts so far Dual AI-verified questions 10 quizzes free, then 10 credits

Notice Board

Students preparing for CBSE Class 12 Board Examination

View all

Formula of the day

Physics · EM Induction · 13 formulae in the cheatsheet

Trap of the day

Lens/mirror sign convention: distances against the incident light are negative. Drop a sign and real becomes virtual.

Chapter 1: Accounting for Share Capital — Class 12 Accountancy

Accountancy · 10 chapters

Summary, key terms, important questions and a practice quiz with AI diagnosis for each.

Chapter 1: Accounting for Share Capital

Try one from this chapter

A company is best described as:

Summary

A company is an artificial person created by law, having a separate legal entity distinct from its members and a common seal, governed by the Companies Act 2013. Its capital is contributed by a large number of shareholders, who elect a Board of Directors to manage the company. A company raises capital mainly by issuing shares (share capital) and debentures (debt capital). Share capital is classified into authorised, issued, subscribed, called-up and paid-up capital, and companies issue mainly equity shares and preference shares. Shares may be issued for cash or for consideration other than cash, and at par or at a premium; the securities premium can be used only for purposes specified in the Act. The chapter explains the accounting for the receipt of application, allotment and call money, including the situations of oversubscription (where applications exceed shares offered) and undersubscription. It also covers calls-in-arrears, where a shareholder fails to pay a call, and calls-in-advance, where money is paid before a call is made. When shares are not paid for, the company may forfeit them, cancelling the membership and seizing the amount already paid; forfeited shares can later be reissued, often at a discount, with any surplus on the forfeited-shares account transferred to capital reserve.

Nature of a company and kinds of share capitalTypes of shares and issue at par or premiumAccounting for application, allotment and callsOversubscription, calls-in-arrears and calls-in-advanceForfeiture and reissue of shares

Key terms

Company

An artificial person created by law, having a separate legal entity, perpetual succession and a common seal, registered under the Companies Act 2013.

A unit into which the share capital of a company is divided, representing part-ownership in the company.

Securities Premium

The amount received on a share over and above its face value, usable only for purposes specified in the Companies Act.

Calls-in-Arrears

The portion of called-up amount that a shareholder has failed to pay on the due date.

Forfeiture of Shares

The cancellation of shares and seizure of amounts already paid when a shareholder fails to pay the allotment or call money.

Reissue of Forfeited Shares

The re-allotment of previously forfeited shares, usually at a discount, with any surplus transferred to capital reserve.

Important questions

Explore interactively

Key-term flashcards

Flip cards · mark known · keyboard ← → and Space

6 cards

Term1 / 6

Company

Tap to reveal

Meaning1 / 6

An artificial person created by law, having a separate legal entity, perpetual succession and a common seal, registered under the Companies Act 2013.

Tap to flip back

Tap card to flip

Keyboard: ← → to move · Space to flip