Accounting for Share Capital
Class 12 Accountancy · Accountancy Part II · Chapter 1
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Accountancy, Business Studies, Economics + English
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Accountancy
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Physics, Chemistry, Biology + English
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Accountancy
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Accountancy
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Accountancy
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Physics
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History
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Hindi Elective
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Mathematics
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Sociology
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Economics
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Home Science
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Urdu Elective
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Geography
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English Core
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Political Science
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Chemistry
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Business Studies
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Hindi Core
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Mathematics
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हिंदी (आधार)
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اردو (اختیاری)
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Mathematics
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हिंदी (आधार)
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संस्कृतम् (केन्द्रिकम्)
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Physics
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- Charts from the book's own data
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हिंदी (ऐच्छिक)
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- Charts from the book's own data
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संस्कृत (ऐच्छिक)
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Physics
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- Charts from the book's own data
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हिंदी (ऐच्छिक)
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- Charts from the book's own data
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اردو (کور)
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Chemistry
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Urdu Elective
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Computer Science
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Chemistry
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Fine Art · Painting
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हिंदुस्तानी संगीत (गायन / वादन)
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Biology
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Informatics Practices
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Biotechnology
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सृजनात्मक लेखन और अनुवाद
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Business Studies
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हिंदुस्तानी संगीत (तबला / पखावज)
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- Charts from the book's own data
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Business Studies
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- Charts from the book's own data
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Economics
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Economics
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- Charts from the book's own data
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History
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- Charts from the book's own data
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History
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Start now for December pre-boards. Reuse it for boards.- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
History
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Start now for December pre-boards. Reuse it for boards.- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
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Start now for December pre-boards. Reuse it for boards.- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
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Start now for December pre-boards. Reuse it for boards.- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
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English Elective · Kaleidoscope
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Political Science
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Political Science
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Sociology
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Sociology
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Psychology
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English Core · Flamingo
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English Core · Vistas
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Home Science
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Home Science
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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.
Share
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.
Extra questions & answers
Try one from this chapter
A company is best described as: