Answer in one sentence only

1) What is Preference shares?
Ans: Preference Shares is a type of a share which enjoys priority or preference over equity share for the repayment of dividend at a predetermined fixed rate and for the repayment of capital.

 2) What is Registered Capital?
Ans: Registered Capital or Authorised Capital means maximum limit up to which a company is authorised to raise share capital.

 3) What is Reserve Capital?
Ans: Reserve Capital is that part of the subscribed capital which is reserved to be called-up only at the time of winding up or liquidation of the company.

 4) What is over subscription of shares?
Ans: When a company received more applications of shares than those actually offered or issued to the public, known as Over Subscription of Shares.

 5) Which account is debited when share first call money is received?
Ans: Bank accounts will be debited when share first call money is received.

6) When are shares allotted on a pro-rata basis?
Ans: Shares are said to be allotted on a pro-rata basis when the applications are received for more shares than the number of shares issued and shares are allotted in proportion to the number of shares applied for.

 7) What is Forfeiture of Shares?
Ans: When a shareholder fails to pay the call money or premium on the shares in spite of repeated reminders and warnings, the company forfeits the shares of such defaulters known as forfeiture of shares.

 8) What is Calls-in-Arrears?
Ans: Non-payment of allotment or call money by the applicants in spite of repeated reminders are called Calls-in-Arrears.

 9) What do you mean by Shares Issued at Premium?
Ans: When shareholders are supposed to pay a price higher than the face value of the shares, then shares are said to be issued at premium.

 10) What is Paid-up Capital?
Ans: Part of the called-up capital which is actually paid by the shareholders is called Paid-up Share Capital.