Practice Test

Q1) The following list of accounts with their balances was taken from the general ledger of D ltd .as on March 31,2006:Discount on issue of debentures Rs.8,500 ; Cash Rs.73,500 ; Equity Share Capital Rs.100 each Rs.6,80,000 ; General Reserve Rs.2,31,500 ; Securities premium Rs.3,95,000 ;Dividends Payable Rs.22,000 ; Profit & loss appropriation account Rs.80,000 ; 10% debenture Rs.100 each Rs.1,00,000 . The Shareholders equity as on March 31,2006 is : Show Answer

Q2) Which of the following is false Show Answer

Q3) When shares are issued to promoters for the service offered by them ,the account that will be debited with the nominal value of shares is Show Answer

Q4) B ltd was registered with a share capital of Rs.1,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.8,50,000 shares .Till.31st march ,2006,only first call had been made .All the shareholders had paid up except Mr. holder of 25,000 shares ,who did not pay the call money. How much is B's ltd authorized share capital Show Answer

Q5) B ltd was registered with a share capital of Rs.1,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.8,50,000 shares .Till.31st march ,2006,only first call had been made .All the shareholders had paid up except Mr. holder of 25,000 shares ,who did not pay the call money. How much is B's ltd issued share capital Show Answer

Q6) B ltd was registered with a share capital of Rs.1,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.8,50,000 shares .Till.31st march ,2006,only first call had been made .All the shareholders had paid up except Mr. holder of 25,000 shares ,who did not pay the call money. How much is B's ltd subscribed share capital Show Answer

Q7) B ltd was registered with a share capital of Rs.1,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.8,50,000 shares .Till.31st march ,2006,only first call had been made .All the shareholders had paid up except Mr. holder of 25,000 shares ,who did not pay the call money. How much is B's ltd called up share capital Show Answer

Q8) B ltd was registered with a share capital of Rs.1,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.8,50,000 shares .Till.31st march ,2006,only first call had been made .All the shareholders had paid up except Mr. holder of 25,000 shares ,who did not pay the call money. How much is B's ltd paid up share capital Show Answer

Q9) D Ltd issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .amount received on application Show Answer

Q10) D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Application money received against allotment Show Answer

Q11) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Amount refunded to Applicants Show Answer

Q12) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued Total amount paid by E Show Answer

Q13) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued Total amount paid by F Show Answer

Q14) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued Total amount paid by G Show Answer

Q15) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued . Amount transferred to share forfeiture account at the time of forfeiting E's share Show Answer

Q16) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued . Amount transferred to share forfeiture account at the time of forfeiting F's share Show Answer

Q17) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Net balance in share capital account Show Answer

Q18) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Net balance in securities premium account Show Answer

Q19) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Net balance in share forfeiture account Show Answer

Q20) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Net balance in capital reserve account Show Answer

Q21) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued .Net balance in bank account Show Answer

Q22) D issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20 , on allotment Rs.50(including premium) , on first call Rs.30 , On second & final call Rs.20 . Application were received for Rs.3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares .Money excess received on application were employed on account of sum due on allotment as part of share capital.E ,to whom 4,000 shares were allotted ,failed to pay the allotment money & on his subsequent failure to pay the first call,his shares were forfeited & F ,the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call.Of the forfeited shares ,8,000 shares were reissued to G at a discount of 10% ,the whole of E's forfeited shares being reissued Balance Sheet total Show Answer

Q23) When share are forfeited , the shares capital account is debited with ___& the share forfeited account is credited with____ Show Answer

Q24) B ltd issued 80,000 equity shares of Rs.10.each,payable as under : On application Rs.3, on allotment Rs.4, on first call Rs 2 , On final call Rs.1. :The application received for Rs.1,20,000 shares were dealt with as under : Application of 40,000 shares were allotted in full ; 60,000 shares pro-rata . Application of 20,000 shares were rejected . Amount received on application is Show Answer

Q25) B ltd issued 80,000 equity shares of Rs.10.each,payable as under : On application Rs.3, on allotment Rs.4, on first call Rs 2 , On final call Rs.1. :The application received for Rs.1,20,000 shares were dealt with as under : Application of 40,000 shares were allotted in full ; 60,000 shares pro-rata . Application of 20,000 shares were rejected . total excess money received as compared to the number of shares allotted = ? Show Answer

Q26) B ltd issued 80,000 equity shares of Rs.10.each,payable as under : On application Rs.3, on allotment Rs.4, on first call Rs 2 , On final call Rs.1. :The application received for Rs.1,20,000 shares were dealt with as under : Application of 40,000 shares were allotted in full ; 60,000 shares pro-rata . Application of 20,000 shares were rejected .Amount to be refunded = ? Show Answer

Q27) B ltd issued 80,000 equity shares of Rs.10.each,payable as under : On application Rs.3, on allotment Rs.4, on first call Rs 2 , On final call Rs.1. :The application received for Rs.1,20,000 shares were dealt with as under : Application of 40,000 shares were allotted in full ; 60,000 shares pro-rata . Application of 20,000 shares were rejected .Amount of excess application money available for adjustment against allotment money =? Show Answer

Q28) B ltd issued 80,000 equity shares of Rs.10.each,payable as under : On application Rs.3, on allotment Rs.4, on first call Rs 2 , On final call Rs.1. :The application received for Rs.1,20,000 shares were dealt with as under : Application of 40,000 shares were allotted in full ; 60,000 shares pro-rata . Application of 20,000 shares were rejected .Amount of excess application money available for adjustment against call money =? Show Answer

Q29) Which type of the following shares have the right to receive dividends unpaid in prior years, whenever earnings become adequate? Show Answer

Q30) Which of the following is false ? Show Answer

Q31) T ltd proposed to issue 6,000 equity shares of Rs.100 each at a premium of 40 % .the minimum amount of application money to be collected per share Show Answer

Q32) Dividend are usually paid as a percentage of ___ Show Answer

Q33) E ltd allotted 10,000 shares to the applicant of 14,000 shares on pro-rata basis .The amount payable on the application is Rs.2. . F applied for 420 shares .the no.of shares allotted & the amount c/f for adjustment against allotment money due from F=? Show Answer

Q34) A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr. J for non payment of allotment money of Rs.4 per share. the called up value per share was Rs.9 .On forfeiture ,the amount debited to share capital =? Show Answer

Q35) The share premium account should be shown under Show Answer

Q36) O ltd .issued 10,000 equity shares of Rs.10 each at a premium of 20 % payable Rs.4 on application (including premium), on allotment Rs.5, on balance in 2 equal calls .The company received application for 15,000 shares & pro rata allotment was made to applicants. E ,to whom 3,000 shares were allotted ,failed to pay the allotment money & all his shares were forfeited after the call was made. The forfeited shares were reissued to Q at par .Assuming that no other bank transaction took place ,the bank balance of the company after effecting the above transaction =? Show Answer

Q37) On the issue of ,the application money should not be less than Show Answer

Q38) G ltd .acquired assets worth Rs.7,50,000 from H ltd.by issue of shares of Rs.100 at a premium of 25 % .The no.of shares to be issued by G ltd to settle the purchase consideration =? Show Answer

Q39) B ltd a listed company, proposed to issue 1,00,000 equity shares of Rs.10 each at par by way of private placement .The maximum amount of brokerage that can be paid by company=? Show Answer

Q40) Z ltd .issued 5,000 equity shares of Rs.20 each at a premium of 20 % payable Rs.8 on application (including premium), on allotment Rs.10, on balance in 2 equal calls .The company received application for 7,500 shares & pro rata allotment was made to applicants. E ,to whom 1,500 shares were allotted ,failed to pay the allotment money & all his shares were forfeited after the call was made. The forfeited shares were reissued to Q at par .Assuming that no other bank transaction took place ,the bank balance of the company after effecting the above transaction =? Show Answer

Q41) Unclaimed dividend should be classified in the balance sheet as a Show Answer

Q42) The interest on calls-in-advance is paid for the period from the Show Answer

Q43) As per schedule III of the Companies Act, 2013, under which of the following heads is 'premium on issue of preference shares' shown in the balance sheet of a company ? Show Answer

Q44) The excess price received over the par value of shares, should be credited to Show Answer

Q45) Consider the following data pertaining to M/s. W Ltd. as on march 31,2006 . Share capital :- Issued ,subscribed called -up (20,000 shares of Rs.100 each) Rs.20,00,000. Calls in arrears Rs.10,000 ,Profit & loss account (Cr) as on April 01,2005 Rs.67,000 , profit for the year Rs.1,90,610 . The company wants to create a Debenture Redemption Reserve & to transfer Rs.50,000 every year out of the profits to redeem the debentures. The company declared 10% dividend .'The amount of Dividend declared =? Show Answer

Q46) Consider the following data pertaining to M/s. W Ltd. as on march 31,2006 . Share capital :- Issued ,subscribed called -up (20,000 shares of Rs.100 each) Rs.20,00,000. Calls in arrears Rs.10,000 ,Profit & loss account (Cr) as on April 01,2005 Rs.67,000 , profit for the year Rs.1,90,610 . The company wants to create a Debenture Redemption Reserve & to transfer Rs.50,000 every year out of the profits to redeem the debentures. The company declared 10% dividend .The balance of profit & loss appropriation account transferred to B/S after effecting the transaction =? Show Answer

Q47) The following information retains to X ltd .i.Equity share capital called up Rs.5,00,000 ,ii Calls -in -arrears Rs.40,000 , iii Calls in advance Rs.25,000, iv Proposed divided 15% .The amount of dividend payable =? Show Answer

Q48) Z ltd .issued 10,000 equity shares of Rs.10 each .the called up value per share was Rs.8.The company forfeited 200 shares of Mr.A for non payment of 1st call money of Rs.2 per share.He paid Rs.6 for application & allotment money .On forfeiture ,the share capital account will be Show Answer

Q49) B ltd invites application for 5,000 equity shares of Rs.10. at a premium of Rs.2 per share as follows: On application Rs.5( including premium), on allotment Rs.4, , on final call Rs.3.Allotment was made on pro rata basis to applicants of 6,000 shares . L ,to whom ,60 shares were allotted ,failed to pay the allotment money & call money .D the holder of 100 shares ,failed to pay the call money.All these shares were forfeited after proper notice.On forfeiture ,the amount credited to share allotment account =? Show Answer

Q50) B ltd invites application for 5,000 equity shares of Rs.10. at a premium of Rs.2 per share as follows: On application Rs.5( including premium), on allotment Rs.4, , on final call Rs.3.Allotment was made on pro rata basis to applicants of 6,000 shares . L ,to whom ,60 shares were allotted ,failed to pay the allotment money & call money .D the holder of 100 shares ,failed to pay the call money.All these shares were forfeited after proper notice.On forfeiture ,the amount credited to share forfeiture account =? Show Answer

Q51) Which of the following is false ? Show Answer

Q52) A company invited application for Rs.25,000 equity shares of Rs.10 each & received 30,000 applications along with the application money of Rs.4.per share .Which of the following alternative can be followed ? I. Refund the excess application , II. Make pro rata allotment to all the applicant ,and refund the excess application money.III.Not to allot any shares to some applicants ,full allotment to some of the applicant & pro rata allotment to the rest of the applicant , IV . Not to allot any shares to some applicants , & make pro rata allotment to other applicant.V.Make pro rata allotment to all the applicant & adjust the excess application money received towards call money Show Answer

Q53) The document inviting offers from public to subscribe for the debentures or shares or deposit of a body corporate is a Show Answer

Q54) As per schedule III of the Companies Act, 2013, forfeited shares account will be Show Answer

Q55) The authorized capital of M ltd.consists of both cumulative preference shares & equity shares. Each 5% cumulative preference shares has a par value Rs.100.Each equity share has a par value Rs.10.During the year April 01,2005 to March 31,2005, the cumulative preference share capital balance was Rs.2,00,000 & equity share capital balance was Rs.5,00,000.If dividend declaration totaled Rs.8,000 & Rs.15,000 in the year 2004-05 & 2005-06 respectively ,the dividend allocated to the equity share holders in the year Rs.2005-06 =? Show Answer

Q56) Which of the following is true ? Show Answer

Q57) F ltd .issued 10,000 equity shares of Rs.10 each at a premium of 20 % payable Rs.4 on application (including premium), on allotment Rs.5, on balance in 2 equal calls .The company received application for 15,000 shares & pro rata allotment was made to applicants. E ,to whom 3,000 shares were allotted ,failed to pay the allotment money & all his shares were forfeited after the call was made. The forfeited shares were reissued to Q at par .Assuming that no other bank transaction took place ,the bank balance of the company after effecting the above transaction =? Show Answer

Q58) At the time of forfeiture of the shares which were originally issued at a discount ,the accounting entry involves I .A debit to share capital account with the called -up value of the share forfeited II. A credit to share forfeited account with the amount received on forfeited shares III.A credit to discount on issue of shares with the amount of discount allowed on forfeited shares IV.A credit to call-in -arrears with the amount due but not paid on forfeiture shares Show Answer

Q59) Capital reserve are created out of Show Answer

Q60) As per The companies Act,only preference shares ,which are redeemable within __can be issued Show Answer

Q61) Which of the following is false ? Show Answer

Q62) The subscribed shares capital of S ltd is .Rs.80,00,000 of Rs.100 each .There were no calls in arrears till the final call was made .The final call made was paid on 77,500 shares .The calls in arrears amounted to Rs.62,500.the final call on shares =? Show Answer

Q63) Dividend are usually paid on Show Answer

Q64) The maximum amount beyond which a company's not allowed to raise funds ,by issue of shares is its' Show Answer

Q65) Which of the following should be deducted from the share capital to find out paid -up capital Show Answer

Q66) If a shareholder does not pay his dues on allotment ,for the amount due ,there will be a Show Answer

Q67) The discount allowed on re-issue of forfeited shares is debited to Show Answer

Q68) Maximum amount that can be collected as premium as a % of the face value Show Answer

Q69) Consider the following data pertaining to the issue of shares of a company .The company issued shares of Rs.10 each at a premium of Rs.2 payable as ; On application Rs.3, on allotment Rs.4(including premium), on first call Rs 3 , On second call Rs.2. D the holder of 100 shares ,failed to pay the first call money.The company has forfeited the 100 shares after the first call.On forfeiture ,the amount debited to share capital account Show Answer

Q70) D ltd issued 10,000 equity shares of Rs.10. at a premium of Rs.20% .The share amount was payable as follows: On application Rs.2, on allotment Rs.5,( including premium) , on first call Rs.3 on second & final call Rs.2.Application were received for Rs.14,000 shares & Allotment was made on pro rata basis to applicants .L ,to whom ,300 shares were allotted ,failed to pay the first call money .All his shares were forfeited after proper notice.Out of the forfeiture shares 200 shares were reissued @ Rs.9 per share.The amount transferred to capital reserve =? & the balance in share forfeiture account respectively, are Show Answer

Q71) D ltd issued 10,000 equity shares of Rs.10. at a premium of Rs.20% .The share amount was payable as follows: On application Rs.2, on allotment Rs.5,( including premium) , on first call Rs.3 on second & final call Rs.2.Application were received for Rs.14,000 shares & Allotment was made on pro rata basis to applicants .L ,to whom ,300 shares were allotted ,failed to pay the first call money .All his shares were forfeited after proper notice.Out of the forfeiture shares 200 shares were reissued @ Rs.9 per share. The balance in share forfeiture account respectively, are Show Answer

Q72) The following statement apply to equity /preference shareholders .Which one of them applies only to preference shareholders Show Answer

Q73) The Securities Premium amount may be utilized by a company for Show Answer

Q74) MATCH THE PAIRS :- The amount of capital ,to describe the shares offered to public for subscription is Show Answer

Q75) The primary means of communicating important accounting information to the user is Show Answer

Q76) The equity shareholders are entitled to Show Answer

Q77) The value that is placed on the share at the time of its original issue ,is called Show Answer

Q78) A company is an association registered under Show Answer

Q79) A company is a person created by Show Answer

Q80) A company has a separate legal entity from Show Answer

Q81) A company has perpetual succession which means Show Answer

Q82) common seal means the official signature of Show Answer

Q83) a member can not be held liable for the acts of the company even if he holds virtually the entire share capital .this is related to Show Answer

Q84) an authorised capital refers to Show Answer

Q85) under the capital clause of the memorandum of association of the companies ,it is must to state Show Answer

Q86) issued capital refers to Show Answer

Q87) issued capital includes Show Answer

Q88) subscribed capital refers to Show Answer

Q89) uncalled capital refers to Show Answer

Q90) reserve capital refers to Show Answer

Q91) X ltd .was formed with a capital of Rs.1,00,000 divided into shares of Rs.10 each .out of these 2,000 shares were issued to the vendor as fully paid as purchased consideration.6,500 shares was offered to the public & of these 6,000 shares were applied , for and allotted the directors called Rs.6 per share & received the entire amount except a call of Rs.2 per share on 50 shares .the amount of issued capital is Show Answer

Q92) X ltd .was formed with a capital of Rs.10,00,000 divided into shares of Rs.10 each .it offered 90% shares called up 40% on application & 20% on allotment .The subscribers paid Rs.3,40,000 on application & Rs.1,69,000 on allotment .the subscribed capital is Show Answer

Q93) which capital is to be stated in the memorandum of association Show Answer

Q94) which is not to be disclosed in the balance sheet of a company Show Answer

Q95) which is not correct about the shares of a company Show Answer

Q96) equity shares can be used Show Answer

Q97) A preference shares is one which carries Show Answer

Q98) cumulative preference shares is one on which Show Answer

Q99) participating preference shares is one which carries Show Answer

Q100) convertible preference shares is one which carries Show Answer

Q101) unless otherwise stated ,the preference share are deemed to be Show Answer

Q102) prospectus of a company is Show Answer

Q103) an application of shares is Show Answer

Q104) As per section of the companies Act, 2013, the amount payable on application on each share must be Show Answer

Q105) as per SEBI Guidelines ,the amount payable on application on each share must be at least Show Answer

Q106) As per table F, the amount of call on a share must not exceed Show Answer

Q107) the issue price of a share can be demanded Show Answer

Q108) securities premium can be demanded Show Answer

Q109) the balance of securities premium on account can be utilized Show Answer

Q110) a company can issue shares at premium Show Answer

Q111) if article are silent regarding interest on calls-in-arrears ,the minimum rate of interest which can be charged on calls -in -arrears is Show Answer

Q112) if article are silent regarding interest on calls-in-advance ,the minimum rate of interest which can be charged on calls -in -advance is Show Answer

Q113) X who applied for 100 shares were allotted 80 shares .the amount of demanded was Rs.2 on application ,Rs.2 on allotment , Rs.2 as first call & Rs.3 on second call .He did not pay anything after application .the amount of calls-in- arrears is Show Answer

Q114) if some shares are issued to a vendor who supplied a fixed asset,these shares are Show Answer

Q115) if some shares are forfeited ,share capital account is debited with Show Answer

Q116) if some shares are forfeited , forfeited share account is Show Answer

Q117) the securities premium account should be shown under the head Show Answer

Q118) on issue of share ,the application money must not be less than Show Answer

Q119) Which of the following is not true ? Show Answer

Q120) Which of the following is true ? Show Answer

Q121) Which of the following statement is true regarding calls in arrears Show Answer

Q122) Which of the following does not appear under the head 'share capital ' of a balance sheet ? Show Answer

Q123) which of the following statement is true with regards to issue of shares by a joint stock company Show Answer

Q124) Cas ltd. was registered with a share capital of Rs.2,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.17,00,000 shares .Till.31st march ,2007,only first call had been made .All the shareholders had paid up except Mr.C holder of 50,000 shares ,who did not pay the call money. How much is authorized share capital Show Answer

Q125) Cas ltd. was registered with a share capital of Rs.2,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.17,00,000 shares .Till.31st march ,2007,only first call had been made .All the shareholders had paid up except Mr. holder of 50,000 shares ,who did not pay the call money. How much is issued capital Show Answer

Q126) Cas ltd. was registered with a share capital of Rs.2,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.17,00,000 shares .Till.31st march ,2007,only first call had been made .All the shareholders had paid up except Mr. holder of 50,000 shares ,who did not pay the call money. How much is subscribed share capital Show Answer

Q127) Cas ltd. was registered with a share capital of Rs.2,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.17,00,000 shares .Till.31st march ,2007,only first call had been made .All the shareholders had paid up except Mr. holder of 50,000 shares ,who did not pay the call money. How much is called up share capital Show Answer

Q128) Cas ltd. was registered with a share capital of Rs.2,00,00,000 divided into equity shares of Rs.10 each .It issued 9,00,000 equity shares to the general public at par payable as to Rs.3 on application,Rs.3 on allotment & balance in 2 equal calls. The public had subscribed for Rs.17,00,000 shares .Till.31st march ,2007,only first call had been made .All the shareholders had paid up except Mr. holder of 50,000 shares ,who did not pay the call money. How much is paid up share capital Show Answer

Q129) X ltd proposed to issue 5,000 equity shares of Rs.100 each at a premium of 20% .the minimum amount of application money to be collected per share Show Answer

Q130) X ltd , a listed company ,proposed to issue 2,00,000 equity shares of Rs.10 each at par by way of private placement . The maximum amount of brokerage that can be paid by the company Show Answer

Q131) X ltd allotted 20,000 shares to the applicant of 28,000 shares on pro-rata basis .The amount payable on the application is Rs.2. . F applied for 840 shares .the no.of shares allotted & the amount c/f for adjustment against allotment money due from F=? Show Answer

Q132) The subscribed shares capital of S ltd is .Rs.1,60,00,000 of Rs.100 each .There were no calls in arrears till the final call was made .The final call made was paid on 1,55,000 shares .The calls in arrears amounted to Rs.1,25,000. the final call on shares =? Show Answer

Q133) Cas ltd issued 40,000 shares of Rs.10 each at a premium of Rs.20 % on may 01,2006 payable as follows :On application Rs.4.5(including premium) , on allotment Rs.2.50, , On first & final call Rs.5 .E ,to whom 2,000 shares were allotted ,had paid Rs.10,000 on 1.06.2006 .At the time of remitting the allotment money ,she indicated that the excess money should be adjusted towards the call money .the director of the company made the first & final call on oct.31,2006 .the company has a policy of paying interest on calls -in advance,the amount of interest paid to Mr.. x on calls -in-advance =? Show Answer

Q134) the following information retains to X ltd .i.Equity share capital called up Rs.10,00,000 ,ii Calls -in -arrears Rs.80,000 , iii Calls in advance Rs.50,000 , iv Proposed divided 15% .The amount of dividend payable =? Show Answer

Q135) The authorized capital of M ltd.consists of both cumulative preference shares & equity shares. Each 5% cumulative preference shares has a par value Rs.100.Each equity share has a par value Rs.10.During the year April 01,2006 to March 31,2007, the cumulative preference share capital balance was Rs.4,00,000 & equity share capital balance was Rs.10,00,000.If dividend declaration totaled Rs.16,000 & Rs.30,000 in the year 2005-06 & 2006-07 respectively ,the dividend allocated to the equity share holders in the year Rs.2006-07 =? Show Answer

Q136) M ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 paid up for Rs.70 per share .on forfeiture the share capital will be Show Answer

Q137) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued as Rs.80 paid up for Rs.70 per share .on re-issue the share capital will be Show Answer

Q138) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued as Rs.80 paid up for Rs.70 per share .on re-issue ,the forfeited share capital will be Show Answer

Q139) A ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 paid up for Rs.90 per share .on profit on re-issue ,will be Show Answer

Q140) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 called up for Rs.80 per share .on profit on re-issue ,will be Show Answer

Q141) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 paid up for Rs.70 per share .on profit on re-issue ,will be Show Answer

Q142) G ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 paid up for Rs.50 per share .on profit on re-issue ,will be Show Answer

Q143) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued at Rs.70 per share as fully paid-up profit on re-issue ,will be Show Answer

Q144) H ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued as Rs.80 paid up for Rs.90 per share .on profit on re-issue ,will be Show Answer

Q145) H ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & 20 of these shares were reissued as Rs.80 called up for Rs.80 per share .on profit on re-issue ,will be Show Answer

Q146) B ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued as Rs.80 paid up for Rs.70 per share on profit on re-issue ,will be Show Answer

Q147) W ltd forfeited 50 shares of Rs.100 each issued at a premium of 10% on which the allotment money of Rs.30 per share (including premium) & first call of Rs.30 per share were not received & final call of Rs.20 per share was not yet called & if 20 of these shares were reissued as Rs.80 paid up for per share on profit on re-issue, will be Show Answer

Q148) R ltd forfeited 60 shares of Rs.10 each issued at a premium of 20% to M who had applied for 72 shares ,for nonpayment of the allotment money of Rs.5 per share(including premium) & first & final call of Rs.5 per share .out of these 20 shares were reissued to Mr.H credited as fully paid for Rs.9 per share .the profit on re-issue ,will be Show Answer

Q149) Q ltd forfeited 40 shares of Rs.10 each issued at a premium of 20% to M who had applied for 48 shares ,Mr. M paid Rs.2 per share on application & did not pay the allotment money of Rs.5 per share(including premium) & first call of Rs.3 per share .out of these 20 shares were reissued to Mr.H credited as fully paid for Rs.9 per share .the profit on re-issue ,will be Show Answer

Q150) E ltd forfeited 300 shares of Rs.10 each fully called up ,held by ram non payment of the allotment money of Rs.3 per share(including premium) & final call of Rs.4 per share .out of these 250 shares were reissued to Mr.U for the total payment of Rs.2,000. the profit on re-issue ,will be Show Answer

Q151) E ltd forfeited 200 shares of Rs.10 each (Rs.8 called up ) on which the holder had paid application & allotment money of Rs.5 per share .out of these 50 shares were reissued to Mr.U as fully paid for Rs.8 per share.the profit on re-issue is Show Answer