Practice Test

Q1) The item 'Interest Accrued on Investments 'appears in the balance sheet of a company under the category of _____ Show Answer

Q2) Which one of the following combinations of accounting assumptions are fundamental according to Accounting Standard 1 : Show Answer

Q3) Accounting Standard 1 is Show Answer

Q4) Accounting policies Show Answer

Q5) Purpose of Accounting Standard 1is to establish a standard as to Show Answer

Q6) Vide Accounting Standard 1 fundamental accounting assumptions Show Answer

Q7) Following is an example of an accounting policy Show Answer

Q8) Following is an example of an accounting policy Show Answer

Q9) Following is an example of an accounting policy Show Answer

Q10) Following is an example of an accounting policy Show Answer

Q11) Following is an example of an accounting policy Show Answer

Q12) Following is an example of an accounting policy Show Answer

Q13) Following is an example of an accounting policy Show Answer

Q14) Following is an example of an accounting policy Show Answer

Q15) A concern should select an accounting policy which enables it to Show Answer

Q16) The following factor should be considered while selecting and applying accounting policies. Show Answer

Q17) The following factor should be considered while selecting and applying accounting policies Show Answer

Q18) The following factor should be considered while selecting and applying accounting policies Show Answer

Q19) According to AS 1, Disclosure should be made of Show Answer

Q20) According to As 1, Disclosure should form part of Show Answer

Q21) According to AS 1, Disclosure should be made Show Answer

Q22) According to AS 1, any change in accounting policy Show Answer

Q23) According to AS 1, the effect of any change in accounting policy on the value of any item in the final accounts should Show Answer

Q24) According to AS,1, if the effect of any chance in accounting policy on the value of any item in the final accounts cannot be ascertained. Show Answer

Q25) According to AS 1, A change likely to have an effect not in current but in later years, should be Show Answer

Q26) A concern has written off capital expenditure as revenue expenses by disclosing in the notes to accounts that it is the accounting policy of the concern to do so. According to AS 1. Show Answer

Q27) Which of the following should be deducted from the share capital to find out paid-up capital ? Show Answer

Q28) Dividends are usually paid on Show Answer

Q29) Which of the following is not shown under the head 'Share Capital' in the balance sheet of a company ? Show Answer

Q30) Which of the following items is not taken in P & L appropriation A/c Show Answer

Q31) Which of the following items cannot be shown as reserves ? Show Answer

Q32) As per schedule III, to the Companies Act, 2013 'unclaimed dividends' are to be shown as Show Answer

Q33) Interim dividend of a company can be declared by Show Answer

Q34) Which of the following is not an example of contingent liability ? Show Answer

Q35) Which of the following items cannot be shown under the heading 'Provision' with respect to balance sheet under the Companies Act, 2013 ? Show Answer

Q36) Which of the following is not an item under Current Assets, Loans and Advances under Part of Schedule III of the Companies Act, 2013 ? Show Answer

Q37) Which of the following is not a secured loan ? Show Answer

Q38) Which of the following will appear in the 'Profit & Loss Appropriation A/c' ? Show Answer

Q39) Advance tax that appears in the trial balance is shown Show Answer

Q40) In terms of Part I, Schedule III of the Companies Act, 2013, which of the following assets is shown under 'Fixed Assets' ? Show Answer

Q41) There was fire in the factory of a company and goods worth Rs.20,000 were lost. However, the insurance company accepted the claim to the extent of Rs.16,000.State which two statements out of 4 given below are true. Show Answer

Q42) A financial year a company may be for a period less or more than ___ year. Show Answer

Q43) Every Balance Sheet must comply with the requirements of Part __ of Schedule __ of the Companies Act, 2013 as far as possible. Show Answer

Q44) Every Profit and Loss Account must comply with the requirements of Part __of Schedule ___of the Companies Act, 2013 as far as possible. Show Answer

Q45) Interest accrued on investments is required to be shown under _____ in the balance Show Answer

Q46) Loose tools are required to be shown under ______ in the balance sheet of a company. Show Answer

Q47) Unutilized Monies from share issues is required to be shown under____ in the balance sheet of a company. Show Answer

Q48) Livestock is required to be shown under ____ in the balance sheet of a company. Show Answer

Q49) Bills Receivable are required to be shown under _______in the balance sheet of a company. Show Answer

Q50) Interest accrued but not due on aSecured Loans is required to be shown under ______ in the balance sheet of a company. Show Answer

Q51) Uncalled amount of partly paid shares is required to be shown under______in the balancesheet of a company. Show Answer

Q52) Option on Unissued Shares is required to be shown under ________ in the balance sheet of a company. Show Answer

Q53) Short Term Loans have been defined vide Schedule III as those which are due for not _____ than 1 year as at the date of the Balance Sheet. Show Answer

Q54) Arrears of Fixed Cumulative Preference Dividends are required to be shown under _________ in the balance sheet of a company. Show Answer

Q55) An item of expenditure of the company is to be shown separately if it exceeds __ % of the total revenue of the company or Rs.________ whichever is higher. Show Answer

Q56) According to Schedule III, in case any addition is made to any asset during the financial year, depreciation should be calculated on a ______basis from the date of such addition. Show Answer

Q57) Interest from Sinking Fund Investments is required under Schedule III to be credited to the____. Show Answer

Q58) Dividend ______ paid on amounts paid by shareholders as calls in advance. Show Answer

Q59) Balance of Unpaid Dividend A/c remaining unclaimed for _____ is to be credited to Investor Protection and Education Fund. Show Answer

Q60) Financial year of a company cannot exceed 12 months unless specially permitted by the Registrar where it may extend upto 15 months. Show Answer

Q61) Every Profit and Loss Account of a company must comply with the requirements of Part I of Schedule III of the Companies Act, 2013 as far as possible. Show Answer

Q62) An item of expenditure of the company is to be shown separately if it exceeds one % of the turnover of company or Rs.1,00,000, whichever is lower. Show Answer

Q63) Any dividend remaining unpaid after 3 years from its due date can be transferred to capital reserve. Show Answer

Q64) If the dividend is not claimed within 7 yearsfrom the date of its transfer to a special bank account, the company retains it. Show Answer

Q65) If the dividend is not claimed within 7 years from the date of its transfer to a special bank account, the amount is distributed to the remaining shareholders. Show Answer

Q66) If the dividend is not claimed within 7 years from the date of its transfer to a special bank account, the amount is transferred to Registrar of Companies under its General Revenue Account. Show Answer

Q67) .If the dividend is not claimed within 7 years from the date of its transfer to a special bank account, the amount is transferred to the investor Education and Protection Fund. Show Answer

Q68) Capital profit realized in cash can be used for paying dividend. Show Answer

Q69) Dividend can be paid out of capital, but interest cannot be paid out of capital. Show Answer

Q70) One of the few assets that is usually not depreciated is Goodwill. Show Answer

Q71) Future bad debts are usually estimated as percentage of debtors Show Answer

Q72) Amount paid on Forfeited Shares is added to Paid-up Capital in the Balance Sheet. Show Answer

Q73) Calls unpaid are added back to Authorised Share Capital in the Balance Sheet. Show Answer

Q74) Sundry Creditors are to be classified as(i) Amounts due for more than 6 months; and (ii) others. Show Answer

Q75) Sundry Debtors are to be classified as(i) Small Scale Industries; and (ii) others. Show Answer

Q76) Unclaimed dividends are shown underProvisions in the balance sheet. Show Answer

Q77) Unsecured contract on capital account are shown under Share Capital in the balance sheet. Show Answer

Q78) Under Secured Loans; Short Term Loans and Other Loans are to be shown separately. Show Answer

Q79) Current liabilities are deducted from Current assets so as to show the amount of Net current Assets in the horizontal formal of balance sheet Show Answer

Q80) The titles 'Sources of Funds' and 'Application of Funds' appear in the horizontal format of balance sheet Show Answer

Q81) Horizontal Balance Sheet cannot have separate schedules. Show Answer

Q82) In Fixed Assets Schedule, Opening Net Block = Opening Gross Block - Opening Depreciation. Show Answer

Q83) In Fixed Assets Schedule, Closing Net Block = Closing Gross Block - Depreciation for the year. Show Answer

Q84) In Fixed Assets Schedule, Closing WDV + Depreciation for the year = Opening Gross Block Show Answer

Q85) Provision for bad debts is shown under Provisions in the balance sheet Show Answer

Q86) Capital work-in-progress is shown under Inventory (Current Assets) in the balance sheet. Show Answer

Q87) According to Schedule III, the increase or decrease in the Rupee liability during the year due to a change in the rate of exchange for meeting the cost of the assets should be added to or deducted from the original cost of the assets. Show Answer

Q88) According to Schedule III, the names of scheduled banks are to be given separately, in regard to Bank Balance with them. Show Answer

Q89) The brokerage and discount on sales,including the trade discount, related to turnover is to be disclosed separately in the Profit and Loss Account. Show Answer

Q90) According to Schedule III. Repairs to furniture and fittings are to be disclosed separately in the profit and loss account. Show Answer

Q91) Dividend from subsidiary companies should be shown separately if it exceeds 1% of the total revenue of the company or Rs.1,00,000, whichever is higher. Show Answer

Q92) The value of imports by the company during the financial year calculated on F.O.B. basis is to be disclosed separately Show Answer

Q93) The export of goods calculated on C.I.F. basis are to be disclosed by way of a note to the profit and loss account. Show Answer

Q94) Calls in advance are shown under Current Liabilities in the balance sheet. Show Answer

Q95) The unpaid interest due on loan is ____ Show Answer

Q96) The liabilities of companies are divided____ heads Show Answer

Q97) The assets of the companies are divided in _____ heads Show Answer

Q98) Which of the following is not an example of fixed assers? Show Answer

Q99) Part 3 of schedule III provides interpretations of_____ Show Answer

Q100) Following is not fixed assets Show Answer

Q101) Following is not a secured loans Show Answer

Q102) In balance sheet securities premium should be shown under___ Show Answer

Q103) Call in advances are shown under_____in the balance sheet. Show Answer

Q104) The requirements for final a/c of companies are specified in schedule____ Show Answer

Q105) Dividend paid on the share capital is to be____ Show Answer

Q106) Payment to auditor should be shown on debit side of ______ Show Answer

Q107) Forfeited shares is _______ Show Answer

Q108) Payment of dividend is based on ______ Show Answer

Q109) Prepaid insurance is shown under_____ Show Answer

Q110) Live stock is shown under_____ Show Answer

Q111) Short term loan is the loan due for not more than_____ Show Answer

Q112) Net block is______ Show Answer

Q113) Interest accrued & due on Debentures is Show Answer

Q114) The assets which is intangible is_____ Show Answer

Q115) Unpaid call is______ Show Answer

Q116) The companies are governed by ____ Show Answer

Q117) ____ is an artificial person created by law, having separate entity, with perpetual succession and a common seal. Show Answer

Q118) Which of the following can be treated as type of shares __________ Show Answer

Q119) Preference shares are those which carry the preferntial rights as to _____________ Show Answer

Q120) ______ will be entitled to receive arrears of their dividend. Show Answer

Q121) Generally prefernce shareholders do not have any voting right except when dividend is outstanding for ____ cumulative preference shares and ________ for non cumulative prefernce shares. Show Answer

Q122) Which of the following right may be given to prefernce shareholder if provided by Articles ? Show Answer

Q123) Equity shareholder is ___________ Show Answer

Q124) _________ have the right to vote on any resolution placed before the company or general meeting. Show Answer

Q125) Amount of capital stated in the Memorandum of Association as the share capital of the company is known as _________ Show Answer

Q126) _____ refers to that part of the authorised capital which has actually been offered to the public for subscription. Show Answer

Q127) _____ refers to that part of the issued capital which has actually been subscribed by the public. Show Answer

Q128) _____ refers to that part of the subscribed capital which has actually been paid by the shareholder to whom shares has been allotted. Show Answer

Q129) Public companies issue shares to public through document called Show Answer

Q130) _______ means the appropriation of certain number of shares to an applicant who has applied shares in public issue by the board of director in consultation with stock exchange Show Answer

Q131) The issuer company can not make allotment of shares unless . Show Answer

Q132) The minimum subscription is the of the issued amount Show Answer

Q133) When shares are issued at price equal to the face value, they are said to be issued at . Show Answer

Q134) When shares are issued at price higher than the face value, they are said to be issued at . Show Answer

Q135) When shares are not payable in lumpsum, first installment is called . Show Answer

Q136) When shares are not payable in lumpsum, second installment is called . Show Answer

Q137) When shares are not payable in lumpsum, third installment is called . Show Answer

Q138) The premium on issue of shares must be treated as . Show Answer

Q139) The premium on issue of shares must be credited to a separate account called . Show Answer

Q140) Security premium account must be shown seprately on the liability side of the balance sheet under the heading . Show Answer

Q141) Amount due on calls made but not paid is known as . Show Answer

Q142) If the number of shares applied for is less than the number of shares issued the shares are said to be . Show Answer

Q143) If the number of shares applied for is more than the number of shares issued the shares are said to be . Show Answer

Q144) In case of oversubscription of shares each applicant receives the shares in some propotion, it is known as . Show Answer

Q145) If authorized by the , a company may receive from a shareholder the amount remaining unpaid on shares, even though the amount has not been called up which is known as calls in advance Show Answer

Q146) As per Table F interest on calls in advance can be paid at p.a. Show Answer

Q147) As per Table F interest on calls in arrear can be received at p.a. Show Answer

Q148) The interest on calls in advance is paid for the period from the . Show Answer

Q149) Balance of interest on calls on arrear account is transferred to the at the end of the year. Show Answer

Q150) A company may allot fully paid shares to promters or any other party for the services rendered by them share capital account is credited and debited. Show Answer

Q151) _______may be said to be compulsory termination of membership by way of penalty for non-payment of allotment and/ or any call money Show Answer

Q152) Balance of interest on calls on advance account is transferred to the at the end of the year to. Show Answer

Q153) Which of the following security can be forfeited for non-payment of allotment or call money? Show Answer

Q154) Which of the following security can not be forfeited for non-payment of allotment or call money? Show Answer

Q155) Shares forfeited account is to be shown in the balance sheet by way of ________ to the paid up share capital on the liabilities side until the concerned shares are not re- issued. Show Answer

Q156) The forfeited shares must be reissued at Show Answer

Q157) Balance of share forfeiture account remaining after reissue is transferred to . Show Answer

Q158) If forfeited shares are reissued at a premium, the amount of such premium should be credited to . Show Answer

Q159) Debenture holder are ______ of the company Show Answer

Q160) Shareholder are ________ of the company Show Answer

Q161) Debenture holders . Show Answer

Q162) Debentures may be issued at . Show Answer

Q163) Debenture interest is paid at a pre determined while dividend on equity shares is paid at a ________ and on preference shares is paid at a ________ Show Answer

Q164) Interest on debenture is the _________ against profits Show Answer

Q165) Dividends are of profits Show Answer

Q166) In the company's balance sheet, debenture are shown under the head . Show Answer

Q167) Debentures _______ converted in to shares as per the terms of issue of debenture. Show Answer

Q168) Debenture _____forfeited for non payment of call money. Show Answer

Q169) At the time of liquidation, debenture holder are paid-off _____ the shareholder are paid. Show Answer

Q170) If the debentures are issued at a price higher than the nominal value of the debentures, the premium should be credited to . Show Answer

Q171) If the debenture are issued at price less than the face value of the debentures, the debentures are said to be issued at a . Show Answer

Q172) Discount on issue of share is . Show Answer

Q173) Debenture may be issued by a company for Show Answer

Q174) The company may allot debenture to the vendors for acqurinig some assets as payment of purchase consideration, such issue debentures to the vendors is known as issue of debenture for . Show Answer

Q175) If the value of debentures alloted to vendors for acqurining some assets as payment for purchase consideration is more than the agreed purchase price, the difference is debited to . Show Answer

Q176) If the value of debentures alloted to vendors for acqurining some assets as payment for purchase consideration is less than the agreed purchase price, the difference is credited to Show Answer

Q177) When debenture are issued as colletral security which of the following accounting treatment can be adopted? Show Answer

Q178) A company limited by shares may, if authorized by its ________ can issue preference shares which are liable to redeemed. Show Answer

Q179) The preference shares can be redemmed . Show Answer

Q180) When preference shares are redeemed out of profits such profit must be _______ . Show Answer

Q181) Only ________ preference shares can be redeemed. Show Answer

Q182) If any premium is to be payable on redemption of prefernce share, such premium has to be provided . Show Answer

Q183) Where prefernce shares are redeemed out of profits a sum equal to the nominal amount of the shares so redeemed must be transferred to Show Answer

Q184) The capital redemption reserve account may be applied to issue . Show Answer

Q185) No company limited by shares, issue any prefernce shares which is redeemable after the expiry of a period of _____ from the date of issue. Show Answer

Q186) N Ltd. issued 100000 equity shares of Rs.10 each to the public at par. Full amount payable at the time of application. Application were received for 120000 shares. Excess application monies were refunded. Amount to be credited to share capital account should be _____ Show Answer

Q187) S ltd. issued 100000 equity shares of Rs.10 each at a premium of Rs.2 per share to the public. Full amount payable at the time of application. Application were received for 120000 shares. Excess application monies were refunded. Amount to be crdited to share capital a/c should be ___ Show Answer

Q188) The subscribed share capital of S ltd. is Rs.8000000 of Rs.100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77500 shares. The calls in arrears amounted to Rs.62500 The final call per share =? Show Answer

Q189) On 01.01.2009, X ltd. marks an issue of 100000 equity shares of Rs.100 each payable as follows : Application - Rs.20, Allotment - Rs.30, Final call - Rs.50 (3 months after allotment) Applications were received for 120000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2000 shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 3000 shares but which he paid with first and final call. Directors have decided to charge and allows interest, according to the provisions of Table-F. The amount of interest on calls-in-arrears = ? Show Answer

Q190) On 01.01.2009, X ltd. marks an issue of 100000 equity shares of Rs.10 each payable as follows : Application - Rs.20, Allotment - Rs.30, Final call - Rs.50 (3 months after allotment) Applications were received for 120000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2000 shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 3000 shares but which he paid with first and final call. Directors have decided to charge and allows interest, according to the provisions of Table-A. The amount of interest on calls-in-advance = ? Show Answer

Q191) W ltd. issued 200000 shares of rs.100 each at a premium of 20% on 01.05.2009 payable as follows : On application - Rs.45(incl premium), On allotment - Rs.25, On first & final call - Rs.50. Sunil to whom 10000 shares were allotted, has paid Rs.500000 at the time of allotment on 01.06.2009. At the time of remitting the allotment money, he indicated that the excess money should be adjusted towards the call money. The directors of the company made the first & final call on 31.10.2009 The company has a policy of paying interest on calls-in-advance as per Table F. the amount of interest paid to sunil on calls-in-advance = ? Show Answer

Q192) N ltd. purchased machinery costing Rs.10000 and issued share of Rs.10 to vendor. The number of shares to be issued to vendor = ? Show Answer

Q193) S ltd. purchased building costing Rs.120000 and issued share of Rs.10 each at Rs.12 to vendor. The no. of shares to be issued to vendor = ? Show Answer

Q194) N ltd. issued 5000 shares @ Rs.10 to promoters for their service relating to incorporation. Appropriate journal entry to record this ____ Show Answer

Q195) R ltd. purchased the business of C Ltd. for Rs.270000 payable in fully paid shares. R Ltd. allotted equity shares of Rs.10 each fully paid in satisfaction of the claim by C ltd. such shares are issued at par. The number of shares to be issued by R ltd. to settle the purchase considertaion = ? Show Answer

Q196) R ltd. purchased the business of C Ltd. for Rs.270000 payable in fully paid shares. R Ltd. allotted equity shares of Rs.10 each fully paid in satisfaction of the claim by C ltd. such shares are issued at premium of 20%. The number. of shares to be issued by R ltd. to settle the purchase considertaion = ? Show Answer

Q197) S Ltd. acquired fixed assets worth Rs.1500000 by issue of shares of Rs.100 at a premium of 25%. The no. of shares to be issued by S ltd. to settle the purchase consideration = ? Show Answer

Q198) Q ltd. had allotted 100000 shares to the applicants of 140000 shares on pro rata basis. The amount payable on application is Rs.2 Mr. N applied for 4200 shares. The number of shares alloted and the amount carried forward for adjustment against allotment money due from Mr. N = ? Show Answer

Q199) R ltd. forfeited 300 equity shares of Rs.10 fully called-up, held by Mr. X for non payment of first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share and allotment money @ Rs.3 per share. At the time of forfeiture for share capital account will be credited by Rs. ______ Show Answer

Q200) R ltd. forfeited 300 equity shares of Rs.10 fully called-up, held by Mr. X for non payment of first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share and allotment money @ Rs.3 per share. These shares were reissued at Rs.10 each. On reissue amount to be transferred to capital reserve a/c = ? Show Answer

Q201) R ltd. forfeited 300 equity shares of Rs.10 fully called-up, held by Mr. X for non payment of first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share and allotment money @ Rs.3 per share. These shares were reissued at Rs.7 each. On reissue amount to be transferred to capital reserve a/c = ? Show Answer

Q202) R ltd. forfeited 300 equity shares of Rs.10 fully called-up, held by Mr. X for non payment of first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share and allotment money @ Rs.3 per share. These shares were reissued at Rs.12 each. On reissue amount to be transferred to capital reserve a/c = ? Show Answer

Q203) T ltd. forfeited 500 equity shares of Rs.10 fully called-up, held by Mr. Ram for non payment of allotment money of Rs.5 (incl. Rs.2 premium), first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share. These shares were reissued at Rs.10 each. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q204) T ltd. forfeited 500 equity shares of Rs.10 fully called-up, held by Mr. Ram for non payment of allotment money of Rs.5 (incl.Rs.2 premium), first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share. These shares were reissued at Rs.9 each. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q205) T ltd. forfeited 500 equity shares of Rs.10 fully called-up, held by Mr. Ram for non payment of allotment money of Rs.5 (incl.Rs.2 premium), first call of Rs.2 and final call of Rs.3 each. However, he paid application money @ Rs.2 per share. These shares were reissued at Rs.13 each. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q206) W ltd. forfeited 400 equity shares of Rs.10 fully called-up, held by Mr. P for non payment of final call of Rs.4 each. However, he paid application money @ Rs.2, allotment money Rs.2 and first call Rs.2 per share. These shares were reissued at Rs.10 each. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q207) W ltd. forfeited 400 equity shares of Rs.10 fully called-up, held by Mr. P for non payment of final call of Rs.4 each. However, he paid application money @ Rs.2 per share, allotment money @ Rs.2 per share and first call Rs.2 per share. These shares were reissued at Rs.7 each. On reissue amount to be transferred to capital reserve a/c = ? Show Answer

Q208) W ltd. forfeited 400 equity shares of Rs.10 fully called-up, held by Mr. P for non payment of final call of Rs.4 each. However, he paid application money @ Rs.2 per share, allotment money @ Rs.2 per share and first call Rs.2 per share. These shares were reissued at Rs.13 each. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q209) X ltd. forfeited 200 equity shares of Rs.10 each, Rs.8 called up for non-payment of first call money @ Rs.2 each. Application money @ Rs.2 per share and allotment money @ Rs.4 per share have already been received by the company. Out of these 150 were reissued at Rs.7 per share as showing Rs.8 paid up. On reissue amount to be transferred to capital reserve account =? Show Answer

Q210) A company has subscribed capital of 200000 equity shares of Rs.25 each, Rs.20 per share called up. The directors forfeited 200 equity held by a shareholder who failed to pay the first call made @ Rs.10 per share. Later, the directors reissued theses shares as Rs.20 per share paid up at Rs.15 per share. On reissue amount transferred to capital reserve account = ? Show Answer

Q211) Sukriti Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2. Of these, 60 shares were reissued @ Rs.9 per share as fully paid. On reissue amount to be transferred to capital reserve account = ? Show Answer

Q212) Z ltd. issued 10000 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 first call money of Rs.2 per share. He paid Rs.6 per share for application and allotment money. On forfeiture, the share capital account will be _____ Show Answer

Q213) Alex ltd. forfeited 100 shares of Rs.10 each issued at a premium of 20% (to be paid at the time of application money) on which allotment money of Rs.4 and first call money of Rs.3 were not received; the final call money of Rs.2 is not yet called. These shares were originally allotted in the ratio of 5:4. These shares were subsequently re-issued at a discount of Re.1 per share, credited as Rs.8 paid-up. on reissue amount to be transferred to capital reserve a/c = ? Show Answer

Q214) ZPA ltd. issued 10000, 12% debenture of Rs.100 each at par payable in full on application by 1st april,2010. Application were received for 11000 debentures. Debentures were alloted on 7th april, 2010 Excess money was refunded. Amount that will appear in balancesheet as 12% debenture=? Show Answer

Q215) Z ltd. issued 10000, 12% debenture of Rs.100 each at a discount of 10% payable in full on application by 31st may,2010. Application were received for 12000 debentures. Debentures were alloted on 9th june, 2010 Excess monies wer refunded on the same date. Amount that will appear in balancesheet as 12% debenture=? Show Answer

Q216) HDC ltd issued 10000, 12% debenture of Rs.100 each at Rs.94 on 1st jan 2010. under the terms of issue, 1/5th of the debenture are annually redeemable by drawings, the first redemption occuring on 31st dec 2010. calculate the amount of discount to be w/off in 2010 & 2011. Show Answer

Q217) Z ltd issued 10% debenture of Rs.100 to a vendor having face value Rs.250000 for purchase of fixed assets of Rs. 200000 No. of debenture to issue to vendor=? Show Answer

Q218) ZPA ltd issued 10000, 12% debenture of Rs.100 each at Rs.94 on 1st jan 2010. under the terms of issue, the debentureare redeemble at the end of 8 years from the date of the issue. calculate the amount of discount to be w/off in each of the 8 years. Show Answer

Q219) X ltd. obtained loan from IDBI of Rs.10,00,000 giving as colletral security of Rs.15,00,000, 14% Debenture on 1st april 2011. Which of the following accounting treatment is correct to issue debenture as colletral security? Show Answer

Q220) N ltd. had 9000 8% prefernce shares of Rs.100 each fully paid up. The company decided to redemed these prefence shares at par by the issue of sufficient numbr of equity shares. How much equity shares are required to be issued if new equity shares are to be issued at Rs.10 each. Show Answer

Q221) S ltd. had 9000 8% prefernce shares of Rs.100 each fully paid up. The company decided to redemed these prefence shares at par by the issue of sufficient numbr of equity shares. How much equity shares are required to be issued if new equity shares are to be issued at Rs.12 for a premium including Rs.2 Show Answer

Q222) S ltd. issued 2000, 10% prefence shares of Rs.100 each at par, which are redeemable at a premium of 10% For the purpose of redumption, the company issued 15000 equity shares of Rs.100 each at premium of 20% per shares. At the time of redemption of prefernce shares, the amount to be transferred by the company to the CRR Account=? Show Answer

Q223) During the year 2005-2006, T ltd. issued 20000 12% prefence shares of rs.10 each at a premium of 5%, Which are redemable after 4 years at par. During the year 2010-20111, as the company did not have sufficient cash resources to redeem prefernce shares,it issued 10000, 14% debentures of Rs.10 each at a premium of 10% at the same time of redemption of 12% preference shares, the amount to be transferred to capital redemption reserve=? Show Answer

Q224) Prefernce shares amounting to Rs.2,00,000 are redeemed at a premium of 5%, by issue of shares amounting to Rs.1,00,000 at a premium of 10%. The amount to be transferred to capital redemption reserve=? Show Answer

Q225) Which of the following statement is not a feature of a Company? Show Answer

Q226) In a Government Company, the holding of the Central Government in paid-up capital should not be less than Show Answer

Q227) Which of the following statement is true in case of a Foreign Company? Show Answer

Q228) Which of the following statements is not a feature of a private company? Show Answer