CUET UG 2022 — Company Accounts

When own debentures are cancelled, any profit on cancellation is transferred to:

The Directors of Tivoli Plastics Ltd. resolved that 200 equity shares of Rs. 100 each be Forfeited for non-payment of the second and final call of Rs. 30 per share. Out of these, 150 shares were reissued at Rs. 60 per share as fully paid-up. How much amount will be transferred to Capital Reserve Account?

Correct sequence of issue of shares is - A. Receipt of Application B. Issue of Prospectus C. Letter of Allotment of Shares D. Letter of Regret Choose the correct answer from the options given below:

An issue of shares made by the company to the public in general for subscription is called :

The process of issuing shares to a vendor in exchange of any asset is known as:

The amount of forfeiture left over after reissue will be

After the debentures are redeemed, the balance in the Sinking Fund Account is transferred to:

Uncalled capital that can be called up only in event of winding up of the company is called :

Bajaj Sales Ltd. issues 20,000 equity shares of Rs. 20 each to the public. The amount is payable as, On application Rs. 4 per share On allotment Rs. 4 per share On first call Rs. 6 per share On final call Rs. 6 per share All money has been received on shares. Only one shareholder, who has 200 shares could not pay allotment money and his shares have been forfeited before making first call. Forfeited shares have been re-issued at Rs. 18 fully paid-up. What is the amount of capital reserve?

Loss on issue of Debenture is a _______

Securities premium Reserve can be utilised ___ A. to return excess money received on application B. to write off preliminary expenses C. to issue partly paid bonus shares D. for premium paid on Redemption of Debentures or preference shares E. for buy back of shares Choose the correct answer from the options given below:

When the number of Debentures applied for is more than the number of debentures offered to public, the issue is said to be:

Securities Premium Reserve can be used to: A. Issue new shares to existing shareholders B. Write off Preliminary expenses C. Writing off of Goodwill D. Premium on Redemption of debentures E. Issue fully paid Bonus Shares Choose the correct answer from the options given below:

If a share of Rs. 100 on which Rs. 45 has been paid is forfeited at what minimum price can it be reissued :

Amount of Security Premium Reserve credited at the time of allotment of Shares will be

Identify the statement that is/are not true from the following. (a) Shares can be forfeited for non payment of call money. (b) The profit on forfieted shares is transferred to capital reserve. (c) Balance of share forfeiture account is shown is the balance sheet under reserves and surplus. (d) Application money should be at least 10% of the face value of the share. Choose the correct answer from the options given below :

Amalgamation is a form of:

Identify the correct sequence of steps in the process of Issue of Shares: A. Making allotment of shares B. Issue of Prospectus C. Forfeiture of shares D. Receiving applications for shares E. Making calls Choose the correct answer from the options given below:

Premium on issue of shares can be used for:

Security Premium Reserve can be used by Hero Ltd. for

MNO Ltd. forfeited 1,000 shares of Rs. 10 each on which shareholders had paid only application money of Rs. 3 per share. Out of these, 400 equity shares were reissued as fully paid for Rs. 9 per share. The gain on reissue of shares transferred to Capital reserve is :

The amount to be adjusted with the call of allotment will be :

A company has to redeem redeemable preference shares of the value of Rs. 1,00,000 at a premium of 10% for which the company has issued 5,000 equity shares of Rs. 10 each at a premium of 20%. The amount to be transferred to capital redemption reserve account would be:

What are different types of debentures from the view point of registration A. Convertible B. Bearer C. Redeemable D. Secured E. Registered Choose the correct answer from the options given below:

Amount to be returned to the applicants due to non-allotment of shares will be :

Amount of Securities Premium Reserve to be debited at the time of forfeiture of shares will be

Amount transferred to Capital Reserve will be

All of them are shown under the sub-heading 'Reserve and Surplus' except :

When debentures are issued at premium with the term of redeeming them at par. The amount of premium received at the time of issue will be:

X Ltd. purchased assets from Y Ltd. for Rs.98,10,000. X Ltd. issued 12% Debentures of Rs.100 each at 10% discount against the payment. The number of debentures issued to Y Ltd. is:

Blue Prints Ltd. purchased a building worth Rs. 1,50,000, Machinery worth Rs. 1,40,000 and Furniture worth Rs. 10,000 from XYZ Co. and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000. Calculate the Goodwill/Capital Reserve to be recorded by Blue Print Ltd.

Calculate the amount of yearly interest payable on 9% debentures (10,000 debentures of Rs. 100) issued as collateral security.

As per the Companies Act, 1956, a company shall hold the first meeting of board of directors within how many days of the date of its incorporation?

Identify the methods of Redemption of Debenture from the following. (A) By conversion into shares or new debenture (B) Purchase in open market (C) Sinking fund (D) Payment in instalments (E) Payment in lump-sum Choose the correct answer from the options given below :

Securities Premium Reserve as per section 52(2) of the companies Act 2013 can be used : (A) To write-off preliminary expenses of the company (B) To issue fully paid bonus shares to the extent not exceeding unissued share capital of the company (C) To pay premium on the redemption of preference shares or debentures (D) To write off discount allowed on the goods sold on credit Choose the correct answer from the options given below :

The directors of a company forfeited 400 equity shares of Rs. 10 each fully called up on which Rs. 1,600 had been paid. All the forfeited shares were reissued upon payment of Rs. 3,000. Calculate the amount transferred to Capital Reserve

In order to raise money by issuing the shares in the market the company must get applications for at least ____.

Discount on Issue of Debentures A. Is not a capital gain B. Can be written off in any year C. Can be written off from securities premium Reserve D. Can be written off from General Reserve Choose the correct answer from the options given below:

From Coupon Rate Point of view, Debentures are classified into:

The amount received on First and Final call is

The amount transferred to Capital Reserve would be

When the purchase consideration is more than net assets taken over, the difference will be debited to

The shares are reissued at

PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is :

Arrange the following steps as per the procedure of issue of shares : (a) Receipt of applications (b) Allotment of shares (c) Reissue of forfeited shares (d) Issue of prospectus (e) Forfeiture of shares Choose the correct answer from the options given below :

As per Companies Act, 2013, a one person company is a:

Debenture holders are:

Match List I with List II | List I | List II | | --- | --- | | A. Excess of purchase consideration over value of net assets | I. Issue Debentures as collateral security | | B. Excess of net assets over purchase consideration | II. Goodwill | | C. Debenture Suspense Account | III. Issue of Debentures for consideration other than cash | | D. Assets received against Debentures | IV. Capital Reserve | Choose the correct answer from the options given below:

The company purchased plant with a book value of Rs. 1,90,000 from National Victory Company and agreed to pay via issuing 2000, 10% Debentures of Rs. 100 each at a discount of 5%. Amount that will be credited to 10% Debenture A/c will be:

The money received from applicants to whom no debentures have been allotted will be ________

Forfeiture of shares results in the reduction of :

If a share of Rs. 10 on which Rs. 7 has been paid is forfeited, at what minimum price can it be reissued ?

What is the correct sequence of types of capital in company's Balance sheet while preparing notes to accounts. A. Issued Capital B. Subscribed and fully paid up capital C. Share forfeited Balance D. Authorised Capital E. Subscribed but not fully paid up capital Choose the correct answer from the options given below:

If the company is unable to get minimum subscription, the shares cannot be issued and the amount must be refunded within 8 days from the date of closure. If not, company shall be liable to pay ______% interest p.a.

What is the correct sequence of allotment of shares A. Allotment money received B. Inviting applications from investors C. Allotment Due D. Application money Received E. Share Call Money Due Choose the correct answer from the options given below :

A company issues a share of Rs. 10 on which Rs. 8 is called-up and a shareholder has not paid the call of Rs. 2. The amount credited to share capital in respect of such shares will be:

Which from the following is also known as 'Vertical Organisation'?

Match List I with List II | | LIST I: Basis of Debenture | | LIST II: Types of Debenture | |---|---|---|---| | A. | Tenure | I. | Zero coupon rate | | B. | Interest rate point of view | II. | Irredemable | | C. | Security | III. | Registration | | D. | Bearer | IV. | Secured | Choose the correct answer from the options given below:

Match List - I with List - II | List - I | List - II | | --- | --- | | (a) The portion of authorised capital of a company which can be called during winding up | (i) Other current liabilities | | (b) Excess of share forfeited amount over the loss on reissue | (ii) Reserve Capital | | (c) Calls-in-advance is shown in Balance sheet under the head __ | (iii) Capital Reserve | | (d) Equity shares cannot be issued to public at __ | (iv) Discount | Choose the correct answer from the options given below :

The company issued 20,000 equity shares of Rs. 10 each to vendor. After issuing them the shares the vendor will be considered as:

Match List - I with List - II. | List - I | List - II | |---|---| | (A) Share forfeiture | (I) Cr. share capital | | (B) Shares reissued | (II) Dr. share capital | | (C) Excess application money refunded | (III) Dr. Bank A/c | | (D) Calls money received | (IV) Cr. Bank A/c | Choose the correct answer from the options given below :

The following refer to the maximum amount of share capitals issued by a company in its life times except:

Z Ltd issued 15,000, 12% Debentures of Rs.100 each at a premium of 2% redeemable at a premium of 5% In such case:

Which A/c is credited for transfer of interest on Debenture Redemption Fund Investment?

At the time of forfeiture security premium reserve a/c will be debited for _______ shares.

Romi Ltd. purchased building worth Rs. 1,50,000 machinery worth Rs. 1,40,000 and furniture worth Rs. 10,000 from xyz co. and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000. They paid the purchase consideration by issuing 12% debentures of Rs. 100 each at a premium of 5%. What will be the number of debentures issued by Romi Ltd.

When shares are forfeited, capital account is debited by:

The portion of capital which the company does not issue to the public is known as :

The following journal entry is recorded in the books of RST Ltd. on issue of debentures : Bank a/c Dr 18,00,000 Loss on issue of Debentures a/c Dr 6,00,000 To 14% Debentures 20,00,000 To Premium on Redemption of Debentunes 4,00,000 Debentures have been issued at a discount of :

As per the Companies Act, 2013, in general, the maximum time gap specified between two annual general meetings of a company is:

Who from the following regularly attends the office of a company?

The Balance Sheet of the company will show authorised capital of the company as _______ .

The amount received on allotment was

Total applications received are for :

The maximum amount that can be called up on the first call by the company is :

Match List I with List II | List I | List II | | --- | --- | | A. Share forfeiture | I. Reserve Capital | | B. Uncalled Capital | II. Pro-rata allotment | | C. Over-subscription | III. Capital Reserve | | D. Discount on issue of shares | IV. Reissue of shares | Choose the correct answer from the options given below: