Balance of Share Forfeiture Account is shown under Share Capital (added to Subscribed Capital) in the notes, not under Reserves and Surplus, making (c) false. Minimum application money per Companies Act 2013 is 5% of face value, not 10%, making (d) false. Statements (a) and (b) are true.
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…
CUET UG 2022 — Accountancy Company Accounts
2022mcqmedium
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 :
Official previous-year question
Held on 20 Jul 2022 · Verified 13 Jul 2026.
Options
- A
(a) only
- B
(c) only
- C
(c), (d) only
- D
(b), (d) only
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