CUET UG Accountancy — Company Accounts previous year questions with solutions.
Match **List-I** with **List-II** | List-I | List-II | | :--- | :--- | | (A) For the amount of calls received in advance | (I) Calls in Advance A/c Dr. To Particular Call A/c | | (B) Interest on Calls in Advance is due | (II) Sundry Shareholder's A/c Dr. To Bank A/c | | (C) The amount of 'Calls in Advance' is adjusted | (III) Bank A/c Dr. To Calls in Advance A/c | | (D) Interest on Calls in Advance, For Interest Paid | (IV) Interest on Calls in Advance A/c Dr. To Sundry Shareholder's A/c | Choose the **correct** answer from the options given below:
When debentures are issued at par and are redeemable at a premium, the loss on such issue is debited to :
Interest on calls in arrears is charged according to "Table F" at :
Identify the type of Share Capital, which is clearly shown in Notes to Accounts, but not included in the total of Notes to Account under SHARE CAPITAL head
Debentures are convertible into which of the following?
Match List-I with List-II | List-I | List-II | |---|---| | (A) Authorised Capital | (I) Capital which is actually issued to the public for subscription including the shares allotted to vendors and the signatories to the company's memorandum. | | (B) Issued Capital | (II) It is that part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay. | | (C) Subscribed Capital | (III) The amount of share capital which a company is authorised to issue by its Memorandum of Association. | | (D) Called up Capital | (IV) It is that part of the issued capital which has been actually subscribed by the public. | Choose the correct answer from the options given below:
Which of the following statements are correct? (A) A company is an artificial person. (B) Company's shares are generally transferable. (C) Paid up capital can exceed called up capital. (D) The part of capital which is called up only on winding up is called reserve capital. Choose the correct answer from the options given below:
Nominal share capital is-
Which of the following is not the characteristics of company-
Which statements are wrong about debentures? (A) Debenture is a part of owned capital. (B) The debentures cannot be issued at a discount of more than 10% of the face value. (C) Debentures cannot be converted into shares. (D) Redeemable debentures are those debentures, which are payable on the expiry of the specific period. Choose the correct answer from the options given below:
Which of the following debentures do not have a specific charge on the assets of the company.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Calls in Arrears | (I) This is the case when applications for more shares of a company are received than the number offered to the public for subscription. | | (B) Calls in Advance | (II) This is a situation where the number of shares applied for is less than the number for which applications have been invited for subscription. | | (C) Over Subscription | (III) The amount due that shareholders fail to pay on allotment or on any of the calls. | | (D) Under Subscription | (IV) The amount sometimes received from the shareholders as a part or the whole of the amount of the calls not yet made. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Companies Limited by Shares | (I) When the company's property is not sufficient to pay off its debts, the private property of its members can be used for the purpose. | | (B) Companies Limited by Guarantee | (II) Restricts the right to transfer its shares | | (C) Unlimited Companies | (III) If a member has paid the full amount of the shares, there is no liability on his part whatsoever for the debts of the company. | | (D) Private Company | (IV) The liability of its members is limited to the amount they undertake to contribute in the event of the company being wound up. | Choose the correct answer from the options given below:
What will be the journal entries when a call is due and the amount of the same is received?
The following are the features of Debenture: (A) Debentures can be converted into shares if the terms of issue are so provided, and in that case these are known as convertible debentures. (B) Debentures are generally secured and carry a fixed or floating charge over the assets of the company. (C) The rate of interest on debentures may vary from year to year depending upon the profits of the company. (D) The debentures are issued for a specified period and repayable on the expiry of that period. Choose the correct answer from the options given below:
There must be an interval of how many months between the making of two calls unless otherwise provided by the articles of association of the company.
In the case of __________ the difference between the nominal value and the issue price is treated as the amount of interest related to the duration of the debentures.
When the directors opt to make a proportionate allotment to all applicants, the excess application money received is normally adjusted towards the amount due on allotment. In case, the excess application money received is more than the amount due on allotment of shares, such excess amount may either be:
Discount on issue of 8% debentures is shown in the balance sheet as
The balance of the share forfeiture account is shown in the balance sheet under the item:
Discount allowed on reissue of forfeited shares should be debited to:
Which of the following is incorrect about the minimum subscription: Minimum subscription is the minimum amount that, in the opinion of directors, must be raised to meet the needs of business operations of the company relating to:
Ashoka Limited Company, which had issued equity shares of Rs.20 each at a premium of Rs. 4 per share, forfeited 1,000 shares for non-payment of final call of Rs.2 per share. 400 of the forfeited shares were reissued at Rs.14 per share out of the remaining shares of 200 shares reissued at Rs.20 per share. Balance of Share Forfeiture Account after reissue of shares will be:
Preference Shares are defined under section ________ of the Companies Act, 2013.