Company Accounts PYQ — Page 12

Profit on reissue of forfeited shares should be treated as:

The director of Poly Plastic Limited 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 re-issued at Rs.60 per share to Mohit. Journal entry for creating capital reserve will be:

Match List-I with List-II | List-I | List-II | |---|---| | (Type of Debentures) | (Characteristic of Debenture) | | (A) Secured Debentures | (I) do not have a specific charge on assets of the company | | (B) Redeemable Debentures | (II) do not carry a specific rate of interest | | (C) Zero Coupon Rate Debentures | (III) are payable on the expiry of the specific period | | (D) Unsecured Debentures | (IV) a charge is created on the assets of the company | Choose the correct answer from the options given below:

The maximum number of members in a private company can be .......

200 shares of Rs. 100 each issued at a premium of Rs.10 were forfeited for the non-payment of allotment money of Rs. 60 (including premium) per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs. 70 per share as fully paid-up. Capital reserve created after reissue will be:

The following are the features of Debentures: (A) The payment of interest is a charge on profits and is to be paid even if there is no profit. (B) The debentures, which are issued for a specified period are repayable on the expiry of that period. (C) If the debentures are generally secured, they carry a fixed or floating charge over the assets of the company. (D) Debentures can not be converted into shares in any case. Choose the correct answer from the options given below:

When debentures are issued at par and redeemable at a premium, the premium payable on redemption is debited to:

The following journal entry appears in the books of X Co. Ltd. Bank A/c Dr. 4,75,000 Loss on issue of debenture A/c Dr. 75,000 To 12% Debentures A/c 5,00,000 To Premium on Redemption of Debenture A/c 50,000 Debentures have been issued at a discount of:

Arrange in correct sequence- (A) Share Allotment (B) Share Application (C) Share forfeiture (D) Share Call Choose the correct answer from the options given below:

Debentures are issued at a discount. In which of the following the difference between their nominal value and the issue price is treated as the amount of interest.

ABC Ltd., Issued 3,000, 14% Debentures of Rs. 100 each at a discount of 5% on April 1, 2023. Interest on these debentures is payable annually on March 31 each year. The debentures are redeemable at par in three equal instalments at the end of the third, fourth and fifth year. Discount on issue of debentures is-

Match List-I with List-II | List-I | List-II | |---|---| | (A) Reserve Capital | (I) That portion of the subscribed capital which has not yet been called up. | | (B) Uncalled Capital | (II) It is that part of the issued capital which has been actually subscribed by the public. | | (C) Paid up Capital | (III) A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. | | (D) Subscribed Capital | (IV) It is that portion of the called up capital which has been actually received from the shareholders. | Choose the correct answer from the options given below:

A company failed to receive Rs 2,00,000 on First and final Call. Interest on calls in arrears is charged according to 'Table F' at:

Which combination of following statements are Incorrect (False) about debentures- (A) Debenture is a part of owned capital. (B) The payment of interest on debentures is a charge on the profits of the company. (C) The debentures cannot be issued at a discount of more than 10% of the face value. (D) Debentures cannot be converted into shares. (E) Redeemable debentures are those debentures, which are payable on the expiry of the specific period. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Issued Capital | (I) It is that part of the issued capital which has been actually subscribed by the public. | | (B) Uncalled Capital | (II) Capital which can be called only in the event of winding up of the company. | | (C) Reserve Capital | (III) That portion of the subscribed capital which has not yet been called up. | | (D) Subscribed Capital | (IV) It is that part of the authorised capital which is actually issued to the public for subscription | Choose the correct answer from the options given below:

Arrange the following capitals in correct sequence as they appears in notes to account- (A) Subscribed and Not Fully paid-up (B) Subscribed and Fully paid-up (C) Issued Capital (D) Nominal Capital Choose the correct answer from the options given below:

Oversubscription is a situation where the

Match List-I with List-II

400 shares of ₹ 50 each issued at par were forfeited for non-payment of final call of ₹ 10 per share. These shares were reissued at ₹ 45 per share as fully paid-up. The amount transferred to capital reserve is:

When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:

Match List-I with List-II

Arrange the following in the correct sequence in the context of debenture.

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

A company can accept calls in advance, if authorised by: