CUET UG Accountancy — Company Accounts previous year questions with solutions.
When the purchase consideration is more than net assets taken over, the difference will be debited to
Amount transferred to Capital Reserve will be
The shares are reissued at
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 :
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 :
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 :
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 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 :
If a share of Rs. 100 on which Rs. 45 has been paid is forfeited at what minimum price can it be reissued :
Who from the following regularly attends the office of a company?
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?
Which from the following is also known as 'Vertical Organisation'?
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:
As per Companies Act, 2013, a one person company is a:
As per the Companies Act, 2013, in general, the maximum time gap specified between two annual general meetings of a company is:
Amalgamation is a form of:
When shares are forfeited, capital account is debited by:
Premium on issue of shares can be used for:
After the debentures are redeemed, the balance in the Sinking Fund Account is transferred to:
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:
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.
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?