Company Accounts PYQ — Page 2

The director of Priya polymer 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 Monit. The amount of capital reserve will be:

The important steps in the procedure of share issue are : (A) The company issues the prospectus to the public. (B) The company has to get minimum subscription within 120 days from the date of the issue of the prospectus. (C) The prospective investors intending to subscribe the share capital of the company would make an application along with the application money. (D) Letters of allotment are sent to those whom the shares have been alloted, and letters of regret to those to whom no allotment has been made. Choose the correct sequence of steps from the options given below:

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: (A) The price of any property purchased, or to be purchased, which has to be met wholly or partly out of the proceeds of issue; (B) Preliminary expenses payable by the company and any commission payable in connection with the issue of shares; (C) Working capital; (D) Any other expenditure required for the usual conduct of business operations Choose the correct answer from the options given below:

Debenture Application & Allotment A/c Dr. 95,000 Loss on Issue of Debentures A/c Dr. 10,000 To 9% Debenture A/c 1,00,000 To Premium on Redemption of Debentures A/c 5,000 On the basis of the above entry, determine the rate of discount at which Rs. 1,00,000, 9% debentures of Rs. 100 each were issued if they were to be redeemed at a premium of 5%.

Securities Premium Account can be used only for the following purposes: (A) To issue partly paid bonus shares to the extent not exceeding unissued share capital of the company; (B). Buy back of own shares. (C). To write-off the expenses of, or commission paid, or discount allowed on any securities of the company; (D). To pay premium on the redemption of preference shares or debentures of the company. Choose the correct answer from the options given below:

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 In this case the debentures have been issued at a discount of 5% . What is the rate of premium on redemption of debentures?

On Reissue of 500 forfeited shares as fully paid at Rs. 8 per share, what amount will be debited to Shares Forfeiture Account?

What amount will be credited to Equity Share Application Account on February 10, 2024?

What is the amount of excess application money credited to share allotment and money refunded on rejected application in totality?

What is the amount of Profit on reissue of Forfeited Shares Accounts transferred to capital reserve?

Arrange following in correct sequence related to issue of shares (A) Letters of allotment, and letters of regret are sent (B) Prospective investors would make an application along with the application money (C) The company issues the prospectus to the public (D) Sebsequent installment are called Choose the correct answer from the options given below:

It is available only for the creditors on winding up of the company.

High Land India Ltd. invited applications for 50,000 Shares of Rs. 100 each per share. Applications were received for 70,000 shares and pro-rata allotment was made on the application for 50,000 shares. Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment. Of the shares forfeited, 500 share were reissued as fully paid-up for Rs. 80 per share. Order to be followed for recording entries will be (A) Forfeiture of shares (B) Calculation of amount received on allotment (C) Adjustment of excess money received on application towards allotment (D) Reissue of shares Choose the correct answer from the options given below:

Which of the following will be included in case debenture's are issued to vendor at a discount for purchase consideration other than cash? (A) % Debenture A/c is credited (B) Vendor A/c is debited (C) Discount on Issue of Debenture A/c is debited (D) Securities Premium Reserve A/c is credited Choose the correct answer from the options given below:

Where there is no articles of association of its own, which of the following provisions applies as per Table A.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Calls in Advance A/c Dr. To Particular Call A/c | (I) For Interest due on Calls in Advance | | (B) Interest on Calls in Advance A/c Dr. To Sundry Shareholder's A/c | (II) For Interest Paid on Calls in Advance | | (C) Sundry Shareholder's A/c Dr. To Bank A/c | (III) Calls in advance adjusted with the call money due | | (D) Bank A/c Dr. To Calls in Arrears A/c To Interest on Calls in Arrears A/c | (IV) Calls in arrears received with interest | Choose the correct answer from the options given below:

Money received against share warrants' is to be disclosed as a separate item under which head/sub-head

While issuing the share capital for public subscription, the application money should be at least _____ % of the face value of the share.

When a company does not have its own articles of association, provisions of which table will apply:

Steel and Company purchased a machine from Safe Machine Limited for Rs. 4,80,000 and took over its liabilities of Rs. 3,00,000. As per the purchase agreement, Rs. 50,000 was paid in cash and balance by the issue of 2000 shares of Rs.100 each. What will be the amount of goodwill/capital reserve?

Amount to be credited to Calls-in Arrears account at the time of forfeiture is:

what amount is to be refunded while allotting shares on a Pro-rata basis

What type of subscription took place?

The amount of Security Premium Reserve shown under the sub-head 'Reserves and Surplus' will be: