Company Accounts PYQ — Page 2

Steps for Forfeiture of Shares- (A) Issue of Prospectus (B) Shares Forfeiture (C) Receipt of Application (D) Allotment of Shares Choose the correct answer from the options given below:

Discount allowed on reissue of forfeited shares should be debited to:

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:

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:

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:

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:

Amount recieved on allotment:

Rohan to whom 600 shares were allotted must have applied for:

Money received on First Call is

Allotment money received in advanced alongwith application is _______________

Match List-I with List-II | List-I | List-II | |---|---| | (A) Authorised Capital | (i) It is that part of the subscribed capital which has been called up on the shares. | | (B) Issued Capital | (ii) It is that part of the issued capital which has been actually subscribed by the public. | | (C) Subscribed Capital | (III) It is that part of the authorised capital which is actually issued to the public for subscription. | | (D) Called up Capital | (IV) The amount of share capital which a company is authorised to issue by its Memorandum of Association | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) For Transfer of Application Money | (I) Share Allotment A/c Dr. To Share Capital A/c | | (B) For Money Refunded on Rejected Application | (II) Share Application A/c Dr. To Share Capital A/c | | (C) For Amount Due on Allotment | (III) Share Application A/c Dr. To Bank A/c | | (D) For Receipt of Allotment Money | (IV) Bank A/c Dr. To Share Allotment A/c | Choose the correct answer from the options given below:

Jain and Co. purchased a machine from Young Life Machine Limited for Rs. 3,80,000. As per the purchase agreement, Rs. 20,000 were paid in cash and balance by issue of shares of Rs. 100 each. How many shares are issued if the shares are issued at 20% premium.

Which of the following is called Registered capital of a company?

If a company issue Rs. 1,00,000, 9% debentures of Rs. 100 each at discount of 5% but redeemable at premium of 5% then what amount will be debited to Loss on Issue of Debentures Account?

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

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:

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?

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

Which of the following will be credited for the excess amount received along with allotment money from the shareholders?