Company Accounts PYQ — Page 4

X Limited Issued 10,000, 12% debentures of Rs. 100 each payable Rs. 40 on application and Rs. 60 on allotment. The public applied for 14,000 debentures. Applications for 9,000 debentures were accepted in full, applications for 2,000 debentures were allotted 1,000 debentures and the remaining applications, were rejected. All money was duly received. 12% Debenture Application A/c will be credited with -

Select the INCORRECT statement from the below given statements:-

Cronic Limited issued 10,000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except by a shareholder having 100 shares who could not pay for second and final call. Call in Arrears A/c will be debited with-

In the case of under subscription of shares.

When a company issues shares at a premium, the company can collect Securities Premium along with the :-

The amount on any call should not exceed ___ of the face value of shares.

Shares can be forfeited :

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:

X Co. Ltd. purchased assets worth Rs. 28,80,000. It issued debentures of Rs. 100 each at a discount of 4 % in full satisfaction of the purchase consideration. The number of debentures issued to vendors is:

Balance of share forfeiture account is shown in the balance sheet under which item :

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

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

Identify which of the following will be shown in Notes to Accounts under SHARE CAPITAL head :-

Match List-I with List-II | List-I | List-II | |---|---| | (Particulars) | (Treatment) | | (A) Issue of debentures as collateral security | (I) Vendor Account will be credited | | (B) Issue of debenture to Public | (II) Debenture Suspense Account will be debited | | (C) Issue of debentures to vendor for purchase of an Asset | (III) Statement of Profit and Loss will be debited | | (D) Writting off Discount/Loss on Issue of Debentures | (IV) Bank Account will be debited | Choose the correct answer from the options given below:

Arrange Categories of Share Capital into correct order- (A) Subscribed Capital (B) Authorised Capital (C) Issued Capital (D) Called up Capital Choose the correct answer from the options given below:

Sunena, a shareholder holding 500 shares of Rs. 10 each, did not pay the allotment money of Rs. 4 per share (including a premium of Rs. 2) and the first and final call of Rs. 3. Her shares were forfeited after the first and final call. Choose the correct journal entry for forfeiture of the shares.

Match List-I with List-II | List-I | List-II | |---|---| | Type of Debenture | Explanation | | (A) Secured Debentures | (I) These debentures do not have a specific charge on the assets of the company. | | (B) Irredeemable Debentures | (II) These debentures are those which are payable on the expiry of the specific period either in lump sum or in installments during the lifetime of the company. | | (C) Unsecured Debentures | (III) It refers to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default. | | (D) Redeemable Debentures | (IV) These debentures are repayable on the winding-up of a company or on the expiry of a long period. | Choose the correct answer from the options given below:

The following are the features of a Company: (A) Separate Legal Entity (B) Unlimited Liability (C) Perpetual Succession (D) Common Seal Choose the correct answer from the options given below:

In which order, the following types of share capital are shown in the balance sheet of a company? (A) Subscribed Capital (B) Called up Capital (C) Issued Capital (D) Authorized Capital 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 are the correct statements regarding debentures/debentures interest. (A) The payment of interest on debentures is a charge on the profits of the company. (B) Redeemable debentures are those debentures which are payable on the expiry of the specific period. (C) Debentures cannot be converted into shares. (D) Perpetual debentures are also known as irredeemable debentures. Choose the correct answer from the options given below:

Table F of the Companies Act provides for the payment of interest on calls in advance at a rate not exceeding:

Arrange the following in correct sequence : (A) Paid up Capital (B) Subscribed Capital (C) Issued Capital (D) Authorised Capital Choose the correct answer from the options given below:

Issue of Rs. 1,00,000, 9% debentures of Rs. 100 each at discount of 15% but redeemable at premium of 5%, the amount debited to loss on issue of debenture account is.