Company Accounts PYQ — Page 7

Match List-I with List-II | List–I | List–II | | ------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------- | | (A) Calls in Arrears | (I) Shares are taken back by the company as shareholders failed to pay one or more installments, viz. allotment money and/or call money. | | (B) Calls in Advance | (II) This is a situation where the number of shares applied for is less than the number for which applications have been invited for subscription. | | (C) Forfeiture of Shares | (III) This is the amount which any shareholder fails to pay on allotment or on any of the calls. | | (D) Under Subscription | (IV) Table 'F' of the Companies Act provides for the payment of interest on this call at a rate not exceeding 12% per annum. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (TYPES OF COMPANY..) | (CHARACTERISTICS..) | | (A) unlimited company. | (I) liability arises only in the event of winding up | | (B) one person company | (II) limits the number of members to 200. | | (C) private company | (III) paid up capital is not more than 50 lakhs. | | (D) company limited by guarantee. | (IV) creditors can claim their dues from the members. | Choose the correct answer from the options given below:

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:

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:

Match List-I with List-II | List-I | List-II | |---|---| | Type of Debenture | Meaning | | (A) Redeemable Debenture | (I) Payable on the expiry of the specific period either in lump sum or in installments during the lifetime of the company. | | (B) Perpetual Debenture | (II) Company does not give any undertaking for the repayment of money borrowed by issuing such debentures. | | (C) Specific Coupon Rate Debenture | (III) Issued with a specified rate of interest, which is called the coupon rate. | | (D) Bearer Debenture | (IV) Can be transferred by way of delivery and the company does not keep any record of the debenture. | Choose the correct answer from the options given below:

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:

Match List-I with List-II | List-I | List-II | |---|---| | (Book/Theory proposed/Characteristic, etc.) | (Author/Thinker/Name of Theory, etc.) | | (A) Authorised Capital | (I) Only available to creditors at the time of winding up of a company | | (B) Issued Capital | (II) The amount of capital that a company can raise in its life-time | | (C) Subscribed Capital | (III) Capital that is issued to the public for subscription | | (D) Reserve Capital | (IV) May be equal to or less than issued capital | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A)The maximum amount of share capital which a company is authorized to issue is known as : | (I) Capital reserve | | (B) Shares can be forfeited for: | (II) Share capital | | (C) The profit on the reissue of forfeited shares is transferred to : | (III) Nominal share capital | | (D) Balance of share forfeiture account is shown in the balance sheet under the item : | (IV) Non-payment of call money | Choose the correct answer from the options given below:

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:

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:

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) Redeemable Debentures | (I) The company does not give any undertaking for the repayment of money borrowed by issuing such debentures | | (B) Convertible Debentures | (II) Which are payable on the expiry of the specific period either in lump sum or in installments during the life time of the company. | | (C) Irredeemable Debentures | (III) Which are convertible into equity shares or in any other security either at the option of the company or the debenture holders. | | (D) Unsecured Debentures | (IV) These do not have a specific charge on the assets of the company. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Calls in advance | (I) The maximum number of members is 200. | | (B) Calls in arrears | (II) 12 % | | (C) Private company | (III) 10 % | | (D) Public company | (IV) No limit on the maximum number of members. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Restricts the right to transfer its shares | (I) OPC | | (B) A company which is a subsidiary of a public company | (II) Private Company | | (C) A company which has only one person as a member | (III) Perpetual Succession | | (D) Members may come and go but the company continues | (IV) Public Company | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Under Subscription | (I) Issue of Shares at an amount more than the nominal or par value of shares. | | (B) Issue of Shares at a Premium | (II) It is a situation where the number of shares applied for is less than the number for which applications have been invited for subscription. | | (C) Over Subscription | (III) The amount so received from the shareholders when shareholders pay a part or the whole of the amount of the calls not yet made. | | (D) Calls in Advance | (IV) when applications for more shares of a company are received than the number offered to the public for subscription. | 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:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Debenture of Rs 100 issued at Rs 110. | (I) Debenture as collateral security. | | (B) Debenture of Rs 100 issued at Rs 100. | (II) Debenture issued at Premium | | (C) Debenture of Rs 100 issued at Rs 90. | (III) Debenture issued at par. | | (D) Debenture issued to the lender in addition to some other assets already pledged. | (IV) Debenture issued at Discount. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Calls in Arrears | (I) Sometimes shareholders pay a part or the whole of the amount of the calls not yet made. | | (B) Calls in Advance | (II) When any shareholder fails to pay the amount due on allotment or on any of the calls | | (C) Over Subscription | (III) When number of shares applied for is less than the number for which applications have been invited for subscription | | (D) Under Subscription | (IV) When applications for more shares of a company are received than the number offered to the public for subscription | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Companies Limited by Shares | (I) A company which has only one person as a member. | | (B) Companies Limited by Guarantee | (II) There is no limit on the liability of its members. | | (C) Unlimited Companies | (III) The liability of its members is limited to the amount they undertake to contribute in the event of the company being wound up. | | (D) One Person Company | (IV) The liability of its members is limited to the extent of the nominal value of shares held by them. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Authorized capital. | (I) Mentioned in Prospectus. | | (B) Issued capital. | (II) Mentioned In Memorandum Of Association. | | (C) Subscribed capital. | (III) called up capital-calls in arrears. | | (D) Paid up capital. | (IV) Capital for which application is received. | Choose the correct answer from the options given below:

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:

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) Companies Limited by Shares | (I) When the company's property is not sufficient to pay off its debts, the private property of its members can be used for the purpose. | | (B) Companies Limited by Guarantee | (II) Restricts the right to transfer its shares | | (C) Unlimited Companies | (III) If a member has paid the full amount of the shares, there is no liability on his part whatsoever for the debts of the company. | | (D) Private Company | (IV) The liability of its members is limited to the amount they undertake to contribute in the event of the company being wound up. | Choose the correct answer from the options given below:

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