Company Accounts PYQ — Page 7

Which of the following statements about share capital is TRUE? (A) A company's shares are generally transferable. (B) Share application account is a personal account. (C) The part of capital which is called up only on winding up of a company is called reserve capital. (D) Paid up capital can exceed called up capital. Choose the correct answer from the options given below:

Equity shareholders are..................of the company:

Which of the following statements about debentures is FALSE? (A) Debenture is a part of owned capital. (B) Debentures cannot be converted into shares. (C) Redeemable debentures are those debentures, which are payable on the expiry of the specific period. (D) Debentures cannot be issued at a premium. Choose the correct answer from the options given below:

The balance of the share forfeiture account is shown in the balance sheet under:

The amount of Securities Premium can be used only for the following purposes: (A) To write off preliminary expenses. (B) To make partly paid shares as fully paid up. (C) To issue fully paid bonus shares. (D) Purchase of its own shares. Choose the correct answer from the options given below:

A debenture which is transferable merely by delivery is:

Disclosure of shares (specifying the number of shares held) in a company is required for each shareholder holding _________ shares.

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) 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:

Identify the false statement with regard to a company:

Rs 50,000 were received in advance for second and final call along with first call. The second and final call was due after two months from the first call. Table II provides for interest on calls in advance at the rate not exceeding _____ per annum and interest on calls in advance amounted to Rs ...........

Match List-I with List-II | List-I | List-II | |---|---| | (A) Redeemable Debentures | (I) the debentures which can be transferred by way of delivery and the company does not keep any record of the debentures | | (B) Convertible Debentures | (II) these debentures are issued with a specified rate of interest | | (C) Specific Coupon Rate Debentures | (III) which are convertible into equity shares or in any other security either at the option of the company or the debentureholders | | (D) Bearer Debentures | (IV) which are payable on the expiry of the specific period either in lump sum or in instalments during the life time of the company. | Choose the correct answer from the options given below:

Blue Prints Ltd., purchased 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. Blue Prints Ltd., paid the purchase consideration by issuing 12% debentures of Rs.100 each at a premium of 5%. Number of debentures issued are-

When debentures are issued at par and are redeemable at a premium, the loss on such issue is debited to :

Sahil, a share holder, failed to pay the money for second and final call of Rs. 20 on 1,000 shares issued to him at Rs. 120 (face value of Rs. 100 per share). His shares were forfeited after the second and final call. Which is correct about share forfeiture:

Select the pair which is true about debentures- (A) Debenture is a part of owned capital. (B) The payment of interest on debentures is a charge on the profits of the company. (C) The debentures cannot be issued at a discount of more than 10% of the face value. (D) Redeemable debentures are those debentures, which are payable on the expiry of the specific period. Choose the correct answer from the options given below: 1. (B) and (D) only 2. (A) and (D) only 3. (C) and (D) only 4. (A) and (B) only

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-

The balance in the securities premium account can not be used ------------?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Interest on calls in arrears | (I) Preference Shares | | (B) Interest on calls in advance | (II) OPC | | (C) Sec.2(62) of The Companies Act, 2013 defines | (III) 12% | | (D) Sec.43 of The Companies Act, 2013 defines | (IV) 10% | Choose the correct answer from the options given below: 1. (A) - (IV), (B) - (III), (C) - (I), (D) - (II) 2. (A) - (IV), (B) - (III), (C) - (II), (D) - (I) 3. (A) - (II), (B) - (I), (C) - (IV), (D) - (III) 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Which of the following statement is incorrect - A private company is one which by its articles of association: 1. Restricts the right to transfer its shares 2. A private company must have at least 2 persons, except in case of one person company 3. Its paid up share capital is not more than Rs. 50 Lakhs 4. Limits the number of its members to 200 (excluding its employees)

The director of Poly Plastic 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 Mohit. Profit on reissue of forfeited shares transferred to capital reserve. Amount credited to capital reserve account is-

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 -

According to section ....... of The Companies Act, 2013 'Debenture' includes debenture inventory, bonds and any other securities of a company whether constituting a charge on the assets of the company or not.

Choose the wrong statements about company- (A) A company is an artificial person. (B) The company's shares are generally transferable. (C) Shareholders of a company are liable for the acts of the company (D) Every member of a company is entitled to take part in its management. Choose the correct answer from the options given below: 1. (B) and (D) only 2. (A), (B) and (D) only 3. (B), (C) and (D) only 4. (C) and (D) only