CUET UG Accountancy — Company Accounts previous year questions with solutions.
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.
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:
Debenture suspense is shown in the balance sheet as
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:
Rahul Limited purchased a building from Handa Limited for Rs.5,40,000 and the payment is to be made by the issue of shares of Rs.100 each. What will the number of shares to be issued when shares issued at a premium of 20%?
Perpetual Debentures are also known as :-
Arrange the journal entries with regard to first call of shares in the correct sequence: (A) For Adjustment of Excess Application Money (B) For Amount Due on Allotment (C) For Allotment money received. (D) For Amount Due on call. Choose the correct answer from the options given below:
Shares can be forfeited:
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.
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:
Which statements among the following are CORRECT? (A) A public company's shares are generally transferable. (B) Share application account is a personal account. (C) The director of a company may be a shareholder. (D) Paid up capital can exceed called up capital. Choose the correct answer from the options given below:
Select the TRUE statement related to the issue/re-issue of equity shares.
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:
A company has issued 10% Debentures of Face Value of Rs. 5,00,000 as Collateral Security against Rs. 6,00,000, 12% Bank Loan. What amount of total interest will be paid by company for the whole year:-
Arrange the important steps in the correct sequence in the procedure of share issue: (A) Receipt of Applications (B) Allotment of Shares (C) Listing of Shares on the Stock Exchange (D) Issue of Prospectus Choose the correct answer from the options given below:
The maximum amount of discount on the re-issue of forfeited shares will be:-
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:
A company maintains 'Calls in Arrears' Account. What entry it will be passed on receiving first call money provided whole amount due in it is not received:-
Interest on calls in advance is provided at a rate not exceeding ........ as per "Table F":
Jindal and Company purchased a machine from High Life Machine Limited for Rs.3,80,000. As per purchase agreement, Rs. 20,000 were paid in cash and balance by issue of shares of Rs.100 each. Find the number of shares issued, if they are issued at par:
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) 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:
Which of the following 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: