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12th Accountancy Weekly Test -3 ( Company accounts)

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 ( Company accounts)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Interest on calls in advance is ________________

4% p.a.
5% p.a.
6% p.a.
7% p.a.

When shares are issued for purchase of assets, the amount should be credited to

Vendor’s A/c
Sundry assets A/c
Share capital A/c
Bank A/c

When shares issued at premium which of the following account is credited?

Share premium A/c
Share first call A/c
Share allotment A/c
Share forfeited A/c

Which of the following statement is true:

Authorized capital = Issued capital
Authorized capital> Issued capital
Paid up capital>Issued capital
None of these

Securities premium account is shown on the liabilities side of the balance sheet under the head:

Share capital
Reserves and Surplus
Current liabilities
None of them

Match the pair and identify the correct option

(1) Under subscription (i) Amount prepaid for calls

(2) Over subscription (ii) Subscription above the offered shares

(3) Calls in arrear (iii) Subscription below the offered shares

(4) Calls in advance (iv) Amount unpaid on calls

(1) (2) (3) (4)

(i) (ii) (iv) (iv)
(1) (2) (3) (4)

(iv) (iii) (ii) (i)
(1) (2) (3) (4)

(iii) (ii) (iv) (i)
(1) (2) (3) (4)

(iii) (iv) (i) (ii)

Minimum number of members in case of public company is ________________

4
5
6
7

If the company-A purchases the majority shares of company-B, what combination would this be referred to?

Amalgamation
Takeover
Absorption
None of these

A company is allowed by law to sell 2,00,000 shares at Rs.2 each. Three-quarters(3/4) of these shares were bought by the public. What is the issued share capital?

Rs.1,00,000
Rs.3,00,000
Rs.4,00,000
Rs.5,00,000

Holders of preference shares will have a right to vote if the dividend remains in arrears for a period not less than ___________

2 years
3 years
6 years
None of the above

When share issued are 10,000 but applied shares are 8,000 then it is a case of :

Over Subscription
Under Subscription
Pro-rata
None of these

After getting minimum subscription of shares, the company has to allot shares within ___________ days

90
100
110
120

Securities Premium Reserve collected by the company can be used for:

Issue of bonus shares
Payment of dividend
Any business purpose
None of these

Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

Rs.700
Rs.800
Rs.900
Rs.1,000

If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

Rs.10 per share
Rs.8 per share
Rs.5 per share
Rs.2 per share

Brave Ltd. Issued 60,000 shares of Rs.10 each at a discount of Re.1 per share. The application money was Rs.2, allotment money was Rs.4 and finale call was of Re.1. The amount of final call will be _______________

Rs.3
Rs.2
Rs.1
Rs.4

The portion of the authorized capital which can be called-up only on the liquidation of the company is called

Authorized capital
Reserve capital
Issued capital
Called up capital

After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

General reserve account
Capital reserve account
Securities premium account
Surplus account

When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

Calls in arrear
Calls in advance
Capital Reserve
None of these

In case of private placement of shares to raise the amount of capital, a company:

Invites the public through prospectus
Does not invite the public
Invite the public through advertisement
None of these

As per section 78 of the companies act, amount collected as premium on securities cannot be utilized for:

Issuing fully paid bonus shares to the members
Purchase of fixed assets
Writing off preliminary expenses
None of these

Which of the following capital is not shown in company’s balance sheet:

Authorized capital
Issued and Subscribed capital
Called and paid up capital
Reserve Capital

A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.John for non-payment of allotment money of Rs.4 per share. The called – up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

Rs.10,000
Rs.8,000
Rs.2,000
Rs.18,000

Penalty for delay in refunding application money ___________________

6%
5%
15%
20%

Which of the following statement is false?

Issued capital can never be more than the authorised capital
In case of under subscription, issued capital will be less than the subscribed capital
Reserve capital can be called at the time of winding up
Paid up capital is part of called up capital

The minimum share Application money is _______________

5% of the face value of shares
10% of the issue price of shares
Rs.1 per share
15% of the face value of shares

The profit remaining after issue of forfeited shares, in share forfeiture account will be transferred to ______________

Profit & Loss A/c
Share Capital A/c
General Reserves
Capital Reserve

Other name for registered capital is ____________

Issued Capital
Nominal Capital
Reserve capital
None of the above

As per companies act, a company cannot proceed to allot shares unless ______________ is received

Minimum Subscription
Allotment money
Application money
Call money

The excess amount paid over the called up value of a share is known as _____________

Calls in arrear
Calls in advance
Capital Reserve
None of these

Proposed divided is shown in the balance sheet of a company under the head ______________

Provisions
Reserves & Surplus
Current Liabilities
Other liabilities

The amount received over and above the par value is credited to

Securities premium account
Calls in advance account
Share capital account
Forfeited shares account

When two or more companies carrying on similar business decide to combine, a new company is formed, it is known as ______________

Amalgamation
Absorption
Internal reconstruction
External reconstruction

Premium received on issue of shares are shown under the head of ________________ in balance sheet

Reserves & Surplus
Current liabilities
Share capital
Capital Reserves

At the time of forfeiture, share capital account is debited with

Face value
Nominal value
Paid up amount
Called up amount

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