Test
Quiz - Chapter - Issue of shares
Preguntas del test (20)
1According to the Companies Act, Minimum Subscription has been fixed at......... of the issued amount.
- A25%
- B50%
- C90%
- D100%
2Issue of shares at a price higher than its face value is called
- AIssue at a Profit
- BIssue at premium
- CIssue at discount
- DIssue at a loss
3When a company issues shares at a premium, the amount of premium should be received by the company
- AAlong with application money
- BAlong with allotment money
- CAlong with calls
- DAlong with any of the above
4For what purpose securities premium reserve account cannot be utilized?
- AAmortization of preliminary expenses
- BDistribution of dividend
- CIssue of fully paid bonus shares
- DBuy Back of own shares
5A Company issued 50,000 shares of ₹ 20 each at 5% premium. ₹10 were payable on application and balance on the allotment. What will be the allotment amount including premium?
- A5,00,000
- B4,75,000
- C5,50,000
- D5,25,000
6Interest on calls in arrears is charged according to Table F at:
- A6% p.a.
- B10% p.a.
- C5% p.a.
- D12% p.a.
7As per Table F, the Company is required to pay ........................interest on the amount of calls in advance
- A12% p.a.
- B5% p.a.
- C10% p.a.
- D6% p.a.
8The following amounts were payable on the issue of shares by a Company:₹3 on the application, ₹3 on the allotment, ₹2 on the first call, and ₹ 2 on the final call. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay the final call. Amount of calls in arrear will be :
- A₹ 3,800
- B₹ 2,800
- C₹ 3,000
- D₹ 3,300
9The subscribed capital of a company is ₹ 80,00,000 and the nominal value of the share is ₹ 100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares only. The balance in the calls in arrear amounted to ₹ 62,500. Calculate the final call on share.
- A₹ 20
- B₹ 25
- C₹ 30
- D₹ 40
10Pro-rata allotment of shares is made when there is :
- AUnder subscription
- BOversubscription
- CNormal subscription
11A Company invited applications for 1,00,000 shares and it received
applications for 1,50,000 shares. Applications for 30,000 shares were rejected and the remaining were allotted shares on a pro-rata basis. How many shares an applicant for 3,000 shares will be allotted :- A2,500 Shares
- B3,600 Shares
- C4,500 Shares
- D2,000 Shares
12A Company offered 50,000 shares of ₹10 each at par payable as to ₹3 on applications, ₹ 5 on the allotment, and the balance on final call. Applications were received for 60,000 shares and the allotment was made pro-rata. The excess application money was to be adjusted on allotment and call. How much
amount will be transferred from Share Application A/c to Share Allotment A/c?- A₹ 1,80,000
- B₹ 30,000
- C₹ 1,50,000
- D₹ 50,000
13If applicants for 80,000 shares were allotted 60,000 shares on a pro-rata basis, the shareholder who was allotted 1,200 shares must have applied for :
- A900 Shares
- B1,600 Shares
- C19,00 Shares
- D500 shares
14If the Premium on the forfeited shares has already been received, then
Securities Premium A/c should be :- ACredited
- BDebited
- CNo treatment
- DNone of these
15At the time of forfeiture of shares the share capital account is debited with
- AFace value
- BCalled up value
- CPaid-up value
- DIssued value
16If a share of ₹ 10 issued at a premium of ₹3 on which the full amount has been called and ₹ 8 (including premium) paid is forfeited the share forfeiture account should be debited with:
- A₹ 6
- B₹ 5
- C₹ 8
- D₹ 4
17The amount of discount on the reissue of forfeited shares cannot exceed
- A5% of the face value
- B10% of the face value
- CThe amount received on forfeited shares
- DThe amount not received on forfeited shares
18The balance of the forfeited shares accounts after re-issue of forfeited shares is transferred to :
- AStatement of Profit & Loss
- BShare Capital A/c
- CCapital Reserve A/c
- DGeneral Reserve A/c
19. If the company does not have its own Articles of Association or the Articles of Association does not have a clause to this effect, Table F of the Companies Act, 2013 will apply. According to that ,a period of how many months must exist between two calls
- A2 Months
- B1 Month
- C3 Month
- DNone of the above
20Metacaf Ltd. issued 50,000 shares of 1 100 each payable ₹ 20 on application (on 1st May 2012); ₹ 30 on the allotment (on 1st January 2013); ₹ 20 on the first call(on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received. Total amount received on 1st February was :
- A₹15,00,000
- B₹17,00,000
- C₹18,00,000
- D₹16,00,000
Información
- Descripción
- This quiz is based on Chapter: Issue of Shares of class 12 Accountancy subject
- Autor
- MAMTA NARULA
- Idioma
- English
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- 175
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