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Quiz - Chapter - Issue of shares

Description

This quiz is based on Chapter: Issue of Shares of class 12 Accountancy subject
MAMTA NARULA
Quiz by MAMTA NARULA, updated more than 1 year ago
MAMTA NARULA
Created by MAMTA NARULA over 8 years ago
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Resource summary

Question 1

Question
According to the Companies Act, Minimum Subscription has been fixed at......... of the issued amount.
Answer
  • 25%
  • 50%
  • 90%
  • 100%

Question 2

Question
Issue of shares at a price higher than its face value is called
Answer
  • Issue at a Profit
  • Issue at premium
  • Issue at discount
  • Issue at a loss

Question 3

Question
When a company issues shares at a premium, the amount of premium should be received by the company
Answer
  • Along with application money
  • Along with allotment money
  • Along with calls
  • Along with any of the above

Question 4

Question
For what purpose securities premium reserve account cannot be utilized?
Answer
  • Amortization of preliminary expenses
  • Distribution of dividend
  • Issue of fully paid bonus shares
  • Buy Back of own shares

Question 5

Question
A 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?
Answer
  • 5,00,000
  • 4,75,000
  • 5,50,000
  • 5,25,000

Question 6

Question
Interest on calls in arrears is charged according to Table F at:
Answer
  • 6% p.a.
  • 10% p.a.
  • 5% p.a.
  • 12% p.a.

Question 7

Question
As per Table F, the Company is required to pay ........................interest on the amount of calls in advance
Answer
  • 12% p.a.
  • 5% p.a.
  • 10% p.a.
  • 6% p.a.

Question 8

Question
The 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 :
Answer
  • ₹ 3,800
  • ₹ 2,800
  • ₹ 3,000
  • ₹ 3,300

Question 9

Question
The 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.
Answer
  • ₹ 20
  • ₹ 25
  • ₹ 30
  • ₹ 40

Question 10

Question
Pro-rata allotment of shares is made when there is :
Answer
  • Under subscription
  • Oversubscription
  • Normal subscription

Question 11

Question
A 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 :
Answer
  • 2,500 Shares
  • 3,600 Shares
  • 4,500 Shares
  • 2,000 Shares

Question 12

Question
A 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?
Answer
  • ₹ 1,80,000
  • ₹ 30,000
  • ₹ 1,50,000
  • ₹ 50,000

Question 13

Question
If 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 :
Answer
  • 900 Shares
  • 1,600 Shares
  • 19,00 Shares
  • 500 shares

Question 14

Question
If the Premium on the forfeited shares has already been received, then Securities Premium A/c should be :
Answer
  • Credited
  • Debited
  • No treatment
  • None of these

Question 15

Question
At the time of forfeiture of shares the share capital account is debited with
Answer
  • Face value
  • Called up value
  • Paid-up value
  • Issued value

Question 16

Question
If 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:
Answer
  • ₹ 6
  • ₹ 5
  • ₹ 8
  • ₹ 4

Question 17

Question
The amount of discount on the reissue of forfeited shares cannot exceed
Answer
  • 5% of the face value
  • 10% of the face value
  • The amount received on forfeited shares
  • The amount not received on forfeited shares

Question 18

Question
The balance of the forfeited shares accounts after re-issue of forfeited shares is transferred to :
Answer
  • Statement of Profit & Loss
  • Share Capital A/c
  • Capital Reserve A/c
  • General Reserve A/c

Question 19

Question
. 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
Answer
  • 2 Months
  • 1 Month
  • 3 Month
  • None of the above

Question 20

Question
Metacaf 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 :
Answer
  • ₹15,00,000
  • ₹17,00,000
  • ₹18,00,000
  • ₹16,00,000
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