Commerceatease

Login

MCQs on Company Accounts Class 12

By /

MCQs on Company Accounts

Question 11:

On 1st April 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March 2023 will be:

  1. ₹2,70,000
  2. *₹3,00,000
  3. ₹27,000
  4. ₹30,000

Question 12:

Maharaja Ltd. took over assets of ₹15,00,000 and liabilities of ₹2,00,000 of Dolphin Ltd. for an agreed purchase consideration of ₹12,60,000. It was agreed that the purchase consideration will be paid by issuing 11% Debentures of ₹100 each at 10% discount. The number of debentures issued will be:

  1. 13,000
  2. 12,600
  3. 10,000
  4. *14,000

Question 13:

Misha Ltd. issued 6,000, 8% Debentures of ₹100 each at ₹96 per debenture. 8% Debentures Account will be credited by:

  1. ₹5,76,000
  2. ₹24,000
  3. *₹6,00,000
  4. ₹60,000

Question 14:

Nominal/Authorized share capital is:

  1. that part of the share capital which is issued by the company.
  2. the amount of share capital which is actually applied for by the prospective shareholders.
  3. *The maximum amount of share capital which a company is authorized to issue.
  4. the amount actually paid by the shareholders.

Question 15:

The debentures which do not have a specific charge on the assets of the company are called:

  1. Redeemable Debentures
  2. *Unsecured Debentures
  3. Zero Coupon Rate Debentures
  4. Non-Convertible Debentures

MCQs on Company Accounts

Question 16:

Alfa Ltd. offered for public subscription 50,000 equity shares of ₹10 each at ₹110 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made to all the applicants. The amount received on application will be:

  1. *₹52,80,000
  2. ₹55,00,000
  3. ₹50,00,000
  4. ₹48,00,000

Question 17:

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to (i) respective unpaid calls account i.e., calls in arrears and (ii) share forfeiture account with the amount already received on shares.

Reason (R): When the shares are forfeited, all entries relating to the shares forfeited, except those relating to securities premium, already recorded in accounting records must be reversed.

Choose the correct option from the following:

  1. *Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation of Assertion (A).
  2. Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
  3. Assertion (A) is incorrect, but Reason (R) is correct.
  4. Assertion (A) is correct, but Reason (R) incorrect.

Question 18:

Lexa Ltd. issued 50,000 equity shares of ₹10 each at a premium of ₹2 per share. The amount was payable as follows:

On application and allotment ₹7 per share (including premium)

On first and final call Balance

The issue was fully subscribed. All the money was duly received except the first and final call on 1,000 equity shares. These shares were forfeited. On forfeiture of these shares Calls in Arrears Account will be:

  1. credited by ₹7,000
  2. debited by ₹5,000
  3. *Credited by ₹5,000
  4. debited by ₹7,000

Question 19:

Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of which of the following capital?

  1. Reserve Capital
  2. Nominal Capital
  3. Subscribed Capital
  4. *Issued Capital

Question 20:

KLB Ltd. forfeited 3,000 shares of 10 each, ₹8 per share called up for non-payment of first call of ₹2 per share. All these shares were reissued at ₹7 per share, ₹8 paid up. The amount transferred to Capital Reserve Account will be:

  1. ₹18,000
  2. ₹24,000
  3. *₹15,000
  4. ₹3,000
Pages: 1 2 3 4