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MCQs on Company Accounts Class 12

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MCQs on Company Accounts

Question 21:

NUK Ltd. forfeited 1,000 shares of ₹10 each, fully called up for non-payment of final call of ₹2 per share. 800 of these shares were reissued at ₹11 per share fully paid. The amount credited to Capital Reserve Account will be:

  1. *₹6,400
  2. ₹8,000
  3. ₹7,200
  4. ₹10,000

Question 22:

The debentures which do not carry a specific rate of interest are called:

  1. *Zero Coupon Rate Debentures
  2. Specific Coupon Rate Debentures
  3. Unsecured Debentures
  4. Secured Debentures

Question 23:

Beeta Ltd. offered for subscription 1,00,000 equity shares of ₹ 10 each at a premium of 100% payable entirely on application. Applications were received for 5,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount received by the company on application was:

  1. *₹ 1,00,00,000
  2. ₹ 20,00,000
  3. ₹ 1,20,00,000
  4. ₹ 80,00,000

Question 24:

The amount of share capital which a company is authorized to issue by its Memorandum of Association is called:

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

Question 25:

Sinoy Ltd. issued 20,000 shares of ₹ 10 each at a premium of ₹ 6. The amount was payable as follows:

On Application – ₹ 7 per share (Including Premium ₹ 1 per share)

On Allotment – ₹ 5 per share (Including Premium ₹ 2 per share)

On First and Final call – Balance

The issue was fully subscribed. All the money was duly received except the allotment and first and final call on 1,000 shares. These shares were forfeited. On forfeiture of these shares, the ‘Securities Premium Account’ will be debited by:

  1. ₹ 2,000
  2. ₹ 3,000
  3. *₹ 5,000
  4. ₹ 20,000

MCQs on Company Accounts

Question 26:

Money not received from shareholders on allotment or calls is:

  1. debited to calls in advance account.
  2. credited to calls in advance account.
  3. *Debited to calls in arrears account.
  4. credited to calls in arrears account.

Question 27:

Those debentures where a charge is created on the assets of the company for the purpose of payment in case of default are known as:

  1. *Secured Debentures
  2. Registered Debentures
  3. Specific Coupon Rate Debentures
  4. Redeemable Debentures

Question 28:

Nagar Ltd. issued 6,000, 11% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium. ‘Discount on issue of debentures’ and ‘Premium on redemption of debentures’ were accounted for through ‘Loss on issue of debentures account’. If the amount of ‘Loss on issue of debentures’ was ₹90,000, then the amount of premium on redemption of debentures was:

  1. ₹ 60,000
  2. ₹ 90,000
  3. ₹ 1,20,000
  4. *₹ 30,000

Question 29:

On 1st April 2022 Surya Ltd. issued 10,000, 12% Debentures of ₹ 100 each at a premium of 5%. The total amount of interest on debentures for the year ended 31st March 2023 will be:

  1. *₹ 1,20,000
  2. ₹ 50,000
  3. ₹ 1,00,000
  4. ₹ 1,26,000

Question 30:

Rupali Limited offered 2,00,000 shares of ₹ 10 each at a premium of ₹ 2 per share. Applications were received for 1,95,000 shares, which were duly allotted. The amount was payable as ₹3 on Application (including ₹1 premium), ₹ 6 on Allotment (including ₹1 premium) and balance on call. Manu, holding 6,000 shares failed to pay allotment money and his shares were immediately forfeited. Out of the forfeited shares, 4,000 shares were re-issued @ ₹ 11 per share as fully paid up. The amount of Capital Reserve will be:

  1. ₹ 16,000
  2. ₹ 12,000
  3. *₹ 8,000
  4. ₹ 18,000
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