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Class 12 Accountancy
Accounting For Share Capital
Quiz 1
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Reserve share capital means :
0%
Part of authorised capital to be called at the beginning
0%
Portion of uncalled capital to be called only at liquidation
0%
Over subscribed capital
0%
Under subscribed capital
Explanation
Portion of uncalled capital to be called only at liquidation
When full amount is due on any call but it is not received, then the short fall is debited to :
0%
Calls-in-advance
0%
Calls-in-arrear
0%
Share Capital
0%
Suspense Account
Explanation
Calls-in-arrear
The difference between subscribed capital and called up capital is called :
0%
Calls-in-arear
0%
Calls-in-advance
0%
Uncalled capital
0%
None of these
Explanation
Uncalled capital
Which statement is issued before the issue of shares ?
0%
Prospectus
0%
Articles of Association
0%
Memorandum of Association
0%
All of these
Explanation
All of these
Company can utilise securities premium for :
0%
Writing off loss incurred on revaluation of asset
0%
Issuing fully paid bonus shares
0%
Paying divided
0%
Writing off trading loss
Explanation
Issuing fully paid bonus shares
When a company issues fully paid shares to promoters
0%
Bank A/c Dr. To Share Capital A/c
0%
Good will A/c Dr. To Share Capital A/c
0%
Promoters Personal A/c Dr. To Share Capital A/c
0%
Promotion Expenses A/c Dr. To Share Capital A/c
Explanation
Goodwill A/c Dr. To Share Capital A/c
When a company issues shares at a premium, amount of premium may be received by the company :
0%
Along with application money
0%
Along with application money
0%
Along with calls
0%
Along with any of the above
Explanation
Along with any of the above
Share Application Account is :
0%
Personal Account
0%
Real Account
0%
Nominal/ Account
0%
None of these
Explanation
Personal Account
Secrities Premium can not be applied :
0%
For paying dividend to members
0%
For issuing bonus shares to members
0%
For writing off preliminary expenses of company
0%
For writing off discount on issue of debentures
Explanation
For paying dividend to members
A joint stock company is :
0%
An artificial legal person
0%
Natural person
0%
A general person
0%
None of these
Explanation
An artificial legal person
Equity shareholders are :
0%
Customers
0%
Creditors
0%
Debtors
0%
Owners
Explanation
Owners
Reserve capital means :
0%
A part of subscribed uncalled capital
0%
Reserve Profit
0%
A part of Capital Reserve
0%
A part of Capital Redemption Reserve
Explanation
A part of subscribed uncalled capital
Securities Premium is shown under which head in the Balance Sheet ?
0%
Reserve and Surplus
0%
Miscellaneous Expenditure
0%
Current Liabilities
0%
Share Capital
Explanation
Reserve and Surplus
Shares may be issued :
0%
At par value
0%
At FYemimum
0%
At Discount
0%
Both (a) & (b)
Explanation
Both (a) & (b)
Capital included in the liabilities of a company is called :
0%
Authorised Capital
0%
Issued Capital
0%
Subscribed Capital
0%
Paid-up Capital
Explanation
Paid-up Capital
An issue of shares which is not a public issue but offered to a selected group of persons is called :
0%
Public offer
0%
Private placement of shares
0%
Initial public offer
0%
None of these
Explanation
None of these
If a share of ₹ 10 on which ₹ 8 has been called and ₹ 6 is paid is forfeited, the Share Capital Account should be debited with :
0%
₹ 8
0%
₹ 10
0%
₹ 6
0%
₹ 2
Explanation
₹ 8
When shares are forfeited, the Share Capital Account is debited with:
0%
Nominal value of Shares
0%
Market value of Shares
0%
Called-up value of Shares
0%
Paid-up value of Shares
Explanation
Called-up value of Shares
If the loss on reissue of shares is less than the amount forfeited, the ‘surplus’ or profit is transferred to :
0%
Capital Reserve
0%
Revenue Reserve
0%
Profit & Loss A/c
0%
None of these
Explanation
Capital Reserve
J. Ltd. re-issue 2,000 shares which where forfeited by crediting share forfeiture account by ₹ 3,These shares were re-issued at ₹ 9 per share. The amount transferred to capital reserve will be :
0%
₹ 3,000
0%
₹ 2,000
0%
₹ 1000
0%
Nil
Explanation
₹ 1000
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