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Class 12 Accountancy
Accounting For Share Capital
Quiz 3
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If equity share of ₹ 10 Rs. each is issued at ₹ 12 each, it is called:
0%
Issued at Par
0%
Issued at Premium
0%
Issued at Discount
0%
None of these
Explanation
Issued at Premium
The maximum capital beyond which a company is not allowed to raise funds, by issue of shares is called …………..
0%
Issued capital
0%
Reserve capital
0%
Authorised capital
0%
Subscribed capital
Explanation
Reserve capital
As per Table F the maximum rate of interest on calls in advance paid is:
0%
8% p.a.
0%
12% p.a.
0%
5 % p.a.
0%
None of these
Explanation
12% p.a.
As per the Companies Act, only preference shares, which are redeemable within …………. can be issued.
0%
24 years
0%
22 years
0%
30 years
0%
20 years
Explanation
20 years
Which one of the following is the registered capital of the company ?
0%
Paid-up capital
0%
Uncalled capital
0%
Authorised capital
0%
Issued capital
Explanation
Authorised capital
Dividends are usually paid on :
0%
Authorised Capital
0%
Issued Capital
0%
Called-up Capital
0%
Paid-up Capital
Explanation
Paid-up Capital
If vendors are issued fully paid shares of ₹ 1,00,000 in consideration of net assets of ₹ 1,20,000 the balance of ₹ 20,000 will be credited to :
0%
Goodwill Account
0%
Capital Reserve Account
0%
Vendor’s Account
0%
Profit & Loss Account
Explanation
Capital Reserve Account
Which account should be debited when shows an issued to promoters:
0%
Share Capital A/c
0%
Assets A/c
0%
Promoter’s A/c
0%
Goodwill A/c
Explanation
Goodwill A/c
According to Section 52 of the Compaines Act, the amount in the Securities Premium Account cannot be used for the purpose of:
0%
Issue of fully Paid Bonus Shares
0%
Writing Off Losses of the Company
0%
Writing off Preliminary Expenses
0%
Writing Off Commission or Discount on Issue of Shares
Explanation
Writing Off Losses of the Company
10,000 equity shares of 10 Rs. each were issued to public at a premium of ₹ 2 per share payable on allotment. Applications were received for ₹ 12,000 shares. Amount of securities premium account will be :
0%
₹ 20,000
0%
₹ 24,000
0%
₹ 4,000
0%
₹ 1,600
Explanation
₹ 20,000
A Ltd. purchased a machinery for 1,80,000 Rs. for which it is paying by issue of shares of 100 Rs. each at 20% premium. How many shares will be issued as consideration. ?
0%
2,500
0%
2,000
0%
1,500
0%
3,000
Explanation
1,500
Right Shares are issued to :
0%
Promoters for the Services
0%
Holders of Convertible Debentures
0%
Existing Shareholders
0%
All of the above
Explanation
Existing Shareholders
A company is registered with a share capital of ₹ 1,00,000 Rs. divided into ₹ 10,000 shares of ₹ 10 each. Of these shares 9,990 shares are held by Rajeev and 10 Shares are held by Sanjay. In the eye of law it is treated as:
0%
Partnership
0%
Private Company
0%
Public Compancy
0%
Government Company
Explanation
Private Company
Which of the following should be deducted from the called-up capital to find out paid-up capital:
0%
Calls-in-advance
0%
Calls-in-arrear
0%
Share forfeiture
0%
Discount on issue of shares
Explanation
Calls-in-arrear
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