Test: Issue, Forfeiture And Reissue Of Shares - 1


30 Questions MCQ Test Principles and Practice of Accounting | Test: Issue, Forfeiture And Reissue Of Shares - 1


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This mock test of Test: Issue, Forfeiture And Reissue Of Shares - 1 for CA Foundation helps you for every CA Foundation entrance exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Issue, Forfeiture And Reissue Of Shares - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Issue, Forfeiture And Reissue Of Shares - 1 quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Issue, Forfeiture And Reissue Of Shares - 1 exercise for a better result in the exam. You can find other Test: Issue, Forfeiture And Reissue Of Shares - 1 extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

A company invited application for subscription of 5000 shares. The application were received for 6000 shares. The share were allotted on pro-rata bases. If Shyam applied for 180 shares, how many shares would be allotted to him?

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QUESTION: 2

A Ltd. acquired, assets worth Rs. 15,00,000 form H Ltd. by issued of shares of Rs. 100 @ premium of 25%. The number of shares issued to settle the purchase consideration will be: 

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QUESTION: 3

According to Company Act, 1956, Balance sheet of a company is prepared as per 

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QUESTION: 4

When shares are issued to promoters which account should be debited: 

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QUESTION: 5

Balance amount in the share forfeiture would be shown in the balance sheet under the head of ____________.

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QUESTION: 6

500 shares of Rs. 20 each issued at 5% discount are forfeited for non-payment of allotment and final call money @ Rs. 9 and Rs. 5 respectively. Amount credited to Share forfeiture A/c is: 

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QUESTION: 7

Premium received on issue of shares are shown under the head ______ in Balance Sheet : 

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QUESTION: 8

The part of share capital which can be called up only on the winding up of a company is called: 

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QUESTION: 9

As per the Companies Act only preference shares, which are redeemable within ______ can be issued: 

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QUESTION: 10

E Ltd. has allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application is Rs. 2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment due from F:

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QUESTION: 11

Equity – Rs. 90,000, Liability – Rs. 60,000 Profit of the year – Rs. 20,000, Find Total Assets

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QUESTION: 12

The rate of interest paid on calls in advance as per table A is : 

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QUESTION: 13

G Ltd. acquired assets worth Rs. 75,000 from H Ltd. by issue of share of Rs. 10 at a premium of Rs. 5. The number of shares to be issued by G Ltd. to settle the purchase consideration: 

Solution:

When we acquire the assets of 75000. and per share costing is given 10+ 5,( which is for premium) so that the per share costing is 15 so the assets is acquired from him for (75000/5) =5000 shares.

QUESTION: 14

“Proposed dividends” is shown in the Balance sheet of a Company under the head: 

Solution:

The Proposed Dividends will become the part of the Liabilities in the Company's Balance Sheet. It will be shown under the Head 'Reserve and Surpluses'. On the other side, it will be shown as 'Below the Line' statement under the Profit & Loss Account, also popularly known as P&L Appropriation A/c.

QUESTION: 15

Equity shareholders have a right to: 

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QUESTION: 16

J Ltd. reissued 2,000 shares which were forfeited by crediting share forfeiture account by Rs. 3,000. These shares were reissued at Rs. 9 Per share. The amount transferred to Capital Reserve will be: 

Solution:

Bank A/c   Dr.(2000*9)    18,000

Share forfeiture A/c Dr.     2000

         To Share Capital A/c (2000*10)     20,000

(Being forfeited shares re-issued)

 

Share Forfeiture A/c Dr.  1000

     To Capital Reserve                 1000

(balance in share forfeiture account transferred to capital reserve)

QUESTION: 17

A Company forfeited 2,000 shares of Rs. 10 each (which, were issued at par) held by A for non payment of allotment money of Rs. 4 per share. The called up value per share was Rs. 9. On forfeiture, the amount debited to share capital is: 

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QUESTION: 18

The long term assets that have no physical existence but are rights that have value is known as

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QUESTION: 19

The following information pertains to X Ltd.:
(i) Equity Share capital called up Rs. 5,00,000 
(ii) Calls in arrear Rs. 40,000
(iii) Call in advance Rs. 25,000
(iv) Proposed dividend 15%
The amount of dividend payable is: 

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QUESTION: 20

Equity shareholders are ________of a company

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QUESTION: 21

The amount received over and above the par value is credited to which account?

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QUESTION: 22

Dividends are usually paid on: 

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QUESTION: 23

A ________ is an artificial person created by law with a perpetual succession and a common seal

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QUESTION: 24

If vendors are issued fully paid shares of Rs. 1,00,000 in consideration of net assets of Rs. 1,20,000, the balance of Rs. 20,000 will be credited to: 

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QUESTION: 25

Securities Premiums Account is shown in the balance sheet under 

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QUESTION: 26

Reserve capital means: 

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QUESTION: 27

The directors of a company forfeited 1000 shares of Rs. 10 each, Rs. 7.50 paid up, for non payment of final call money of Rs. 2.50 per share. 700 of these shares are re-issued @ Rs. 7/- per share. The amount transferred to capital reserve A/c would be: 

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QUESTION: 28

The amount of capital that is mentioned in capital clause is know as: 

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QUESTION: 29

The Reserve which is created for a particular purpose and which is a charge against revenue is called 

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QUESTION: 30

ABC Ltd. forfeited 20 shares of Rs. 10 each, Rs. 8 called up, on which X paid application and allotment money of Rs. 2 and Rs. 3 respectively. These shares were re-issued to Y at Rs. 6 fully paid. What was the balance in share forfeiture account before shares were re-issued?

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