Test: Issue, Forfeiture And Reissue Of Shares - 2


30 Questions MCQ Test Principles and Practice of Accounting | Test: Issue, Forfeiture And Reissue Of Shares - 2


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QUESTION: 1

A purchased a Machinery for Rs. 1,80,000 for which he is paying shares of Rs. 100 each at 10% discount. How many shares will be given as consideration?

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QUESTION: 2

According to Section 78 of the companies Act, the amount in the Securities Premium A/c cannot be used for the purpose of :

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QUESTION: 3

10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs. 2 per share. Application were received for 12,000 shares. Amount of securities premium account will be : 

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QUESTION: 4

A company issued 20,000 preference shares at the rate of Rs. 100 each at 5% premium and 2,00,000 equity shares at the rate Rs. 10 each at 10% premium. What is the net amount of securities premium?

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QUESTION: 5

Voluntary return of shares for cancellation by the shareholders is called: 

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QUESTION: 6

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

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QUESTION: 7

A company forfeited 100 equity shares of Rs. 100 each issued at premium of 50% (to be paid at the time of allotment) on which the first call money of Rs. 30 per share was not received, final call of Rs. 20 is yet to be made. These shares were subsequently reissued @ Rs. 70 per share at Rs. 80 paid up. The amount credited to capital reserve is: 

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QUESTION: 8

Right shares are issued to :

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QUESTION: 9

If the issue size is up to Rs. 500 crores, the issued shares should be made fully paid up within ______ of the date of allotment: 

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QUESTION: 10

A company issued 5,000 shares of Rs. 10 each at 20% premium payable as follows : Application – Rs. 2, Allotment Rs. 5 (including premium) and First and Final Call- Rs. 5. A holder of 200 shares failed to pay the First and Final Call. His shares were forfeited. Calculate the amount to be credited to Share Forfeiture Account. 

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QUESTION: 11

When full amount is due on any call but it is not received, then the shortfall is debited to-

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QUESTION: 12

X was issued 100 shares of Rs. 10 each at a premium of Re.1, he paid application money and allotment money which in total amounted to Rs. 5 (excluding premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time reissue of shares: 

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QUESTION: 13

If a company is not able to refund the excess amount of share within the reasonable time. The Company will give them Interest @: 

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QUESTION: 14

Dividends are usually paid upon:

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QUESTION: 15

X purchased the running business of A for Rs. 60,000. In place of cash he discharged the purchase consideration by issue of equity shares of Rs. 10 each at 20% premium. Find the number of shares to be issued ?

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QUESTION: 16

 The difference between Subscribed capital and called up Capital is called: 

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QUESTION: 17

Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on application and Rs. 3 on allotment. He did not pay Rs. 2 on first call. His shares are forfeited subsequently after first call. Share capital will be debited by_______

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QUESTION: 18

Reserve share capital means: 

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QUESTION: 19

At the time of forfeiture, Share Capital Account is debited with: 

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QUESTION: 20

The rate of interest on calls-in-advance is paid at A rate of:

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QUESTION: 21

Asha Ltd. issued shares of Rs. 100 each at a premium of 25%. Mamta who has Rs. 2,000 shares of Asha Ltd., failed to pay first and final call totaling Rs. 5. Premium was taken at the time of allotment by the company. On forfeiture of Mamta’s shares, the amount to be debited to share Premium account will be: 

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QUESTION: 22

A to whom 100 shares of Rs. 10 each were allotted at par, paid Rs. 3 on allotment and Rs. 3 on application but could not pay the first and final call money of Rs. 4. His shares were forfeited by directors. The amount to be credited to share forfeited account will be:

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QUESTION: 23

 Securities premium is shown under which head in the balance sheet. 

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QUESTION: 24

A Ltd. forfeited 1000 equity shares of Rs. 10 each issued at a discount of 10%. For non –payment of first call of Rs. 2 and second call of Rs. 3 per share. For recording this forfeiture, calls in arrear will be credited by: 

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QUESTION: 25

 Share allotment account is a : 

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QUESTION: 26

A company makes an issue of 10,000 equity shares of Rs. 100 each, payable as follows :On application and allotment Rs.50On first call Rs. 25On second and final call Rs. 25Members holding 400 shares did not pay the second call and the shares were duly forfeited 300 of which are reissued as fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be: 

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QUESTION: 27

Following are the information related to G Ltd.:
(i) Equity share capital paid up Rs. 2,85,000
(ii) Calls in advance Rs. 10,000
(iii) Calls in arrear Rs. 15,000
(iv) Proposed dividend 20%
The amount of dividend payable:

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QUESTION: 28

Share premium is utilized for this purpose : 

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QUESTION: 29

The minimum subscription as prescribed by SEBI against the entire issue is :

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QUESTION: 30

X Ltd. Allotted 10,000 shares to the applicants of 14,000 shares on prorate basis. O applied for 840 shares. What is the number of shares allotted to him. If application money is @ Rs. 2 then what will be is amount transferred to further calls. _______.

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