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Accountancy: CUET Mock Test - 3


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40 Questions MCQ Test CUET Mock Test Series | Accountancy: CUET Mock Test - 3

Accountancy: CUET Mock Test - 3 for Class 12 2023 is part of CUET Mock Test Series preparation. The Accountancy: CUET Mock Test - 3 questions and answers have been prepared according to the Class 12 exam syllabus.The Accountancy: CUET Mock Test - 3 MCQs are made for Class 12 2023 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Accountancy: CUET Mock Test - 3 below.
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Accountancy: CUET Mock Test - 3 - Question 1

Preference shares, in case the holders of these have a right to convert preference shares into equity shares at their option according to the issue, such shares are called

Accountancy: CUET Mock Test - 3 - Question 2

If the purchase consideration is more than net worth, then which account will be debited for the difference amount?

Accountancy: CUET Mock Test - 3 - Question 3

A company allotted 20,000 shares to applicants of 50,000 shares after rejecting 10,000 applications. The ratio in which company allotted the share will be

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 3

Applicants of 40,000 shares allotted 20,000 shares Ratio 40,000 : 20,000 = 2:1

Accountancy: CUET Mock Test - 3 - Question 4

Which shareholders have a right to receive the arrears of dividend from future profits?

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 4

f the company fails to repay the application money within the said 60 days period, it shall be liable to repay that money with interest @ 15% p.a. from the expiry of the 60th day.

Accountancy: CUET Mock Test - 3 - Question 5

If applicants for 80,000 shares were allotted 60,000 shares on pro rata basis, the shareholder who was allotted 1,200 shares must have applied for

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 5

Applied shares = 1,200 x 80,000 / 60,000
= 1,600

Accountancy: CUET Mock Test - 3 - Question 6

If the premium on forfeited shares has already been received, then securities premium account should be

Accountancy: CUET Mock Test - 3 - Question 7

Following amounts were payable on issue of shares by a company: ₹ 3 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on final call. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay final call. Amount of calls-in-arrear will be

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 7

Call -in-arrear for X
First call = 500 x 2 = 1,000
Final call = 500 x 2 = 1,000
Call-in-arrear for Y
Final call = 400 x 2 = 800
Total call-in-arrear
= 1,000 + 1,000 + 800 = ₹ 2,800

Accountancy: CUET Mock Test - 3 - Question 8

When full nominal (face) value of a share is called by the company, but as some shareholders did not pay the money on due date, their shares are being forfeited by the company. How the share capital is shown in the balance sheet (notes to accounts) of a company?

Accountancy: CUET Mock Test - 3 - Question 9

Minimum subscription should be 95% of the issued capital.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 9

Minimum subscription should be 90% of the issued capital.

Accountancy: CUET Mock Test - 3 - Question 10

The % associated with preference shares as prefix (e.g., 10% Preference Share)s is the rate of ______

Accountancy: CUET Mock Test - 3 - Question 11

A company forfeited 3,000 shares of ₹10 each (which were issued at par) held by Kishore for non-payment of allotment money of ₹ 5 per share. The called up value per share was ₹ 8. On forfeiture, the amount debited to share capital

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 11

Shares capital account debited by = 3,000 x 8 = ₹ 24,000

Accountancy: CUET Mock Test - 3 - Question 12

Mithas Limited was formed with share capital of ₹ 50,00,000 divided into 50,000 shares of ₹ 100 each. 9,000 shares were issued to the vendor as fully paid for purchase consideration of a furniture acquired. 30,000 shares were allotted in payment of cash on which ₹ 70 per share was called and paid. State the amount of subscribed capital.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 12

Subscribed capital = 30,000 x 100 = ₹ 30,00,000

Accountancy: CUET Mock Test - 3 - Question 13

A company issued 10,000 shares of ₹ 10 each at par; ₹ 3 on application; ₹ 3 on allotment; ₹ 4 on first and final call. One shareholder holding 1,000 shares paid the entire amount of his shares with application. Calculate amount received on application.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 13

Application money received = 10,000 x 3 = ₹ 30,000
(+) Advance received from one shareholder (1,000 x7) = ₹ 7,000
= ₹ 37,000

Accountancy: CUET Mock Test - 3 - Question 14

Pro-rata allotment is made in case of under subscription.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 14

Pro -rata allotment is made in case of over subscription.

Accountancy: CUET Mock Test - 3 - Question 15

Actual num ber of shares offered to the public for subscription is known as _____

Accountancy: CUET Mock Test - 3 - Question 16

Zee Ltd issued 15,000 equity shares of ₹ 20 each at a premium of ₹ 5 payable ₹ 5 on application, ₹ 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions is

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 16

Amount received on application (22,500 x 5) = ₹ 1,12,500
Amount received on allotment (15,000 x 10) =1,50,000
(-) Excess money adjusted (7,500 x 5) =(37,500)
(-) Calls-in-arrear (9,000)
= 10,3,500
Amount received on first call
(15,000 x 10) =1,50,000
(-) Calls-in-arrear (1,200 x 10) = (12,000) = 1,38,000
Amount received on reissue (1,200 x 20) = ₹ 24,000
otal amount received
= 1,12,500 + 1,03,500 + 1,38,000 + 24,000 
= ₹ 3,78,000

Accountancy: CUET Mock Test - 3 - Question 17

These shares which in addition to the fixed preference dividend, carry a right to participate in the surplus profits, if any, after dividend at a stipulated rate has been paid to the equity shareholders are called

Accountancy: CUET Mock Test - 3 - Question 18

Pragya Ltd. forfeited 8,000 equity shares of ₹ 100 each issued at a premium of 10% for non-payment of first and final call of ₹ 30 per share. The maximum amount of discount at which these shares can be reissued will be

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 18

orfeited 8,000 equity shares of 7 100 each issued at apremium of 10% for non-payment of first and final call of 30 per share. The maximum amount of discount at which these shares can be reissued. will be 80,000.

Accountancy: CUET Mock Test - 3 - Question 19

Securities premium can be used to buy back its own shares by the company.

Accountancy: CUET Mock Test - 3 - Question 20

The liability of every shareholder of the company is unlimited.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 20

Liability of every shareholder of the company is limited.

Accountancy: CUET Mock Test - 3 - Question 21

Shares cannot be issued at discount.

Accountancy: CUET Mock Test - 3 - Question 22

Direction: There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below
Assertion (A): Equity shares are those shares which are not preference shares.
Reason (R): Equity shares are the least issued class of shares and carries the minimum risks and rewards of the business.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 22

Equity shares are the most commonly issued class of shares and carries the maximum risks and rewards of the business.

Accountancy: CUET Mock Test - 3 - Question 23

Which of the following points out the nature of financial statements?
(i) Financial statements are prepared on the basis of recorded facts.
(ii) Certain accounting conventions are followed while preparing financial statements.
(iii) Financial statements are prepared on certain basic assumptions (pre-requisites) known as postulates.
(iv) Facts and figures presented through financial statements are based on personal opinion, estimates and judgements.

Accountancy: CUET Mock Test - 3 - Question 24

Total of equity and liability side is always ______ to asset side.

Accountancy: CUET Mock Test - 3 - Question 25

Company’s balance sheet should be prepared according the provision of ______ of the of Companies Act, 2013.

Accountancy: CUET Mock Test - 3 - Question 26

‘Security deposits’ are presented in the balance sheet of the company under the sub-head

Accountancy: CUET Mock Test - 3 - Question 27

The financial statement of a company generally includes two statements ______ and _______

Accountancy: CUET Mock Test - 3 - Question 28

Unclaimed dividend is shown under the head ‘current liabilities’ and sub-head ‘other current liabilities’ in the balance sheet of a company.

Accountancy: CUET Mock Test - 3 - Question 29

Under which of the following head/ sub-head is ‘forfeited shares’ presented in the balance sheet of a company?

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 29

Forfeited shares are shown by adding it to subscribed capital.

Accountancy: CUET Mock Test - 3 - Question 30

Preliminary expenses are treated as ‘short-term borrowings’ in the balance sheet of a company.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 30

They are written-off in the year they are incurred.

Accountancy: CUET Mock Test - 3 - Question 31

Which of the following will be included under shareholder’s funds?

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 31

General reserve will be included under reserves and surplus and will be a part of shareholders’ funds.

Accountancy: CUET Mock Test - 3 - Question 32

Premium payable on redemption of debentures is shown under the head ‘non- current liabilities’ and sub-head ‘other long-term liabilities’ in the balance sheet of a company.

Accountancy: CUET Mock Test - 3 - Question 33

______ are the liabilities which have not arisen, but may arise on the happening of a certain event.

Accountancy: CUET Mock Test - 3 - Question 34

Amount provided for any known liability whose amount as yet is uncertain is known as

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 34

Provision is made to meet a specific liability whose amount cannot be determined with substantial accuracy.

Accountancy: CUET Mock Test - 3 - Question 35

In balance sheet, intangible assets are recorded under the sub-head _______

Accountancy: CUET Mock Test - 3 - Question 36

Loose tools are shown as non-current assets in the balance sheet of a company.

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 36

Loose tools are shown under the head current assets and sub-head inventories on the assets side of the balance sheet of a company.

Accountancy: CUET Mock Test - 3 - Question 37

The assets which cannot be realised in cash or from which no further benefit can be derived are known as _____

Accountancy: CUET Mock Test - 3 - Question 38

Provision for tax is shown as current liability under short-term provisions in the balance sheet of a company.

Accountancy: CUET Mock Test - 3 - Question 39

How do financial statements serve purpose of lenders?

Accountancy: CUET Mock Test - 3 - Question 40

Which of the following is/are a component of trade payables?

Detailed Solution for Accountancy: CUET Mock Test - 3 - Question 40

Trade receivables include both sundry creditors and bill payables.

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