Accountancy: CUET Mock Test - 3 - Commerce MCQ

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

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

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

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

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?

Minimum subscription should be 95% of the issued capital.

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

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

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.

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.

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

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

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

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

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

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

The liability of every shareholder of the company is unlimited.

Shares cannot be issued at discount.

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.

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.

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

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

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

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

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

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

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