company accounts

The companies are governed by-

___________ is an artificial person created by law, having separate entity, with perpetual succession and common seal.

Which of the following can be treated as type of shares?

Preference shares are those which carry the preferential rights as to-

__________will be entitled to receive arrears of their dividend.

Which of the following section of the Companies Act, 2013 prohibits to issue of shares at discount?

Which of the following right may be given to preference shareholder if provided by Articles?

Which of the following rights may be given to preference shareholder if provided by Articles?

Equity shareholder is-

_______have the right to vote on any resolution placed before the company or general meeting.

Amount of capital stated in the Memorandum of Association as the share capital of the company is known as-
(1) Subscribed Capital or Authorized Capital
(2) Paid-up or Subscribed Capital
(3) Nominal or Called-up Capital
(4) Nominal or Authorized Capital
The correct answer is-

________refers to that part of the authorized capital which has actually been offered to the public for subscription.

________refers to that part of the issued capital which has actually been subscribed by the public

________refers to that part of the subscribed capital which has actually been paid by the shareholder to whom shares has been allotted.

Public companies issue shares to public through document called-

________means the appropriation of a certain number of shares to an applicant who has applied shares in public issue by the board of directors in consultation with stock exchange.

The issuer company cannot make allotment of shares unless-

The minimum subscription is the______of the issued amount.

When shares are issued at a price equal to the face value, they are said to be issued at-

When shares are issued at a price higher than the face value, they are said to be issued at-

When shares are issued at a price less than the face value, they are said to be issued at-

When shares are not payable in a lump sum, first installment is called-

When shares are not payable in a lump sum, second installment is called-

When shares are not payable in a lump sum, third installment is called-

When shares are not payable in a lump sum, fourth installment is called-

The premium on issue of shares must be treated as-

The premium on issue of shares must be credited to a separate account called-

Securities premium account must be shown separately on the liabilities side of the balance sheet in__________under the heading_________

Which of the following type of security can be issued at discount as per Companies Act, 2013?
(1) Equity Shares
(2) Sweat Equity Shares
(3) Preference shares
(4) Debentures
(5) Bonds
Select the correct answer from the options given below-

The discount on issue of debentures must be treated as-

Which of the following Table of Schedule I to the Companies Act, 2013 contains the provisions relating to Calls-in-Advance & Calls-in-Arrears?

The amount received a Calls-in-advance is a________of the company.

Amount due on calls made but not paid is known as-

If the number of shares issued for is more than the number of shares applied the shares are said to be-

If the number of shares applied for is more than the number of shares issued the shares are said to be-

In case of over subscription of shares each applicant receives the shares in some proportion, it is known as-

If authorized by the_______, a company may receive from a shareholder the amount remaining unpaid on shares, even though the amount has not been called up which is known as calls-in-advance.

_________paid on calls-in-advance.

As per Table F of Schedule I of the Companies Act, 2013, interest on calls in advance can be paid at___________p.a.

As per Table F of Schedule I to the Companies Act, 2013, interest on calls in arrear can be received at _______ p.a.

The interest on calls-in-advance is paid for the period from the-

Balance of interest on calls-in-arrear account is transferred to________at the end of the year.

Balance of interest on calls-on-advance account is transferred to the________at the end of the year.

A company may allot fully paid shares to promoters or may other party for the services rendered by them, share capital account is credited and ______ debited.

_________may be said to be the compulsory termination of membership by way of penalty for non-payment of allotment and/or any call money.

Which of the following security can be forfeited for non-payment of allotment or call money?
(I) Equity shares
(II) Equity shares, Preference Shares
(III) Preference Shares, Equity Shares & Debentures
(IV) Debentures
Select the correct answer from the options given below-

Which of the following security cannot be forfeited for non-payment of allotment or call money?

Shares forfeited account is to be shown in the balance sheet by way of _________ to the paid up share capital on the liabilities side until the concerned shares are re-issued.

The forfeited shares may be re-issued-
(I) at per only
(II) at per or at premium only
(III) at par or at discount only
(IV) at par or at premium or at discount
The correct answer is-

Balance of share forfeiture account remaining after reissue is transferred to-

If forfeited shares are re-issued at a premium, the amount of such premium should be credited to-

Debenture holders are the …… of the company.

Shareholders are the …… of the company.

Debenture holders –

Debentures may be issued at –

Debenture interest is paid at a pre-determined ….. while dividend on equity shares is paid at a …..

Interest on debentures is the …… against profits.

Dividends are …… of profits.

In the company’s balance sheet, debentures are shown under the head-

Debentures ……. converted into shares as per the terms of issue of debenture.

Debentures ….. forfeited for non-payment of call money.

At the time of liquidation, debenture holders are paid-off …… the shareholders are paid.

If the debentures are issued at a price higher than the nominal value of the debentures, the premium should be credited to –

If face value of debentures is more than issue price, then the debentures are said to be issued at a –

Discount on issue of debentures is –

Final accounts of companies are prepared according to …… of the Companies Act, 2013.

Debentures may be issued by a company for –

The company may allot debentures to the vendors for acquiring some assets as payment for purchase consideration, such issue of debentures to vendors is known as issue of debentures for –

If the value of debentures allotted to vendors for acquiring some assets as payment for purchase consideration is more than the agreed purchase price, the difference is credited to …..

If the value of debentures allotted to vendors for acquiring some assets as payment for purchase consideration is more than the agreed purchase price, the difference is debited to …..

A company limited by shares may, if authorized by its …. can issue preference shares which are or at the option of the company are liable to be redeemed.

The preference shares can be redeemed –

When preference shares are redeemed out of profits such profit must be –

Only ….. preferences shares can be redeemed.

If any premium is to be payable on redemption of preference share, such premium has to be provided –

Where preferences shares are redeemed out of profits, a sum equal to the nominal amount of the shares so redeemed must be transferred to-

The capital redemption reserve account may be applied to issue –

No company limited by shares, issue any preference shares which is redeemable after the expiry of a period of ….. from the date of issue.

N Ltd. issued 1,00,000 equity shares of 10 each to the public at par. Full amount payable at the time of application. Application were received for 1,20,000 shares. Excess application monies were refunded. Amount to be credited to share capital account should be-

S Ltd. issued 1,00,000 equity shares of 10 each at a premium of 2 per share to the public. Full amount payable at the time of application. Application monies were refunded. Amount to be credited to share capital account should be-

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

The subscribed share capital of S Ltd. is 80,00,000 of 100 each. There were no cells in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to 62,500. The final call per share=?

A Ltd. acquired assets worth 71,25,000 from H Ltd. by issue of shares of 10@ premium of 25%. The number of shares issued to settle the purchase consideration will be-

N Ltd. has allotted 10,000 shares to the application of 14,000 shares on pro rata basis. The amount payable on application is 2. Ram applied for 420 shares. The number of shares allotted and amount carried forward for adjustment against allotment-

The following information pertains to X Ltd.
Called-up share capital=5,00,000
Calls-in-arrear=40,000
Calls-in-advance=25,000
Proposed dividend=15%
The amount if dividend payable is____

R Ltd. purchased the business of C Ltd. for 2,70,000 payable in fully paid shares. R Ltd. allotted equity shares of 10 each fully paid in satisfaction of the claim by C Ltd. Such shares are issued at par. The number of shares to be issued by R Ltd. to settle the purchase consideration=?

R Ltd. Purchased the business pf C Ltd. for 2,70,000 payable in fully paid shares. R Ltd. allotted equity shares of 10 each fully paid in satisfaction of the claim by C Ltd. Such shares are issued at premium of 20%. Number of shares to be issued by R Ltd. to settle the purchase consideration=?

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

S Ltd. acquired fixed assets worth 15,00,000 by issue of shares of 100 at a premium of 25%. The number of shares to be issued by S Ltd. to settle the purchase consideration=?

Q Ltd. had allotted 1,00,000 shares to the applicants of 1,40,000 shares on pro rata basis. The amount payable on application is 2. Mr. N applied for 4,200 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from Mr.N=?

R Ltd. forfeited 300 equity shares of 10 fully called-up, held by Mr.X for non-payment of first call of 2 and final of 3 each. However, he paid application money @ 2 per share and allotment money @ 3 per share. At the time of forfeiture for share Capital A/c will be debited by _______

R Ltd forfeited 300 equity shares of 10 fully called-up, held by Mr.X for non-payment of first call of 2 and final of 3 each. However, he paid application money @ 2 Per share and allotment money @ 3 per share. These shares were reissued at 10 each. Amount to be transferred to Capital Reserve Account=?

R Ltd forfeited 300 equity shares of 10 fully called-up, held by Mr.X for non-payment of first call of 2 and final of 3 each. However, he paid application money @ 2 Per share and allotment money @ 3 per share. These shares were reissued at 7 each. Amount to be transferred to Capital Reserve Account=?

R Ltd forfeited 300 equity shares of 10 fully called-up, held by Mr.X for non-payment of first call of 2 and final of 3 each. However, he paid application money @ 2 Per share and allotment money @ 3 per share. These shares were reissued at 12 each. Amount to be transferred to Capital Reserve Account=?

T Ltd forfeited 500 equity shares of 10 fully called-up, held by Mr.Ram for non-payment of allotment money of 5 (including 2 premium), first call of 2 and final of 3 each. However, he paid application money @ 2 Per share. These shares were reissued at 10 each. On reissue amount to be transferred to Capital Reserve Account=?

T Ltd forfeited 500 equity shares of 10 fully called-up, held by Mr.Ram for non-payment of allotment money of 5 (including 2 premium), first call of 2 and final of 3 each. However, he paid application money @ 2 Per share. These shares were reissued at 9 each. On reissue amount to be transferred to Capital Reserve Account=?

T Ltd forfeited 500 equity shares of 10 fully called-up, held by Mr.Ram for non-payment of allotment money of 5 (including 2 premium), first call of 2 and final of 3 each. However, he paid application money @ 2 Per share. These shares were reissued at 13 each. On reissue amount to be transferred to Capital Reserve Account=?

W Ltd forfeited 400 equity shares of 10 fully called-up, held by Mr.P for non-payment of final call of 3 each. However, he paid application money @ 2, Allotment 2 and first call 3 Per share. These shares were reissued at 10 each. On reissue amount to be transferred to Capital Reserve Account=?

W Ltd forfeited 400 equity shares of 10 fully called-up, held by Mr.P for non-payment of final call of 3 each. However, he paid application money @ 2, Allotment 2 and first call 3 Per share. These shares were reissued at 7 each. On reissue amount to be transferred to Capital Reserve Account=?

W Ltd forfeited 400 equity shares of 10 fully called-up, held by Mr.P for non-payment of final call of 3 each. However, he paid application money @ 2, Allotment 2 and first call 3 Per share. These shares were reissued at 13 each. On reissue amount to be transferred to Capital Reserve Account=?

X Ltd forfeited 200 equity shares of 10 each, 8 called-up for non-payment of first call money @ 2 each. Application money @ 2 per share and Allotment @ 4 per share have already been received by the company. out of this 150 share were reissued at 7 per share as showing 8 paid up. On reissue amount to be transferred to Capital Reserve Account=?

Jindal Ltd. Forfeited 400 equity shares of 10 each issued at par, held by Mr. X for non-payment of the first call of 2 per share and the final call of 3 per share. Out of these 250 equity shares were re-issued to Mr. Y 8 per share and the rest of these were re-issued to Mr. Z at 7 per share On reissue amount to be transferred to Capital Reserve Account=?

A company has subscribed capital of 2,00,000 equity shares of 25 each, 20 per share called up. The directors forfeited 200 equity held by a shareholder who failed to pay the first call made @ 10 per share. Later, the directors reissued these shares as 20 per share paid up at 15 per share. On reissue amount to be transferred to capital reserve account=?

Due to non-payment of first call of 3 per share Mona Ltd. Forfeited 100 shares of 10 each, which were issued at par, 8 per share were called-up till date. Of these forfeited shares. 80 shares were issued subsequently by Mona Ltd./ at 5 as 8 paid-up per share. On reissue amount to be transferred to capital reserve account=?

Sukriti Ltd. forfeited 100 shares of 10 each for non-payment of final call of 2. Of these, 60 shares were re-issued @ 9 per share as fully paid. On reissue amount to be transferred to capital reserve account=?

Z Ltd. issued 10,000 shares of 10 each. The called up value per share was 8. The company forfeited 200 shares of Mr. A for non-payment of 1st call money of 2 per share. He paid 6 for application and allotment money. On forfeiture, the share capital account will be-

Z Ltd. issued 10% Debentures of 10 to a vendor having face value 2,50,000 for purchase of fixed assets of 2,00,000. No. of debentures to issued to vendors=?

A Ltd. has 3,00, 12% Redeemable Preference Shares of 100 each, fully paid up. The company issued 25,000 equity shares of 10 each at par and 1,000 14% Debentures of 100 each. The amount to be transferred to Capital Redemption A/c will be________

Interest on debenture is provided on-

Profit on cancellation of debenture is transferred to-

The balance in capital redemption reserve is available for-

As per Companies Act, 2013, preference shares which are issued by company engaged in infrastructure project can issue preference share which are redeemable after________

A preference shares is one which enjoy a-

Unless otherwise stated, a preference share is always deemed to be-

Preference shares of 9,00,000 are redeemable by issuing 3,000 equity shares of 100 each at 140. The amount to be transferred to Capital Redemption Reserve-

G Ltd. purchased fixed asset of 2,00,000. The consideration was paid by issue of 12% Debenture of 100 each at discount of 20%. The debenture A/c to be credited with-

N Ltd. purchased fixed asset of 28,80,000. The consideration was paid by issue of 12% Debenture of 100 each at 20% premium. No. of debentures to be issued-

Z Ltd. proposed to issue 1,00,000 equity shares of 100 each at a premium of 20%. The minimum amount of application money to be collected per share as per the Companies Act, 2013 will be-

N Ltd. purchased fixed asset of 4,00,000 out of 1,30,000 paid in cash and balance in debentures. The consideration was paid by issue of 12% Debenture of 100 each at 10% discount. No of debentures to be issued-

Z Ltd. proposed to issue 1,00,000 equity shares of 100 each at a premium of 20%. The minimum amount of application money to be collected per share as per the SEBI Guideline will be-

Discount on issue of debentures is a-

As per the Companies Act, 2013 the companies cannot use the balance of securities premium for-

In balance sheet “interest accrued and not due on debentures” should be shown in-

In balance sheet “interest accrued and due on debentures” should be shown in-

Underwriting commission will not be paid on shares taken by-