Class XII Accountancy - Accounting for Share Capital - Test Paper Part I - 2021
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(01) Name the head of Capital Clause of Memorandum of Association of a company in which maximum amount of share capital mentioned is called _____. *
1 point
(02) The part of un-called capital, to be called only in the liquidation of a company is called: *
1 point
(03) A shareholder  whom 9,000 shares of ₹ 10 per share were allotted  failed to pay first & final of ₹ 2 per share. ₹ 18,000 to be recorded in the books of company with _____ *
1 point
Read the following statement carefully and give the answer for the questions 04 and 05: Golden Firework Ltd is authorised to issue shares 5,00,000 of ₹ 100 each. Company raised the capital by issue of 2,00,000 shares through e-IPO. As per the decision of Managing Board of Directors of company, company issued 75,000 shares to their parent company and 40,000 shares issued to existing employees of company as per their choice and option at the below price than the market price. (04) “Company issued 75,000 shares to their parent company” is an example of ______. *
1 point
(05) “40,000 shares issued to existing employees of company as per their choice and option at the below price than the market price.” Is an example of _______ *
1 point
Read the following statement carefully and give the answer for the questions 06 and 09: X Ltd issued 2,00,000 shares of ₹ 100 each. Amount to be paid on Application ₹ 30 per share; on allotment ₹ 40 per share and on first & final call ₹ 30 per share. All money was duly subscribed and paid towards the nominal value of shares except on 9,000 shares who failed to pay allotment and calls money. These shares were forfeited. 5,000 shares were re-issued at ₹ 80 per share fully paid. (06) Which amount of the following will be shown into the Balance Sheet of the company under the sub-head “Share Capital”? (a)  (b)  (c) (d) *
1 point
(07) Which amount the following will be called paid up share capital? *
1 point
(08) Which amount of the following, balance in Share Forfeiture Account? *
1 point
(09) Which amount of the following will be transferred to Capital Reserve? *
1 point
(10) Which one of the following is a permanent representative personal account of share-holders? *
1 point
(11) Which of the following is a temporary representative personal account of shareholders? *
1 point
(12) A shareholder failed to pay share allotment money on 12,000 shares @ ₹ 30 per share. Which one of the following account will be taken into account? *
1 point
(13) Received share application money towards application & allotment of shares will be credited to which of the following account? *
1 point
(14) Ashok a shareholder of a company allotted shares to whom 12,000 of ₹ 100 each, failed to pay allotment ₹ 30 per share and first & final call ₹ 30 per share. Ashok had paid only application money. Pro-rata allotment proportion is 5:6. What will be the amount of calls-in arrears on allotment, from the following: *
1 point
Read the information given below and give the answer for the questions 15 to 18: X Ltd issued 50,000 shares of ₹ 100 per share for public subscriptions at 20% premium. Amount payable as under: On Application : ₹ 40 per share (including 10% premium) On Allotment : ₹ 40 per share (excluding 10% premium) On First & Final Call : ₹ Balance. Application received for 75,000 shares. Allotment was made to 60,000 share applicants. All due money was duly received except from a shareholder (Ashok) allotted to whom 12,000 shares, failed to pay allotment and calls. These shares were forfeited. (15) Which of the following Excess application money adjusted on allotment? *
1 point
(16) What the amount received on allotment? *
1 point
(17) What the amount forfeited on 12,000 shares? *
1 point
(18) The allowed amount of discount on re-issue of shares will be _____ *
1 point
(19) Once, forfeited shares reissued, balance of share forfeiture money will be transferred to ___ *
1 point
(20) 12,000 shares of ₹ 100 each forfeited due to nonpayment of ₹ 40 per share. First & final call of ₹ 30 per share not yet made. These shares were reissued at ₹ 80 per share for ₹ 70 per share. Which of the following journal entry is correct for the forfeiture of shares? *
1 point
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