Issue of Shares

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Issue of Shares

15 Que, 15 marks

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1- If vendors are issued fully paid shares of Rs.1,00,000 in consideration of net assets of Rs.1,20,000 the balance of Rs.20,000 will be credited to- *

1 point

Goodwill Account

Capital Reserve Account

Vendor's Account

Profit & Loss Account

2- When shares are issued to promoters which account should be debited- *

1 point

Share Capital A/c

Assets A/c

Promoter's A/c

Goodwill A/c

3- According to section 78 of the Companies Act, the amount in the Securities Premium Account cannot be used for the purpose of- *

1 point

Issue of fully paid bonus share

Writing of Losses of the Company

Writing of Preliminary Expenses

Writing off Commission or Discount on Issue of Shares

4- 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- *

1 point

Rs.20,000

Rs.24,000

Rs.4,000

Rs.1,600

5- A ltd. purchased a machinery for Rs.1,80,000 for which he is paying by issues of shares of Rs.100 each at 10% discount. How many shares will be issued as consideration- *

1 point

2,500

2,000

1,800

3,000

6- Right shares are issued to- *

1 point

Promoters for the Services

Holders of Convertible Debentures

Existing Shareholders

All of the above

7- In case the Table 'A' is adopted, the rate of interest on calls in arrears will be- *

1 point

5% p.a.

6% p.a.

9% p.a.

8% p.a.

8- A company is registered with a share capital of Rs.1,00,000 divided into 10,000 shares of Rs.10 each. Of these shares 9,990 shares are held by Rajiv and 10 shares are held by Sanjay. In the eye of law it is treated as- *

1 point

Partnership

Private Company

Public Company

Government Company

9- Which of the following should be deducted from the called-up capital to find out paid-up capital- *

1 point

Calls-in-advance

Calls-in-arrears

Share Forfeiture

Discount on issue of shares

10- Securities Premium is utilized for this purpose- *

1 point

For writing of goodwill

From premium payable on redemption of preference shares

For writing off capital losses

For paying dividend

11- Reserve Share Capital means- *

1 point

Part of authorized capital to be called at the beginning

Portion of uncalled capital to be called only at liquidation

Over-subscribed capital

Under-subscribed capital

12- When full amount is due on any call but it is not received, then the short fall is debited to- *

1 point

Calls-in-Advance

Calls-in-Arrear

Share Capital

Suspense Account

13- The difference between Subscribed Capital and Called-up Capital is called- *

1 point

Calls-in-Arrear

Calls-in-Advance

Uncalled capital

None of these

14- Which statement is issued before the issue of shares? *

1 point

Prospectus

Articles of Association

Memorandum Of Association

All of these

15- A Ltd. acquired assets worth rs.11,25,000 from B Ltd. by issue of equity shares of Rs.100 each as premium of 25%. The number of shares to be issued by A Ltd. for the purchase consideration is- *

1 point

9,000 shares

11,250 shares

14,063 shares

7,500 shares

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