Company Accounts Model Question Paper

12th Standard EM

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Accountancy

Time : 01:30:00 Hrs
Total Marks : 50
    7 x 1 = 7
  1. The amount received over and above the par value is credited to

    (a)

    Securities premium account

    (b)

    Calls in advance account

    (c)

    Share capital account

    (d)

    Forfeited shares account

  2. When shares are issued for purchase of assets, the amount should be credited to

    (a)

    Vendor’s A/c

    (b)

    Sundry assets A/c

    (c)

    Share capital A/c

    (d)

    Bank A/c

  3. If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

    (a)

    Rs.10 per share

    (b)

    Rs.8 per share

    (c)

    Rs.5 per share

    (d)

    Rs.2 per share

  4. Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

    (a)

    Rs.700

    (b)

    Rs.800

    (c)

    Rs.900

    (d)

    Rs.1,000

  5. The capital of companies is divided into small units called

    (a)

    shares

    (b)

    debentures

    (c)

    dividend

    (d)

    none of these

  6. Profits are distributed among the shareholders in the form of

    (a)

    shares

    (b)

    dividends

    (c)

    both

    (d)

    none of these

  7. The liability of the shareholders of the company is limited to the extent of face value of the shares held by the

    (a)

    shareholders

    (b)

    cardholders

    (c)

    debenture holders

    (d)

    none of these

  8. 2 x 2 = 4
  9. Assertion (A): The right to receive dividend at a specified rate before any dividend is paid.
    Reason (R): It is an intangible asset as it has no physical existence.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
    (c) (A) is true, but (R) is false
    (d) (A) is false, but (R) is true

  10. Assertion (A): Authorised Capital is the maximum amount of capital which a company is authorised to raise and is stated in the Memorandum of Association.
    Reason (R): It can also be called as 'Preference Capital'.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
    (c) (A) is true, but (R) is false
    (d) (A) is false, but (R) is true

  11. 7 x 2 = 14
  12. Thai Ltd. issued 1,00,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment Rs.2 on first call and Rs.1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  13. Bharath Ltd. issued 1,00,000 equity shares of  Rs. 10 each to the public at par. The details of the
    amount payable on the shares are as follows:

    On application Rs.5 per share
    On allotment Rs.3 per share
    On first and final call Rs.2 per share

    Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  14. Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
    Applicants for 60,000 shares - Full
    Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
    Applicants for 5,000 shares - Nil
    All the money due was received. Pass journal entries upto the receipt of allotment.

  15. What is a share?

  16. What is meant by calls in arrear?

  17. Why are the shares forfeited?

  18. What is allotment?

  19. 5 x 3 = 15
  20. Anitha was holding 500 equity shares of Rs.10 each of Thanjavur Motors Ltd, issued at par. She paid Rs.3 on application, Rs.5 on allotment but could not pay the first and final call of Rs.2. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.

  21. Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as rs.7 per share. Pass journal entries for forfeiture and reissue.

  22. State the differences between preference shares and equity shares.

  23. Write a brief note on calls in advance.

  24. What is meant by issue of shares for consideration other than cash?

  25. 2 x 5 = 10
  26. Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

    On application Rs.5
    On allotment Rs.5 (including premium)
    On first and final call Rs.2

    Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

  27. Anjali Flour Ltd. with a registered capital of Rs.4,00,000 in equity shares of Rs.10 each, issued 30,000 of such shares; payable Rs.2 per share on application, Rs.5 per share on allotment and Rs.3 share on first call. The issue was duly subscribed.
    All the money payable was duly received but on allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the transactions.

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