Company Accounts Model Questions

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  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. Which of the following statement is false?

    (a)

    Issued capital can never be more than the authorised capital

    (b)

    In case of under subscription, issued capital will be less than the subscribed capital

    (c)

    Reserve capital can be called at the time of winding up

    (d)

    Paid up capital is part of called up capital

  3. In order to meet them production must be carried on a

    (a)

    small scale

    (b)

    large scale

    (c)

    medium scale

    (d)

    none of these

  4. The capital of a company is divided into small units of

    (a)

    current amount

    (b)

    fixed amount

    (c)

    capital amount

    (d)

    none of these

  5. Issue of equity shares to the existing share holders of the company through a letter of offer is known as

    (a)

    public issue

    (b)

    rights issue

    (c)

    bonus issue

    (d)

    private placement

  6. 5 x 2 = 10
  7. 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.

  8. Write a short note on securities premium account.

  9. Definition of a Company.

  10. What is prorata allotment?

  11. What are the differences between over subscription and under subscription?

  12. 5 x 3 = 15
  13. Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of  Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

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

  15. What is reissue of forfeited shares?

  16. What are the characteristics of a company?

  17. Explains the divisions of share capital.

  18. 4 x 5 = 20
  19. Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
    (i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
    (ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
    (iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

  20. Vinod company Ltd issued 40,000 preference shares of Rs.10 each at premium of Rs.3. Give journal entry.

  21. Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

  22. Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
    Pass journal entry if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

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