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Company Accounts Practice Question Paper

12th Standard EM

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 35
    8 x 1 = 8
  1. 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

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

    (a)

    shares

    (b)

    debentures

    (c)

    dividend

    (d)

    none of these

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

    (a)

    current amount

    (b)

    fixed amount

    (c)

    capital amount

    (d)

    none of these

  4. Issue of equity shares to the public through prospectus by a public company is call

    (a)

    Public issue

    (b)

    Private placement

    (c)

    Rights issue

    (d)

    Bonus issue

  5. _____ needed by the company could be raised by inviting the general public to buy shares and invest in the business.

    (a)

    Money

    (b)

    Cash

    (c)

    Capital

    (d)

    None of these

  6. Nominal capital is the capital mentioned in the _____ of the company.

    (a)

    Articles of association

    (b)

    Memorandum of association

    (c)

    Prospectus

    (d)

    none of these

  7. Penalty for delay in refunding application money ___________________

    (a)

    6%

    (b)

    5%

    (c)

    15%

    (d)

    20%

  8. Other name for registered capital is ____________

    (a)

    Issued Capital

    (b)

    Nominal Capital

    (c)

    Reserve capital

    (d)

    None of the above

  9. 1 x 2 = 2
  10. Assertion (A): Shares which are not preference shares are called Equity Shares.
    Reason (R): In other words, equity shares are those which are entitled to dividend and repayment of capital after the preference share holders are paid.
    (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. 1 x 2 = 2
  12. (a) Called-up Capital
    (b) Reserve Capital
    (c) Paid up capital
    (d) Depredation

  13. 1 x 1 = 1
  14. (i) Rate of dividend is not fixed on equity shares and it depends upon the profits earned by the company
    (ii) Issued capital means such capital as is authorised by the memorandum of association.
    (iii) Subscribed capital refers to that part of issued capital which has been applied for and also alloted by the company.
    (a) (i) is correct
    (b) (i) and (iii) are correct
    (c) (i) and (ii) are correct
    (d) (i), (ii) and (iii) are correct

    ()

    (i) and (iii) are correct

  15. 1 x 2 = 2
  16. Which one of the Following is Not Correctly Matched?

    (a) Public issue  - Initial public
    (b) Private placement - Section 42
    (c) Rights issue - Letter of offer
    (d) Bonus issue - Accumulated loss
  17. 2 x 2 = 4
  18. Why are the shares forfeited?

  19. What is prorata allotment?

  20. 2 x 3 = 6
  21. Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  22. Write a short note on
    (i) Public issue
    (ii) Private placement

  23. 2 x 5 = 10
  24. 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.

  25. 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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