Company Accounts Book Back Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. A preference share is one
    (i) which carries preferential right with respect to payment of dividend at fixed rate
    (ii) which carries preferential right with respect to repayment of capital on winding up

    (a)

    Only (i) is correct

    (b)

    Only (ii) is correct

    (c)

    Both (i) and (ii) are correct

    (d)

    Both (i) and (ii) are incorrect

  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. 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

  4. Match the pair and identify the correct option

    (1) Under subscription (i) Amount prepaid for calls
    (2) Over subscription (ii) Subscription above the offered shares
    (3) Calls in arrear (iii) Subscription below the offered shares
    (4) Calls in advance (iv) Amount unpaid on calls
    (a)
    (1) (2) (3) (4)
    (i) (ii) (iv) (iv)
    (b)
    (1) (2) (3) (4)
    (iv) (iii) (ii) (i)
    (c)
    (1) (2) (3) (4)
    (iii) (ii) (iv) (i)
    (d)
    (1) (2) (3) (4)
    (iii) (iv) (i) (ii)
  5. 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

  6. 3 x 2 = 6
  7. Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

  8. 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.

  9. Aruna Mills Ltd. with a registered capital ofRs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final 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 300 shares. Give journal entries to record the above.

  10. 3 x 3 = 9
  11. 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.

  12. Write a short note on
    (a) Authorised capital
    (b) Reserve capital

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

  14. 2 x 5 = 10
  15. 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.

  16. 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.

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