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BEST HIGHER SECONDARY SCHOOL

ACCOUNTANCY- STD XII


1.

The amount to be collected on application of share should be


(a) Not more than 5% of the Nominal value of shares
(b) Not less than 5% of the Nominal value of shares
(c) Not more than 5% of the Issue Price of the share
(d) Not less than 5% of the Issue Price of the share
2. Which of the following is the time specified for issue of shares at a discount
once the sanction from the Company Law Board is obtained?
(a) 2 months
(b) 2 years
(c) 4 months
(d) one year
3. Sweat Equity shares can be issued to:
(a) Directors of the Company (b) Employees of the Company
(c) Bankers of the Company (d) Both (a) and (b)
4. Share Application Account is in the nature of:
(a) Nominal Account
(b) Personal Account
(c) Real Account
(d) None of these
5. As per Table A to the Companies Act, a company pays interest on calls in advance the
rate
(a) 5%
(b) 6%
(c) 10%
(d) 12%
6. As per Table A to the Companies Act, a company can charge interest on
calls-in-arrears at the rate ::"
(a) 10%
(b) 9%
(c) 5%
(d) 6%
7. Share or Security Premium can be used for writing off
(a) Loss on sale of assets
(b) Preliminary Expenses
(c) Bad Debts
(d) Both (b) and (c)
8. On forfeiture of shares, amount received on such shares is credited to
(a) Share Forfeited Account (b) Capital Reserve Account
(c) Profit and Loss Account (d) Share or Security Premium Account
9. A company issued 25,000 shares of 10 each. The amount was
demanded as under:
On application - 2
On allotment -4
On 1st Call -2
On 2nd Call -2
A shareholder, who was allotted 500 shares did not pay 1st Call and 2nd Call
money. His shares have
been forfeited. What amount will be credited to share forfeited account?
(a) .000
(b) 3,000
(c) 4000
(d) 2,000
10. A company has forfeited 400 shares of 10 each. The shareholder has paid
3 per share on these share and balance of 7 has not been paid by him. Company
can reissue these on maximum discount of
(a) 2
(b)7
(c) 3
(d) 4
11. A company has issued 10,000 shares of 20 each and amount has been
demanded as under:
On application - 5
On allotment -7
On 1st Call - 6
On 2nd and Final Call- 2
A shareholder holding 400 shares paid only application money and his shares
have been forfeited. On reissue of these shares @ 16 per share, amount
debited to shares forfeited account is
(a) 2,000 (b)1,600 (c) 6,000 (d) 8,000

12.

A company has issued 15,000 shares of? 10 each. The amount has been
demanded as under:
On Application - 3
On Allotment - . 1
On 1st Call- 4
On 2nd and Final Call - 2
A shareholder holding 500 shares did not pay 1st and 2nd call money. His shares
have been forfeited. These shares have been reissued @ 9. The amount
transferred to Capital Reserve is
(a) 1,000
(b)1,500
(c) 3,000
(d) 2,000
13. In previous question, if only 400 shares are reissued out of total 500 forfeited
shares 9, the amount transferred to Capital Reserve will be
(a)1,600
(b) 2,000
(c) 1,200
(d) 2,400
14. A company has issued shares of? 10 each at a premium of 2 each. The whole
amount has been called up but shares were forfeited for non-payment of 4. On
forfeiture share capital account will be debited by
(a) 12
(b) 10
(c) 8
(d) 4
15. Z Ltd. forfeited 20 shares of? 10 each, on which 6 per share were called up
and 4 per share were paid. What is the minimum price of reissue of these
shares as fully paid up?
(a) 200
(b) 120
(c) 80
(d) 20
16. A Ltd. company issued equity shares of 100 each. It has called up 75 on each
share but received only 60 per share. The share capital account will be
credited with
(a) 60 per share
(b) 75 per share
(c) 100 per share
(d) Any of these
17. D Ltd. forfeited 200 shares of 10 each, 7 called up on which Ram had paid
only application money 3 per share. Of these. 125 shares were reissued to
Shyam for 9 per share fully paid. What will be balance in the Share Forfeited
A/c after reissue of 25 shares ?
(a) 225
(b) 600
(c) 525
(d) 450
18.
A company forfeited 30 equity shares of 10 each fully called up, for
non-payment of allotment money of 4 each. If these shares are reissued at 7
per share fully paid, the amount transferable to Capital Reserve will be
(a) 300
(b) 60
(c) 90
(d) 30
19. X, who holds 100 shares of 10 each, fails to pay final call of 2 per share.
The directors forfeited all the shares and subsequently reissued 50 shares of
10 each as fully paid on payment of 4 per share The amount to be transferred
to Capital Reserve would be
(a) 200 (b)100 (c) 400 (d) 500
20. The Authorised Capital ( 10 per share) of a company is 5 lakhs, Issued
Capital 3 lakhs and Subscribed Capital 2 lakhs. It has received 5 per share on
application and allotment and 2 per share on first call except on 2,500 shares,
which have not been forfeited. Share Capital A/c is credited by
(a) 3,00,000 (b) 2,00,000 (c) 1,40,000
(d) 1,35,000
21. The directors of a company resolve to forfeit 1000 Equity Shares of 10
each, 7.50 paid up. 700 of these shares were reissued at ? 7.00 per share. The
amount to be transferred to Capital Reserve would be
(a) 2,500 (b) 5,400 (c) 3,750
(d)
3,150
22. Mr. Big who was the holder of 200 equity shares of Rs.100 each on which
Rs.75 per share has been called up could not pay his dues on allotment and first
call each at Rs.25 per share. The Directors forfeited the above shares and
reissued 150 of such shares to Mr. Small at Rs.65 per share paid-up as Rs.75 per
share. The amount to be transferred to Capital Reserve account will be

(a) Rs.1,500.

(b) Rs. 2,250. (c) Rs. 5,000. (d) Nil.

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