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Worksheetscompany accounts
Total questions: 20
Worksheet time: 12mins
The liability of members is only limited to the value of shares held by them. this is ___________.
liability limited by shares
limited liability
unlimited liability
liability at will
__________is created out of uncalled capital.
reserve capital
capital reserve
called up capital
subscribed capital
_________ is created out of capital profits.
reserve capital
capital reserve
called up capital
subscribed capital
Amount of capital stated in MoA of company as its registered Capital
Authorised Capital
Share Capital
Reserve Capital
Paid up Capital
In the absence of any information , it is assumed that Securities Premium is due alongwith _________
Application Money
Allotment Money
Call Money
As per convenience
Amount of Securities Premium Reserve may be used only for
Writing off preliminary expenses
Buy back of its own shares
issuing fully paid bonus shares
writing off discount allowed on issue of shares or debentures
all of the above
As per table F Of Schedule I of Companies Act 2013, the amount to be called up on application or on any call shall not exceed ___% of total quantum of the issue
20%
25%
30%
35%
Preliminary expenses include
Exp. incurred on preparation & printing of various documents
duty payable on authorised capital
cost of preliminary expenses
stamp duty & registration fee
all of the above
Promoters of company may be issued shares for the services rendered by them. the entry will be:
Incorporation cost a/c Dr.
To Share capital a/c
Formation Exp. a/c Dr.
To Share capital a/c
Either of the above
None of the above
Company may allot shares to underwiters to pay their commission. the Entry will be
Underwriting commission A/c dr.
To Underwriters A/c
Vendor A/c Dr.
to Share Capital A/c
No entry is required
Either of the Above
Balance of Purchase Consideration is Debited to
Capital A/c
Capital Reserve A/c
Goodwill A/c
Bank A/c
If rate of interest on Calls in advance is not mentioned in the question, It will be
6%
10%
12%
15%
When number of shares applied for is more than the that offered for subscription is called
Under Subscription
Over subscription
Pro rata
Shareholders fund
Investment in Shares & debentures of company which are quoted on a recognized stock exchange are called
Listing
Quoted investment
trading on shares
stock exchange
Zee ltd. purchased its own 5,000 7% debenturesof Rs.100 each from open market at Rs.96 each for immediate cancellation.
Profit on redemption will be
5,00,000
4,80,000
20,000
35,000
Sakshi Ltd. purchased for immediate cancellation its own 3,000, 9% debentures of Rs. 100 each redeemable at 5% premium for Rs. 107.
amount of loss will be
21000
15,000
6,000
36,000
Profit on redemption of debentures is transferred to which account.
Reserve capital A/c
Capital Reserve A/c
Debenture Redemption Reserve A/c
DRI A/c
A ltd. wants to redeem 5,000 , 5% debentures of Rs. 100 each at 5% premium .
How much amount it must transfer to DRR, if it already had a balance of 10,000 in DRR A/c.
25,000
1,15,000
40,000
50,000
2000, 12% debentures
interest payable half yearly
amount of interest will be debited to P&L will be
24000
12,000
6000
3000
Debenture issued as collateral security will be debited to
bank A/c
Debenture A/c
Debenture Suspense A/c
Profit & Loss A/c
