Class 12 Accountancy - Company Accounts and Analysis of Financial Statements - Chapter 1: Accounting for Share Capital MCQ Questions

35 Questions 70 Minutes

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Your Class 12 Accountancy - Company Accounts and Analysis of Financial Statements Study Path

Question 1

Private company is one which:

A All of the above.

B Limit the number of members to two hundred

C Prohibits any invitation to the public to subscribe

D Restrict the right of members to transfer shares

Question 2

Shares can be issued at:

A All of these

B Premium

C Discount (sweat equity)

D Par

Question 3

Maximum number of members in a private company:

A 200.

B 100

C 50

D 7

Question 4

When the number of shares applied for is less than the number of shares offered, is called ______ subscription.

A par

B under

C over

D minimum

Question 5

Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:

A â‚¹ 2,19,500

B â‚¹ 2,21,000

C â‚¹ 2,20,000

D â‚¹ 2,25,000

Question 6

Discount (Loss) allowed on Re-issue of shares will be debited to:

A Share Capital A/c.

B Profit and Loss A/c

C Share forfeiture A/c

D Share Discount A/c

Question 7

Minimum number of members in a private company:

A No limit.

B 50

C 7

D 2

Question 8

Debenture holders are the ______ of the company.

A Customers.

B Moneylenders

C directors

D Owners

Question 9

Preference shareholders are the _______ of the company.

A Customers.

B Money lenders

C Second Owners

D First Owners

Question 10

Equity shareholders are the _______ of the company.

A Customers.

B Money lenders

C Creditors

D Owners

Question 11

A Joint stock company has:

A All of these

B Separate Legal Entity

C Limited Liability

D Common Seal

Question 12

Amount received for security premium will be credited to:

A Security Premium Account.

B Capital Reserve

C Share Capital Account

D Cash Account

Question 13

_________ is the fractional part of the total Capital of the company.

A All of these.

B Bond

C Debenture

D Share

Question 14

Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was:

A â‚¹ 4,00,250 (CBSEDelhi 2015)

B â‚¹ 3,80,250

C â‚¹ 3,78,000

D â‚¹ 3,80,000

Question 15

_______ capital is the sum mentioned in capital clause of Memorandum of Association.

A All of these

B Registered

C Authorised

D Nominal

Question 16

Interest on calls arrears will be charged@ _______ pa.

A 12%.

B 10%

C 6%

D 5%

Question 17

______ shares have to be repaid by the company after a specified period.

A All of these.

B Both equity and preference

C Preference

D Equity

Question 18

________ can not be redeemed during the life time of a company.

A All of these

B Debentures

C Preference shares

D Equity shares

Question 19

Interest on calls in advance will be allowed @ ______ p.a.

A 12%.

B 10%

C 6%

D 5%

Question 20

Section ______ of Companies Act provide those conditions which must be followed if share are issued at discount.

A 79.

B 54

C 53

D 52

Question 21

_________ enjoys the rights of voting.

A All of these

B Debenture holder

C Preference share holder

D Equity share holder

Question 22

________ capital is that portion of uncalled share capital which shall not be called except in the event and for the purpose of the company wound up.

A Reserve.

B Paid up

C Called up

D Nominal

Question 23

Minimum subscription amount must be received within _____ subscription list.

A 7

B 30

C 120

D 10

Question 24

Minimum number of members in a public company:

A No limit.

B 50

C 7

D 2

Question 25

Application money never is less than ________ of face value.

A 100%

B 25%

C 10%

D 5%

Question 26

Amount of security premium may be called along with:

A Any of a,b,c

B Calls

C Allotment

D Application

Question 27

The balance of share forfeiture account after re-issue is transferred to:

A Security Premium.

B General Reserve

C Capital Reserve

D Share Capital

Question 28

Metacaf Ltd. issued 50,000 shares of â‚¹ 100 each payable â‚¹ 20 on application (on 1 st may 2012) â‚¹ 30 on allotment (on 1st January 2013) â‚¹ 20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received.

A â‚¹ 11,00,000

B â‚¹ 10,00,000

C â‚¹ 16,00,000

D â‚¹ 15,00,000

Question 29

Rate of return is not fixed on _______.

A All of these.

B Debentures

C Equity share

D Preference share

Question 30

Question 19.

A Paid up

B Nominal

C Subscribed

D Issued capital can never be more than _______ capital.

Question 31

When the number of shares applied for is more than the number of shares offered, is called ______ subscription.

A par

B under

C over

D minimum

Question 32

Companies in India are governed by companies Act:

A All of these.

B 1932

C 1976

D 1912

Question 33

Maximum number of members in a public company:

A No limit.

B 50

C 7

D 2

Question 34

Maximum paid-up capital in case of OPC is restricted to rupees ______.

A â‚¹ 2,00,00,000

B â‚¹ 50,00,000

C â‚¹. 5,00,000

D â‚¹ 2,00,000

Question 35

Calls amount should not exceed _______ of the face value.

A 10%

B 90%

C 25%

D 30%

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Class 12 Accountancy - Company Accounts and Analysis of Financial Statements - Chapter 1: Accounting for Share Capital MCQ Questions

Your Class 12 Accountancy - Company Accounts and Analysis of Financial Statements Study Path

Private company is one which:

Shares can be issued at:

Maximum number of members in a private company:

When the number of shares applied for is less than the number of shares offered, is called ______ subscription.

Discount (Loss) allowed on Re-issue of shares will be debited to:

Minimum number of members in a private company:

Debenture holders are the ______ of the company.

Preference shareholders are the _______ of the company.

Equity shareholders are the _______ of the company.

A Joint stock company has:

Amount received for security premium will be credited to:

_________ is the fractional part of the total Capital of the company.

_______ capital is the sum mentioned in capital clause of Memorandum of Association.

Interest on calls arrears will be charged@ _______ pa.

______ shares have to be repaid by the company after a specified period.

________ can not be redeemed during the life time of a company.

Interest on calls in advance will be allowed @ ______ p.a.

Section ______ of Companies Act provide those conditions which must be followed if share are issued at discount.

_________ enjoys the rights of voting.

________ capital is that portion of uncalled share capital which shall not be called except in the event and for the purpose of the company wound up.

Minimum subscription amount must be received within _____ subscription list.

Minimum number of members in a public company:

Application money never is less than ________ of face value.

Amount of security premium may be called along with:

The balance of share forfeiture account after re-issue is transferred to:

Rate of return is not fixed on _______.

Question 19.

When the number of shares applied for is more than the number of shares offered, is called ______ subscription.

Companies in India are governed by companies Act:

Maximum number of members in a public company:

Maximum paid-up capital in case of OPC is restricted to rupees ______.

Calls amount should not exceed _______ of the face value.

Practice Complete!

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