CBSE Class 12 Accountancy Share Capital Worksheet Set A

Read and download free pdf of CBSE Class 12 Accountancy Share Capital Worksheet Set A. Students and teachers of Class 12 Accountancy can get free printable Worksheets for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital in PDF format prepared as per the latest syllabus and examination pattern in your schools. Class 12 students should practice questions and answers given here for Accountancy in Class 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Accountancy Worksheets prepared by teachers as per the latest Accountancy books and syllabus issued this academic year and solve important problems with solutions on daily basis to get more score in school exams and tests

Worksheet for Class 12 Accountancy Part 2 Chapter 1 Accounting for Share Capital

Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Part 2 Chapter 1 Accounting for Share Capital in Class 12. This test paper with questions and answers for Class 12 will be very useful for exams and help you to score good marks

Class 12 Accountancy Worksheet for Part 2 Chapter 1 Accounting for Share Capital

Question : Name different types of Share Capital.  

Answer : (i) Authorised Share Capital.
 (ii) Issued Share Capital.
(iii) Subscribed Share Capital.
 (iv) Called—up Share Capital.
(v) Paid-up Share Capital.
(vi) Reserve Capital. 
 
Question : What is meant by Initial Public Offer? 
Answer : Making an offer, inviting the public in general to subscribe for the shares is called as Initial Public Offer. .
 
Question : What is meant by ‘Minimum Subscription? 
Answer : ‘Minimum subscription’ refers to the minimum amount of capital that must be subscribed by the public before a company can proceed with allotment of shares. In general, it is 90% of the issue.
 
Question : At what rate interest on Calls-in-Advance may be paid by a ComPany according to Table F of Schedulel of the Companies Act,2013? 
Answer : As per Table F of the Companies Act, 2013, Company IS required to pay interest @12% p.a. from the date of receipt of Calls in advance to the due date of the Call.
 
Question : What is the maximum amount of discount at which forfeited shares can be re-issued? 
Answer : If the forfeited shares are issued at a discount, the amount of discount must not exceed the amount received on them on their original issue.
 
(Use the following Information :-
Jain Ltd. issued 3,00,000 shares of ₹ 100 each at a premium of ₹ 30 per share payable as follows :-
On Application ₹ 20; On Allotment ₹ 60 (including premium); On First Call ₹ 30; On Second and Final Call ₹ 20.
Applications were received for 4,50,000 shares and pro-rata allotment was made to applicants of 3,60,000 shares. The money excess received on application was employed on account of the sum due on allotment as part of share capital. Brahma, to whom 6,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and Vishnu, the holder of 9,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 12,000 shares were reissued to Mahesh at a discount, of 15%, the whole of Brahma's forfeited shares being reissued.
 
 
MCQ Questions for Chapter 1 Accounting for Share Capital
 
Question : Journal Entry for amount received on application is :-
(a) Bank A/c Debited ₹ 60,00,000; Share Application A/c Credited ₹ 60,00,000.
(b) Bank A/c Debited ₹ 90,00,000; Share Application A/c Credited ₹ 90,00,000.
(c) Share Application A/c Debited ₹ 90,00,000; Bank A/c Credited ₹ 90,00,000. (d) None of these
 
Question : Journal Entry for adjusting application money to share Allotment A/c is :-
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 18,00,000; Bank A/c Credited ₹ 18,00,000.
(c) Share Application A/c Debited ₹ 60,00,000; Share Capital A/c Credited ₹ 60,00,000.
(d) Share Application A/c Debited ₹ 12,00,000; Share Allotment A/c Credited ₹ 12,00,000.
 
Question : Journal entry for amount refunded to shareholders out of application money is __________.
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 60,00,000; Share Capital A/c Credited ₹ 60,00,000.
(c) Share Application A/c Debited ₹ 18,00,000; Bank A/c Credited ₹ 18,00,000.
(d) Share Application A/c Debited ₹ 12,00,000; Share Allotment A/c Credited ₹ 12,00,000.
 
Question : Total Amount paid by Brahma = ___________.
(a) ₹ 96,000 (b) ₹ 1,00,000 (c) ₹ 2,40,000 (d) ₹ 1,44,000
 
Question : Application money received from Brahma adjusted against allotment = ___________.
(a) ₹ 24,000 (b) ₹ 1,44,000 (c) ₹ 20,000 (d) None of these
 
Question : Amount per share to be received from Brahma against allotment after adjustment = ___________.
(a) ₹ 4 per share (b) ₹ 56 per share (c) ₹ 60 per share (d) None of these
 
Question : Amount transferred to share forfeiture account at the time of forfeiting Brahma's shares = __________.
(a) ₹ 45,000 (b) ₹ 1,00,000 (c) ₹ 4,45,000 (d) ₹ 1,44,000
 
Question : Total Amount paid by Vishnu = ___________.
(a) ₹ 1,44,000 (b) ₹ 4,50,000 (c) ₹ 7,20,000 (d) ₹ 2,40,000
 
Question : Number of shares applied by Vishnu with share application = __________.
(a) 9,000 shares (b) 10,800 shares (c) 7,500 shares (d) None of these
 
Question : Application money received from Vishnu adjusted against allotment = __________.
(a) Nil (b) ₹ 36,000 (c) ₹ 24,000 (d) None of these
 
Question : Amount per share received from Vishnu adjusted against allotment = __________.
(a) ₹ 4 per share (b) ₹ 56 per share (c) ₹ 60 per share (d) None of these
 
Question : Amount transferred to share forfeiture account at the time of forfeiting Vishnu's shares = __________.
(a) ₹ 1,20,000 (b) ₹ 4,50,000 (c) ₹ 7,20,000 (d) ₹ 2,60,000
 
Question : Net Balance in Share Capital Account = ________.
(a) ₹ 3,00,00,000 (b) ₹ 3,07,00,000 (c) ₹ 3,04,00,000 (d) ₹ 2,97,00,000
 
Question : Net Balance in Securities Premium Account = __________.
(a) ₹ 88,20,000 (b) ₹ 87,20,000 (c) ₹ 88,16,000 (d) ₹ 88,44,000
 
Question : Net Balance in Share Forfeiture Account = _________.
(a) ₹ 1,50,000 (b) ₹ 4,50,000 (c) ₹ 1,00,000 (d) ₹ 4,00,000
 
Question : Net Balance in Capital Reserve Account = __________.
(a) ₹ 2,00,000 (b) ₹ 1,80,000 (c) ₹ 3,60,000 (d) ₹ 2,64,000
 
Question : Net Balance in Bank Account = ___________.
(a) ₹ 3,89,34,500 (b) ₹ 3,89,00,000 (c) ₹ 3,79,00,000 (d) ₹ 3,89,34,000
 
Question : Balance Sheet Total = _____________.
(a) ₹ 3,80,34,000 (b) ₹ 3,89,00,000 (c) ₹ 3,79,00,000 (d) ₹ 3,89,34,000 
 
Use the following Information :-
Bharat Ltd. issued 1,20,000 equity shares of ₹ 25 each, payable as under :-
On Application ₹ 7.5; On Allotment ₹ 10; On First Call ₹ 5; On Second and Final Call ₹ 2.5
The Application money received for 1,80,000 shares were dealt with as under :-
(i) Applicants of 30,000 shares were allotted in full.
(ii) Applicants of 1,20,000 shares were allotted 90,000 shares pro-rata.
(iii) Applications for 30,000 shares were rejected.
 
Question : Journal entry for amount received on application is :-
(a) Bank A/c Debited ₹ 9,00,000; Share Application A/c Credited ₹ 9,00,000.
(b) Bank A/c Debited ₹ 13,50,000; Share Application A/c Credited ₹ 13,50,000.
(c) Share Application A/c Debited ₹ 13,50,000; Bank A/c Credited ₹ 13,50,000. (d) None of these
 
Question : Total excess money received as compared to the number of shares allotted = _________.
(a) ₹ 18,00,000 (b) ₹ 9,00,000 (c) ₹ 6,25,000 (d) ₹ 4,50,000
 
Question : Journal Entry for amount refunded to shareholders out of application money is __________.
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 2,25,000; Bank A/c Credited ₹ 2,25,000.
(c) Share Application A/c Debited ₹ 9,00,000; Share Capital A/c Credited ₹ 9,00,000
(d) Share Application A/c Debited ₹ 2,25,000; Share Allotment A/c Credited ₹ 2,25,000.
 
Question : Journal entry for adjusting application money to Share Allotment A/c is :-
(a) Share Allotment A/c Debited ₹ 12,00,000; Share Application A/c Credited ₹ 12,00,000.
(b) Share Application A/c Debited ₹ 2,25,000; Share Allotment A/c Credited ₹ 2,25,000.
(c) Share Application A/c Debited ₹ 9,00,000; Share Capital A/c Credited ₹ 9,00,000.
(d) Share Application A/c Debited ₹ 2,25,000; Bank A/c Credited ₹ 2,25,000
 
Question : Amount of excess application money available for adjustment against call money is ________.
(a) Nil (b) ₹ 2,25,000 (c) ₹ 3,80,000 (d) ₹ 9,00,000
 
Question : Tushar Ltd. proposed to issue 6,000 equity shares of ₹ 100 each at a premium of 20%. The minimum amount of application money to be collected per share = ?
(a) ₹ 10 (b) ₹ 12 (c) ₹ 14 (d) ₹ 16.80.
 
Question : Dividends are usually paid as a percentage of ________.
(a) Authorised Share Capital (b) Net Profit (c) Paid-up Capital (d) Called-up Capital
 
Question : E Ltd. had allotted 15,000 shares to the applicants of 21,000 shares on pro-rata basis. The amount payable on application is ₹ 3. F applied for 630 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F?
(a) 90 shares; ₹ 270 (b) 500 shares; ₹ 360 (c) 480 shares; ₹ 450 (d) 450 shares; ₹ 540.
 
Question : Prashant Ltd. issued 15,000 equity shares of ₹ 25 each at a premium of 20% payable ₹ 15 on application (including premium), ₹ 10 on allotment and the balance on first and final call. The company received applications for 20,000 shares and allotment was made pro-rata. P, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Q at par. Assuming that no other bank transactions took place, the bank balance of the company after effecting the above transactions.
(a) ₹ 3,80,000 (b) ₹ 4,95,000 (c) ₹ 4,30,000 (d) ₹ 3,00,000
 
Question : A company forfeited 2,000 shares of ₹ 15 each (which were issued at par) held by Mr. John for nonpayment of allotment money of ₹ 4 per share. The called-up value per share was ₹ 12. On forfeiture, the amount debited to share capital.
(a) ₹ 26,000 (b) ₹ 30,000 (c) ₹ 75,000 (d) ₹ 24,000
 
Question : Haresh Ltd. acquired assets worth ₹ 9,00,000 from H Ltd. by issue of shares of ₹ 100 at a premium of 20%. The number of shares to be issued by Haresh Ltd. to settle the purchase consideration = ?
(a) 7,500 Shares (b) 6,000 Shares (c) 8,375 Shares (d) 6,625 Shares
 
Question : Eqbal Ltd. issued 10,000 equity shares of ₹ 40 each at a premium of 20% payable ₹ 16 on application (including premium), ₹ 20 on allotment and the balance on first and final call. The company received applications for 15,000 shares and allotment was made pro-rata. E, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All her shares were forfeited, after the call was made. The forfeited shares were reissued to F at par. Assuming that no other bank transactions took place, the bank balance of the company after affecting the above transactions.
(a) ₹ 4,80,000 (b) ₹ 5,28,000 (c) ₹ 4,20,000 (d) ₹ 5,00,000
 
Question : Unclaimed dividend should be classified in the Balance Sheet as a ________.
(a) Provision (b) Current Liability (c) Reserve (d) Current Asset.
Use the following information for questions no. 32 and 33 :-
Consider the following data pertaining to W Ltd. as on March 31, 2008 Share Capital :-
Issued, Subscribed Called-up (25,000 shares of ₹ 100 each) ₹ 25,00,000; Calls in arrear ₹ 15,000; Profit and Loss Account (Cr.) as on April 01, 2007 ₹ 60,000; Profit for the year ₹ 5,25,500.
(i) The company appropriates ₹ 40,000 to Debenture Redemption Reserve and
(ii) The company declared 15% dividends on paid up capital.
 
Question : The amount of dividend declared :-
(a) ₹ 2,01,400 (b) ₹ 4,51,522 (c) ₹ 3,72,750 (d) ₹ 4,00,000
 
Question : The balance of Profit and Loss Appropriation Account transferred to Balance Sheet after effecting the above transactions.
(a) ₹ 3,72,750 (b) ₹ 5,81,500 (c) ₹ 1,67,750 (d) 60,810
 
Question : Janpath Ltd. issued 25,000 shares of ₹ 20 each at a premium of 25% on 1st May, 2006, payable as follows :-
On Application ₹ 9.00 (inclusive of premium); On Allotment ₹ 6.00; On First and Final Call ₹ 10.00 1,500 shares were allotted to Mrs. Maharukh, who has paid ₹ 12,500 on 1st June, 2006. At the time of remitting the allotment money, she indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2006. The company holds a policy of paying interest on calls in advance. The amount of interest paid to Mrs. Maharukh on calls in advance :-
(a) ₹ 87.50 (b) ₹ 77.08 (c) ₹ 150.00 (d) ₹ 175.00
 
Question : The following information pertains to Bhavik Ltd.
(i) Equity share capital called up ₹ 3,00,000 (ii) Calls in arrear ₹ 25,000
(iii) Calls in advance ₹ 15,000 (iv) Proposed Dividend 20%
The amount of dividend payable :-
(a) ₹ 65,000 (b) ₹ 57,750 (c) ₹ 62,250 (d) ₹ 55,000
 
Use the following information for Question no. 36 to 38 :- 
Zuber Ltd. issued 10,000 shares of ₹ 10 each. The called up value per share was ₹ 7. The company forfeited 450 shares of Mr. Ansari for non-payment of first call money of ₹ 2 per share. He paid ₹ 5 for application and allotment money.
 
Question : On Forfeiture of shares of Mr. Ansari, the share capital account will be ___________.
(a) Debited by ₹ 2,500 (b) Debited by ₹ 3,150 (c) Credited by ₹ 3,600 (d) Debited by ₹ 3,200
 
Question : On forfeiture of shares of Mr. Ansari "Share Forfeiture A/c" will be ___________.
(a) Debited by ₹ 2,250 (b) Credited by ₹ 3,150 (c) Credited by ₹ 2,250 (d) Debited by ₹ 3,150
 
Question : On forfeiture of shares of Mr. Ansari "First Call A/c" will be ___________.
(a) Credited by ₹ 900 (b) Credited by ₹ 3,150 (c) Debited by ₹ 900 (d) Debited by ₹ 2,250
 
Question : Chandrakant Ltd. issued shares of ₹ 10 each at a discount of 10%. Mr. Chatur purchased 75 shares and paid ₹ 4 on application but did not pay the allotment money of ₹ 5. If the company forfeited his entire shares, the forfeiture account will be credited by :-
(a) ₹ 450 (b) ₹ 405 (c) ₹ 300 (d) ₹ 270
 
Use the following information :-
B Ltd. invited applications for 50,000 shares of ₹ 15 each at a premium of ₹ 5 per share payable as follows :-
On Application ₹ 10 (including premium); On Allotment ₹ 6; On Final Call ₹ 4 Allotment was made on pro-rata basis to the applicants of 70,000 shares. Mr. C to whom 100 shares were alloted, failed to pay allotment money and call money. Mr. D holder of 150 shares, failed to pay call
money. All these shares were forfeited after proper notice and reissued at ₹ 18 per share.
 
Question : Balance of share capital account :-
(a) ₹ 7,46,250 (b) ₹ 7,49,500 (c) ₹ 7,50,000 (d) None of these
 
Question : Balance of security premium account :-
(a) ₹ 2,50,000 (b) ₹ 2,50,750 (c) ₹ 2,48,750 (d) None of these
 
Question : The net balance of share forfeiture account :-
(a) ₹ 2,350 (b) Nil (c) ₹ 1,950 (d) None of these
 
Question : The net balance of capital reserve account :-
(a) ₹ 1,840 (b) ₹ 1,980 (c) ₹ 1,520 (d) ₹ 2,550
 
Question : Balance in bank account after share capital transactions :-
(a) ₹ 10,03,300 (b) ₹ 10,00,000 (c) ₹ 9,99,550 (d) None of these
 
Question : On forfeiture, the amount debited to share capital account :-
(a) ₹ 2,250 (b) ₹ 1,500 (c) ₹ 3,750 (d) None of these
 
Question : On forfeiture, the amount credited to share final call account :-
(a) ₹ 600 (b) ₹ 1,000 (c) ₹ 400 (d) None of these
 
Question : On forfeiture, the amount credited to share allotment account :-
(a) ₹ 480 (b) ₹ 540 (c) ₹ 200 (d) ₹ 300
 
Question : On forfeiture, the amount credited to share forfeiture account :-
(a) ₹ 1,840 (b) ₹ 1,980 (c) ₹ 1,520 (d) ₹ 2,550
 
Question : The authorised capital of Prakash Ltd. consists of issued and paid-up capital as follows :-
(i) 5% Cumulative Preference Shares of ₹ 100 each – ₹ 1,50,000
(ii) Equity Share Capital of ₹ 10 each – ₹ 5,00,000
If dividend declarations totalled ₹ 5,000 and ₹ 20,000 in the year 2006-07 and 2007-08 respectively, the dividends allocated to the equity shareholders in the year 2007-08 = ?
(a) ₹ 10,000 (b) ₹ 11,667 (c) ₹ 23,330 (d) ₹ 28,000
 
Use the following Information :-
Faruk Ltd. issued 15,000 equity shares of ₹ 20 each at a premium of 20% payable :-
₹ 10 on application (including premium); ₹ 6 on allotment and The balance on first and final call.
The company received applications for 20,000 shares and allotment was made pro-rata. Irfan, to whom 3,000 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Anish at par. No other transactions took place.
 
Question : The bank balance of the company after effecting the above transactions :-
(a) ₹ 3,28,000 (b) ₹ 3,88,000 (c) ₹ 3,60,000 (d) ₹ 3,00,000
 
Question : The Balance of share capital account of company after effecting the above transactions :-
(a) ₹ 3,28,000 (b) ₹ 3,88,000 (c) ₹ 3,60,000 (d) ₹ 3,00,000
 
Question : The Balance of Security Premium Account of company after effecting the above transactions :-
(a) ₹ 30,000 (b) ₹ 40,000 (c) ₹ 60,000 (d) ₹ 80,000
 
Question : The Balance of Capital Reserve Account of company after effecting the above transactions :-
(a) ₹ 28,000 (b) ₹ 40,000 (c) ₹ 30,000 (d) ₹ 12,000
 
Question : Which of the following is not true ?
(a) Loss on reissue of shares cannot be more than the gain on forfeiture of those shares.
(b) When all the forfeited shares are not reissued, the share forfeited account will show a credit balance equal to gain on forfeiture of shares not yet issued.
(c) When the shares are forfeited, share premium is debited along with share capital where premium has not been received.
(d) Where forfeited shares are issued at premium, the amount of such premium is credited to capital reserve account.

MCQ Questions for NCERT Class 12 Accountancy Company Accounts

Question. If applicants for 80,000 shares were allotted 60,000 shares on pro rata basis , the shareholders who was allotted 1,200 shares must have applied for:
(a) 900 shares
(b) 3,600 shares
(c) 1,600 shares
(d) 4,800 shares

Answer: C

Question. If shares of Rs 4,00,000 are issued for purchase of assets of Rs 5,00,000, Rs 1,00,000 will be treated as ..........
(a) Discount
(b) Premium
(c) Profit
(d) Loss

Answer: B

Question. Who are the real owners of the Company?
(a) Government
(b) Board of directors
(c) Equity shareholders
(d) Debenture holders

Answer: C

Question. Maximum number of members in a private Company is :
(a) 7
(b) 200
(c) 20
(d) No limit

Answer: B

Question. 600 shares of Rs 10 each were forfeited for non payment of Rs 2 per share on first call and Rs 5 per share on final call. Share forfeiture account will be credited with:
(a) Rs 1,200
(b) Rs 1,800
(c) Rs 3,000
(d) Rs 4,200

Answer: B

Question. In case of private placement of shares to raise capital a company:
(a) Invite the public through prospectus
(b) Does not invite the public
(c) Invite the public through advertisement
(d) None of the above

Answer: B

Question. Forfeiture of shares result in reduction of :
(a) Subscribed capital
(b) Authorised capital
(c) Reserve capital
(d) None of the above

Answer: A

Question. Capital reserves are created from
(a) Capital Profit
(b) Average Profit
(c) Share Profit
(d) None of the options

Answer: A

Question. Which of the following statement in false
(a) Bonus shares can be issued out revaluation profit.
(b) Bonus issue is made out of free reserves or securities premium collected in cash only
(c) No bonus issue shall be made within 12 months of any public or right issue.
(d) Company can issue bonus shares in any ratio

Answer: A

Question. Those companies whose shares are listed on a recognised stock exchange for public trading
(a) Government Company
(b) Listed Company
(c) Private Company
(d) Limited company

Answer: B

Question. Share capital of a company can be divided into
(a) All of the options
(b) Authorised Capital
(c) Issued Capital
(d) Subscribed Capital

Answer: A

Question. What type of shares can be issued at discount?
(a) Equity Shares
(b) Preference Shares
(c) None of the options
(d) Sweat Equity Shares

Answer: D

Question. Shares issued by a company to its employees or directors in consideration of ‘Intellectual Property Rights’ are called :
(a) Right Equity Shares
(b) Private Equity Shares
(c) Sweat Equity Shares
(d) Bonus Equity Shares

Answer: C

Question. Balance in forfeited share account is shown in the balance sheet under the head of
(a) Reserves and surplus
(b) Current liabilities
(c) None of the options
(d) Share capital.

Answer: D

Question. Which company has special rights under Companies Act 3 (i) section (iii)
(a) Private Company
(b) Limited company
(c) Illegal company
(d) None of the options

Answer: A

Question. If a share of Rs. 100 on which Rs.60 has been paid, is forfeited, it can be re-issued at the minimum price of:
(a) Rs. 60
(b) Rs.100
(c) Rs. 40
(d) Rs.140

Answer: C

Question. Shareholders are :
(a) Customers of the Company
(b) Owners of the Company
(c) Creditors of the Company
(d) None of these

Answer: B

Question. Maximum number of members in a private company is :
(a) 7
(b) 200
(c) 20
(d) No Limit

Answer: B

Question. Preference shares, in case the holders of these have a right to convert their preference shares into equity shares at their option according to the terms of issue, such shares are called :
(a) Cumulative Preference Share
(b) Non-cumulative Preference Share
(c) Convertible Preference Share
(d) Non-convertible Preference Share

Answer: C

Question. Reserve Capital is :
(a) Subscribed Capital
(b) Capital Reserve
(c) Uncalled Capital
(d) Part of the uncalled capital which may be called only at the time of liquidation of the Company

Answer: D

Question. As per SEBI Guidelines, Application money should not be less than ……………. of the issue price of each share.
(a) 10%
(b) 15%
(c) 25%
(d) 50%

Answer: C

Question. Which of the following will define, when appropriation of a certain number of shares is made to an applicant in response to his application? 
(a) Share allotment
(b) Share forfeiture
(c) Share trading
(d) Share Purchase

Answer: A

Question. A Company issued 50,000 shares of ₹20 each at 5% premium. ₹10 were payable on application and balance on allotment. What will be the allotment amount?
(a) ₹5,00,000
(b) ₹4,75,000
(c) ₹5,50,000
(d) ₹5,25,000

Answer: C

Question. If vendors are issued fully paid shares of Rs. 1,25,000 in consideration of net assets of Rs. 1,50,000, the balance of Rs.25,000 will be credited to :
(a) Statement of Profit & Loss
(b) Goodwill Account
(c) Security Premium Reserve Account
(d) Capital Reserve Account

Answer: C

Question. The shares on which there is no any pre-fixed rate of dividend is decided, but the rate of dividend is fluctuating every year according to the availability of profits, such share are called :
(a) Equity Share
(b) Non-cumulative preference share
(c) Non-convertible preference share
(d) Non-guaranteed preference share

Answer: A

Question. If the premium on forfeited shares has already been received , then securities premium A/c should be:
(a) Credited
(b) Debited
(c) No treatment
(d) None of these

Answer: C

Question. As per SEBI Guidelines , Application money should not be less than ....... ..of the issue price of each shares:
(a) 10%
(b) 15%
(c) 25%
(d) 50%

Answer: C

Question. Issued 20,000 , 12% debenture of Rs 100 each at a premium of 4%, redeemable at a premium of 10%. In such case:
(a) Loss on issue will be debited by Rs 1,20,000
(b) Loss on issue will be debited by Rs 2,00,000
(c) Loss on issue will be debited by Rs 2, 88,000
(d) None of the above

Answer: B

 

Question. When Articles of Association of a company is silent then interest on calls in advance is provided at
a) 12% p.a.
b) 5% p.a.
c) 6% p.a.
d) 10% p.a.

Answer: A

Question. Securities Premium Reserve Account can be used for :
a) Paying tax liability
b) paying dividend on shares
c) allowing discount on the re-issue of forfeited shares
d) Meeting the cost of issue of shares or debentures

Answer: D

Question. Loose tools should be shown as
a) On the assets side of the balance sheet ,main head current assets, sub head inventories
b) Other expenses in Statement of Profit & Loss
c) Finance costs in Statement of Profit & Loss
d) On the assets side of the balance sheet

Answer: A 

Question. Discount allowed on the re issue of forfeited shares cannot exceed :
a) 10% of the paid up capital
b) 10% of the reissued capital
c) the amount received on forfeited shares
d) Amount not received on the forfeited shares

Answer: C

Question. If a share of ₹10 issued at a premium of ₹ 2 , on which ₹ 9 (including premium) have been called and ₹ 5 (including premium) paid is forfeited , the share capital account should be debited by
a) ₹ 12
b) ₹10
c) ₹ 9
d) ₹ 7

Answer: D
 

Fill in the blanks:

Question. Share capital of a company is divided into small units. Each such unit is called .......
Answer: Shares

Question. .............. Shareholders are given dividend at a fixed rate.
Answer: Preference shareholders

Question. A ........... Company is one which restricts the rigt to transfer its shares.
Answer: Private Ltd Company

Question. Actual number of shares offered to the public for subscription is known as ...........
Answer: Issued capital

Question. At the time of forfeiture of shares , Share capital account will be debited with ........ value
Answer: Called up value of shares

Question. A private Ltd. Company with only one person as its members is called .............
Answer: One person company (OPC)


True or False :

Question. Pro rata allotment is made in case of over subscrriptions 
Answer:
 True

Question. Shares cannot be issued at discount 
Answer: 
True

Question. Equity shareholders are the creditors of the Company
Answer:
 True

Question. Application money should not be less than 25% of the face value of shares 
Answer:
 True

Question. Promoters are the owners of the Company 
Answer:
False
 

Q 1 Differentiate between ‘Reserve capital’ & ‘Capital reserve’.

Q 2 What is meant by :
Unlimited liability ; Minimum subscription ; Forfeiture of shares ; Calls in arrears ; Calls in advance

Q 3 What is the minimum price at which a company can re-issue its shares. Explain taking an illustration.

Q 4 A company wants to purchase building from its securities premium amount. Can it do so? Give reasons in support of your answer.

Q 5 Is calls in advance part of company’s share capital?

Q 6 A co. issued 15000 fully paid up equity shares of Rs 100 each for the purchase of the following assets 7 liabilities from Gupta Brothers: Plant Rs 3,50,000 ; Land & building Rs 6,00,000 ; Stock in trade Rs 4,50,000 ; Sundry creditors Rs 1,00,000. Pass the necessary journal entry.

Q 7 X Ltd. issued equity shares of Rs 10 each at a premium of 2.50 per share. The amount was payable as follows:
On application-Rs 2; On allotment -Rs 4.50 ; On call-Rs 6 Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20000 shares were allotted 10000 shares
(b) Applicants for 56000 shares were allotted 14000 shares
(c) Applicants for 48000 shares were allotted 16000 shares It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded. 
Ram to whom 1000 shares were allotted , who belong to category ‘a’ failed to pay the allotment money. His shares were forfeited after the call. Pass the necessary journal entries.

Q 9 C Ltd forfeited 1000 shares of Rs 100 each issued at a discount of 8% on these shares the first call of Rs 30 per share was not received and the final call of Rs 20 per share was yet to be called. These shares were subsequently re-issued at Rs 70 per share Rs 80 paid up.

Q 10 L Ltd forfeited 470 equity shares of Rs 10 each issued at a premium of Rs 5 per share for non payment of allotment money of Rs 8 per share(including share premium Rs 5 per share) and the first 7 final call of Rs 5 per share. Out of these 60 equity shares were subsequently re-issued at Rs 14 per share.

Question. Formed by special act of the legislature or parliament Called
(a) Statutory Company
(b) Guarantee company
(c) Chartered companies
(d) None of the options

Answer: A

Question. Minimum number of directors in Pvt. Ltd company
(a) 3
(b) 2
(c) 4
(d) No limit

Answer: B

Question. Deepak Ltd. offered for subscription 5,50,000 equity shares of Rs. 10 each.The public applied for 5,00,000 shares.
The call ( Rs. 8 per share) was received except from Gopal, who holds 4,000 shares has not paid after application money of Rs. 2 per share and from Shyam who holds 1,000 shares has paid only Rs. 6 per share. Gopal's shares were forfeited. The amount of subscribed capital to be disclosed in the Balance Sheet is
(a) Rs.39,96,000.
(b) Rs.39,74,000.
(c) Rs.49,46,000.
(d) Rs.49,74,000.

Answer: B

Question. A company purchased machinery for Rs. 1,80,000 and in consideration issued shares at 20% premium. What will be the face value of shares issued :
(a) Rs. 1,50,000
(b) Rs. 1,44,000
(c) Rs. 1,80,000
(d) Rs.2,16,000

Answer: A

Question. The portion of the authorised capital which can be called-up only on the liquidation of the company is called
(a) Authorised capita
(b) Issued capital
(c) Reserve capital
(d) Called up capital

Answer: C

Question. Issue of share at a discount must be authorised by a resolution passed by the company in general meeting and duly sanctioned by the
(a) Central government.
(b) State government.
(c) Local government
(d) None of the options

Answer: A

Question. Capital of a Company is divided in units which is called :
(a) Debenture
(b) Share
(c) Stock
(d) Bond

Answer: B

Question. The following statements apply to equity/preference shareholders. Which one of them applies only to preference sharehoders?
(a) Shareholders risk the loss of investment
(b) Shareholders bear the risk of no dividends in the event of losses
(c) Shareholders usually have the right to vote
(d) Dividends are usually given at a set amount in every financial year.

Answer: D

Question. A Company invited applications for 1,00,000 shares and it received applications for 1,50,000 shares. Applications for 30,000 shares were rejected and the remaining were allotted shares on prorata basis. How many shares an applicant for 3,000 shares will be allotted :
(a) 2,500 Shares
(b) 3,600 Shares
(c) 4,500 Shares
(d) 2,000 Shares

Answer: A

Question. XY Limited issued 2,50,000 equity shares of Rs. 10 each at a premium of Rs.1 each payable as Rs.2.5 on application, Rs.4 on allotment and balance on the first and final call. Applications were received for 5,00,000 equity shares but the company allotted to them only 2,50,000 shares. Excess money was applied towards amount due on allotment. Last call on 500 shares was not received and shares were forfeited after due notice. This is a case of:
(a) Over subscription
(b) Pro-rata allotment
(c) Forfeiture of Shares
(d) All of the above

Answer: D

Question. A company is said to be Deemed Public company if its Annual Turnover exceeds
(a) 25 Crores.
(b) 20 Crore
(c) 30 Crore
(d) None of the options

Answer: A

Question. Premium on the issue of shares should be shown :
(a) On the Assets side of balance sheet
(b) On the Equity & Liabilities side of balance sheet
(c) In profit & loss Statement
(d) None of the Above

Answer: B

Question. Authorised Capital of a Company is mentioned in :
(a) Memorandum of Association
(b) Articles of Association
(c) Prospectus
(d) Statement in lieu of Prospectus

Answer: A

Question. A Company is
(a) All of the options
(b) Has separate legal identity
(c) Has Perpetual existence
(d) Has Common seal

Answer: A

Question. Minimum number of members in a Public Company
(a) 5
(b) 2
(c) 7
(d) 3

Answer: C

Question. Issue of share at a discount
(a) Section 79
(b) Section 78
(c) Section 76
(d) None of the options

Answer: A

Question. Section 591of Act states this type of company is incorporated outside India but has established business in India, Called
(a) Government Company
(b) Private company
(c) Foreign Company
(d) Limited company

Answer: C

Question. Capital raised by issue of shares is called
(a) Authorised Capital
(b) Share capital.
(c) Called up Capital
(d) None of the options

Answer: B

Question. When Second instalment paid
(a) On allotment
(b) On Application
(c) Both
(d) None of the options

Answer: A

Question. Reserve Capital is also known by :
(a) Capital Reserve
(b) Called up Capital
(c) Subscribed Capital
(d) None of the above

Answer: D

Question. If shares of Rs.4,00,000 are issued for purchase of assets of Rs.5,00,000, Rs. 1,00,000 will be treated as ................ :
(a) Discount
(b) Premium
(c) Profit
(d) Loss

Answer: B

Question. Which of the following will define, when appropriation of a certain number of shares is made to an applicant in response to his application?
(a) Share allotment
(b) Share forfeiture
(c) Share trading
(d) Share Purchase

Answer: A

Question. A Company offered 50,000 shares of ?10 each at par payable as to ?3 on applications, ?5 on allotment and the balance on final call. Applications were received for 60,000 shares and the allotment was made pro-rata. The excess application money was to be adjusted on allotment and call. How much amount will be transferred from Share Application A/c to Share Allotment A/c?
(a) ₹1,80,000
(b) ₹30,000
(c) ₹1,50,000
(d) ₹50,000

Answer: B

Question. An artificial person created by Law is called :
(a) Sole Tradership
(b) Partnership Firm
(c) Company
(d) All of the Above

Answer: C

Question. When shares are forfeited. Share Capital Account is debited with
(a) nominal (face) value of shares.
(b) called-up share capital.
(c) paid-up value of shares.
(d) market value of shares.

Answer: B
 

Q 1 Give the meaning of
(i) Redemption of debentures out of profits
(ii) Redemption of debentures out of capital

Q 2 list three modes of redemption of debentures.

Q 3 What does sec 117C of the company’s act state.

Q 4 What are the SEBI guidelines regarding DRR.

Q 5 Which co. are exempted by SEBI from the obligation of creating DRR.

Q 6 A co. redeemed 1200, 12% debentures of 100 each at par by converting them into:
(i) 10% preference shares of Rs 500 each issued at par.
(ii) Equity shares of Rs 10 each issued at a premium of Rs 2.
(iii) Equity shares of Rs 10 each issued at a discount of RS 2

Q 7 A co. redeemed 2000, 12% debentures of 100 each at 120 by converting them into:
(i) 8% preference shares of Rs 200 each issued at par.
(ii) Equity shares of Rs 10 each issued at a premium of Rs 2.
(iii) Equity shares of Rs 10 each issued at a discount of RS 2

Q 8 A co. redeemed 1000, 7 ½ % debentures of 100 each issued at a discount of 10% at 120 by converting them into:
(i) 8% preference shares of Rs 100 each issued at par.
(ii) Equity shares of Rs 10 each issued at a premium of Rs 2.
(iii) Equity shares of Rs 10 each issued at a discount of RS 2
(iv) 10% debentures of Rs 200 each

Q 9 X Ltd has 4000, 9% debentures of Rs 100 each due for redemption. Debenture redemption reserve has a balance of Rs 1,40,000 on that date. Record the necessary entries at the time of redemption of debentures.

Q 10 A co. has 50000, 8% debentures of Rs 100 each due for redemption in four equal instalments starting from 31st March, 2007. DRR has a balance of Rs 1800000 on that date. Record the necessary journal entries.

Q 11 On 31st March 2010 a co. had outstanding Rs 500000 in 9% debentures of Rs 100 each redeemable at a premium of 5% on 31st March 2011. On 1st January 2011, it was decided to give the holders of these debentures the following options:
(i) To convert their holdings into 9% preference shares of Rs 100 each at par.
(ii) To accept equity shares of Rs 100 each at 94.50 per share or
(iii) To accept cash.
On 31st March 2011, 2000 debenture holders exercised option (i) ; 1800 debenture holders exercised option (ii) ; & the remaining debenture holders exercised option (iii). Pass the necessary journal entries in the books of the company.

MCQ Questions for NCERT Class 12 Accountancy Company Accounts

Question. Z Ltd. forfeited 1,000 equity shares of Rs. 10 each issued at a premium of 20% for the non-payment of the final call of Rs. 3 per share. Calculate the maximum amount of discount at which these shares can be reissued.
(a) Maximum permissible discount is Rs.9,000
(b) Maximum permissible discount is Rs.7,000
(c) Maximum permissible discount is Rs.3,000
(d) Shares can't be re-issued at discount

Answer : B

Question. Rahul, an applicant of 5,000 shares and who was allotted 4,000 shares paid application money of Rs.3 per share but failed to pay allotment money of Rs.5 per share. Though he had paid allotment arrear dues with First call of Rs.2 per share. What amount will be paid by Rahul at the time of first call being received by company to clear his dues?
(a) Rs.8,000
(b) Rs.25,000
(c) Rs.17,000
(d) Rs.28,000

Answer : B

Question. A company invited applications for 5,00,000 shares of Rs.10 each. What minimum amount can be asked by the company on application per share?
(a) Rs.2 per share
(b) Rs.3 per share
(c) Rs.0.50 per share
(d) Rs.1 per share

Answer : C

Question. Azab Gazab Ltd. issued 50,000 shares of Rs.10 each issued at Rs.2 premium payable Rs.5 on application (including premium), Rs.4 on allotment and balance on call. Public had applied for 80,000 shares out of which applications for 10,000 shares were rejected. Mr.Mogambo who had applied for 3,500 shares failed to pay allotment and call money and his shares were forfeited. Out of these 2,000 shares were re-issued @Rs.8 per share as fully paid up. What amount of Share Capital will be shown in the Balance Sheet?
(a) Share Capital Rs.4,95,000
(b) Share Capital Rs.5,94,000
(c) Share Capital Rs.4,97,500
(d) Share Capital Rs.5,01,000

Answer : C

Question. Andaaz Ltd. company took over Assets of Rs.20,00,000 and Liabilities of Rs.4,50,000 from Bebaak Ltd. and in consideration issued them 15,000, 12% Preference Shares of Rs.100 each at 20% premium. Which of the following will hold true?
(a) Capital Reserve will be created of Rs.2,50,000
(b) Goodwill will be created of Rs.2,50,000
(c) Capital Reserve will be created of Rs.6,50,000
(d) Goodwill will be created of Rs.6,50,000

Answer : B

Question. The company has to get minimum subscription within ___________ from the date of the issue of the prospectus.
(a) 110 days
(b) 120 days
(c) 130 days
(d) 4 months

Answer : B

Question. Aladdin Co. Ltd issued 80,000 shares of Rs.10 each payable Rs.3 on Application, Rs.5 on allotment and balance on call. Public had applied for 75,000 shares and all the calls were made. All the money has been duly received except allotment and call money on 6,000 shares held by Gaurav. His shares were forfeited and later on re-issued 4,000 shares @ Rs.12 per share as fully paid up. What amount will be transferred to Capital Reserve?
(a) Rs.18,000
(b) Rs.12,000
(c) Rs.20,000
(d) Rs.6,000

Answer : B

Question. X Ltd forfeited 1,000 shares of Rs.10 each for non-payment of final call of Rs.4 each. After the reissue of these shares Rs.1,500 were transferred to capital reserve. Shares were reissued for Rs.____
(a) Rs.4,500
(b) Rs.6,000
(c) Rs.5,500
(d) Rs.8,500

Answer : C

Question. Securities Premium Reserve cannot be utilised for which of the following purpose?
(a) Writing off Preliminary Expenses
(b) Issuing Bonus shares to convert partly paid up shares into fully paid up shares
(c) Writing off discount/Loss on Issue of Debentures
(d) Providing for premium payable on redemption of Debentures or Preference Shares

Answer : B

Question. Eena Meena Deeka Ltd. issued 60,000 shares of Rs.10 each issued at Rs.2 premium, payable Rs.2 on application, Rs.7 on allotment (including premium) and balance on call. Public had applied for 80,000 shares out of which applications for 5,000 shares were rejected. Mr.Chandermohan holding 3,000 shares failed to pay allotment money and his shares were forfeited immediately. Out of these 2,000 shares were re-issued @Rs.6 per share as Rs.7 paid up. Final call was not yet made. What will be the balance of Share Forfeited account after re-issue?
(a) Nil
(b) Rs.3,000
(c) Rs.2,500
(d) Rs.7,500

Answer : C

Question. Assertion (A) :- Company may not provide for rate of Interest on calls in Arrears and Interest on calls in advance in their Articles of Association ;
Reason (R) If Articles of Association is silent then Table F of Companies Act,2013 is followed.
(a) Both A and R are True and R is correct explanation of A
(b) Both A and R are True but R is not the correct explanation of A
(c) A is incorrect but R is correct
(d) Both A and R are incorrect.

Answer : A

Question. Assertion (A):- Maximum rate of Premium can be 10% of the face value.
Reason (R):- It is restricted by SEBI for maximum rate of Securities Premium at which shares can be issued.
(a) Both A and R are True and R is correct explanation of A
(b) Both A and R are True but R is not the correct explanation of A
(c) A is true but R is false
(d) Both A and R are False

Answer : D

Question. Statement I :- Premium money received at the time of allotment can be forfeited.
Statement II :-In case of Over-subscription (Pro-rata allotment) Premium money received at the time of Application can only be utilised with premium due on allotment.
(a) Both statements are True
(b) Only Statement I is True.
(c) Both statements are False
(d) Only Statement II is True.

Answer : C

Question. A Company invited applications for 2,00,000 shares of Rs.10 each issued at Rs.10 each payable Rs.3 on application, Rs/.5 on allotment and balance whenever required. Public applied for 2,50,000 shares. Shares were not yet allotted. How will you disclose the above information in Balance Sheet of the company?
(a) Share Application money pending allotment as Rs.7,50,000
(b) Share Application money pending allotment as Rs.6,00,000 and Bank Overdraft of Rs.1,50,000
(c) Share Capital of Rs. 6,00,000 and Share Application money pending allotment of Rs.1,50,000
(d) Share Application money pending allotment as Rs.6,00,000 and Other Current Liabilities of Rs.1,50,000

Answer : D

 

TOPIC – COMPANY ACCOUNTS

Q 1 Define debentures.

Q 2 Give five differences between

(i) Shares & Debentures

(ii) Shareholders & Debentureholders

Q 3 Explain the following types of debentures

(i) Secured debentuuures

(ii) Convertible debentures

(iii) Registered debentures

(iv) Bearer debentures

(v) Zero coupon rate debentures

Q 4 What does the expression ‘Charge on asset’ mean?

Q 5 What is meant by Fixed charge/specific charge ; floating charge; issue of debentures as collateral security.

Q 6 Z Ltd took over the following assets & liabilities of Usha co. Ltd.: Assets:Machinery 100000 ;

Furniture 180000 ; Stock 20000.

Liabilities: creditors – 80000

The purchase price was agreed at Rs 108000. This is to be settled by the issue of 12% debentures of Rs 100 each:

a) Issued at par

b) Issued at 20% premium

c) Issued at 10% discount

Q 7 Pass the necessary journal entries for the issue & redemption of debentures in th following cases:

(a) 10000, 10% debentures of Rs 120 each issued at 5% premium, repayable at par.

(b) 20000, 9% debentures of Rs 200 each issued at 20% premium repayable at 30% premium.

(c) Rs 7000000, 12% debentures of Rs 100 each issued at a premium of 5% redeemableat 110%.

(d) A 10% debenture issued at 90 redeemable at 105.

Q 8 What is the nature of the following accounts & under what head are they shown in the Balance Sheet.

(i) Premium on redemption of debentures

(ii) Loss on issue of debentures account

(iii) Interest accrued & due/ Interest outstanding

(iv) Interest accrued & not due/Accrued interest

Q 9 Is denture interest a ‘ charge on profits’ or ‘an appropriation of profits’? Give reason.

Q 10 A Ltd issued 5000 ,9% debentures of Rs 100 each at par & also raised a loan of Rs 80000 from bank, collaterally secured by Rs 100000, 9% debentures. How will you show the debentures in the balance sheet of the co.assuming

(i) Co. has not recorded the issue of debentures as collateral in the books.

(ii) Co. has recorded the issue of debentures as collateral in the books

Part 1 Chapter 01 Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy Accounting for Not-for-Profit Organisation Worksheet
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy Debentures Worksheet
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements Of Company Worksheet
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet

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