CBSE Class 12 Accountancy Company Accounts Worksheet Set C

CBSE Class 12 Accountancy Worksheet - Company Accounts. CBSE issues sample papers every year for students for class 12 board exams. Students should solve the CBSE issued sample papers to understand the pattern of the question paper which will come in class 12 board exams this year. The sample papers have been provided with marking scheme. It’s always recommended to practice as many CBSE sample papers as possible before the board examinations. Sample papers should be always practiced in examination condition at home or school and the student should show the answers to teachers for checking or compare with the answers provided. Students can download the sample papers in pdf format free and score better marks in examinations. Refer to other links too for latest sample papers.

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.

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