Company Accounts Issue Of Shares CBSE Questions & Answers

Company Accounts Issue Of Shares

This is Accountancy Class 12 Company Accounts Issue of Shares CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
Which of the following statement is false
  • A
    A company is legal entity distinct from its owner
  • B
    A company can buy its own share
  • C
    Company is managed by all the members
    Correct
  • D
    Company is not affected by the death of its member
2
Share application and allotment account is a
  • A
    None of these
  • B
    Personal account
    Correct
  • C
    Real account
  • D
    Nominal account
3
Securities Premium account is shown on the liabilities side of the balance sheet under the head
  • A
    Equity Capital
  • B
    Authorized capital
  • C
    Reserve and surplus
    Correct
  • D
    Current assets
4
As per sec 78 companies cat amount collected as a premium on securities can not be utilized for
  • A
    Purchase of fixed assets
    Correct
  • B
    Buy back of its own share
  • C
    Writing of preliminary expenses
  • D
    Issuing fully paid shares to the members
5
Which statement is false
  • A
    All
  • B
    Called up share capital is that part of subscribed capital that has been called up
  • C
    A company can not raise fund beyond its authorized capital
  • D
    Payment of interest on calls-in-advance is at the desecration of the company
    Correct
6
Match, options are as follows
Question 6 figure 1
  • A
    a(ii),b(i), c(iii)
  • B
    a(i),b(iii), c(ii)
  • C
    a(ii),b(iii), c(i)
    Correct
  • D
    a(iii),b(ii), c(i)
7
A company can issue share at discount if
  • A
    The resolution specifies the maximum rate of discount at which share are to be issued
  • B
    The shares are of a class already issued
    Correct
  • C
    All
  • D
    Issue share at discount is authorized by resolution passed by company
8
Discount on issue of share is allowed at the time of
  • A
    Both
  • B
    Allotment
    Correct
  • C
    Application
  • D
    None
9
The liability of members if company is limited by guarantee.
  • A
    Unlimited liability
  • B
    Guarantee amount
  • C
    Unpaid value of shares
    Correct
  • D
    None of the above
10
Generally rights and obligations of the company are regulated in
  • A
    A.O.A
    Correct
  • B
    M.O.A
  • C
    None of these
  • D
    Partnership deed
11
____are the shares issued by the company to it employees or directors for consideration other than cash
  • A
    Bonus
    Correct
  • B
    Right
  • C
    Sweat
  • D
    None of the above
12
_________have fixed denomination
  • A
    None of the above
  • B
    Stock
  • C
    Both a) & b)
  • D
    Share
    Correct
13
XYZ Company goes for a public issue each share of face value Rs.10 .The application money is Rs.2, allotment Rs.3, first call Rs.4, final call Rs.1. Is this valid
  • A
    Can’t say
  • B
    To some extent
  • C
    Yes
    Correct
  • D
    No
14
Name of the member is struck off from the register in case of ________
  • A
    Share warrant
  • B
    Forfeiture
  • C
    Issue of share certificate
    Correct
  • D
    None of the above
15
Return of partly paid shares by the shareholders to the company is _______
  • A
    None of the above
  • B
    Forfeiture
  • C
    Lien
  • D
    Surrender
    Correct