MCQ’s For Chapter 1 Accounting For Share Capital Accounts Class 12 Online Quiz/Test

1. Use the following information to answer the next question.

 

 

The information in which alternative completes the given statement?

 

A.  

B.  

C.  

D.

2. Use the following information to answer the next question.

The information in which alternative completes the given statement?

A.

B.

C.

D.

3. Use the following information to answer the next question.

KMP Ltd. forfeited 100 shares of Rs 10 each issued at a premium of Rs 2 per share for the non-payment of final call of Rs 2 per share. Of these 80 shares were reissued at Rs 8 per share.

Ascertain the amount of Capital Reserve.

 

A. Rs.160

 

B. Rs.480

 

C. Rs.640

 

D. Rs.800

4. Use the following information to answer the next question.

 

 

The given columns can be correctly matched as

 

A. i-c, ii-a, iii-b, iv-d

 

B. i-a, ii-d, iii-b, iv-c

 

C. i-d, ii-a, iii-b, iv-c

 

D. i-d, ii-a, iii-c, iv-b

 

5. Use the following information to answer the next question.

 

A Ltd. issued 5,000 equity shares of Rs 10 each payable as Rs 2 on application, Rs 3 on allotment and the balance when required. Company received application for 10,000 shares, 2,000 of which were rejected and their money were returned. Excess money if any, is to be adjusted on allotment.

 

Calculate the amount received on allotment.

 

A. 6000

 

B. 9000

 

C. 15000

 

D. 16000

6. Use the following information to answer the next question.

 

A company forfeited 100 shares of Rs 10 each fully called-up (originally issued at par) on which Rs 5 was paid-up. These shares were reissued at Rs 7 per share fully paid-up.

 

Calculate the amount of Share Forfeiture to be transferred to Capital Reserve Account.

 

A. Rs 100

 

B. Rs 200

 

C. Rs 300

 

D. Rs 500

7. Amount in Securities Premium Account cannot be utilised for which of the following purposes?

A. Distribution as dividend

B. Buy back of own shares

C. Writing off preliminary expenses

D. Writing off the expenses or commission paid

 

 

8. Use the following information to answer the next question.

A share of Rs 100 issued at 20% premium, Rs 80 including premium was called and Rs 50 including premium was received. This was forfeited for the non-payment of first call and was reissued for Rs 55 considering as Rs 50 paid-up.

 

Ascertain the amount of Securities Premium.

 

A. Rs 5

B. Rs 15

C. Rs 20

D. Rs 25

9. Use the following information to answer the next question.

X Ltd. purchased machinery from Y Ltd. The purchase consideration was settled by issuing 4,000 shares of Rs 10 each at a premium of Rs 2 and by paying Rs 20,000 through bank draft.

Ascertain the amount paid for purchasing machinery.

 

A. Rs 40000

B. Rs 48000

C. Rs 60000

D. Rs 68000

10. Use the following information to answer the next question.

 

The excess of purchase consideration over net assets is to be transferred to

 

A. Goodwill by Rs 50000

B. Goodwill by Rs 150000

C. Capital Reserve by Rs 50000

D. Capital Reserve by Rs 150000

11. Use the following information to answer the next question.

 

 

The information in which alternative completes the given statement?

 

A.  

B.  

C.  

D.

12. If the company have insufficient profit for declaring dividend, then dividend on which of the following Preference Shares can be postponed?

 

A. Cumulative Preference Shares

B. Convertible Preference Shares

C. Non-cumulative Preference Shares

D. Non-convertible Preference Shares

13. Use the following information to answer the next question.

Captain Ltd. purchased assets from Head Ltd. For the settlement of purchase price, the company paid Rs 50,000 through cheque and the remaining amount by issuing 12,000 shares of Rs 10 each at 10% premium.

Calculate purchase consideration for the assets.

 

A. Rs 120000

B. Rs 132000

C. Rs 170000

D. Rs 182000

14. Use the following information to answer the next question

 

 

The given columns can be correctly matched as:

 

A. i-c, ii-d, iii-b, iv-a
B. i-c, ii-a, iii-b, iv-d
C. i-c, ii-d, iii-a, iv-b
D. i-c, ii-b, iii-d, iv-a

15. Use the above information to answer the next question.

Based on the above information, match the Column 1 with correct amount of the Column 2 for recording the entry at the time of forfeiture of shares.

 

A. i-b, ii-c, iii-d, iv-a
B. i-c, ii-d, iii-b, iv-a
C. i-c, ii-b, iii-d, iv-a
D. i-b, ii-c, iii-a, iv-d