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Accounting for share Capital Test - 3

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Accounting for share Capital Test - 3
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  • Question 1
    1 / -0

    Which of the following is not true about Preference Shares?

    Solution

    Preference Shares are those shares on dividend to be paid as fixed amount. These shares are convertible and can be redeemed.

     

  • Question 2
    1 / -0

    Which capital is to be stated in the Memorandum of Association of a company?

    Solution

    Authorised capital is to be stated in the Memorandum of association of a company. Authorized capital is also known as nominal capital of the company.

     

  • Question 3
    1 / -0

    A company cannot issue its share at _______

    Solution

    As per the Companies Act, 2013, (new guidelines) a company cannot issue its shares at discount. Company can issue its shares at par and premium.

     

  • Question 4
    1 / -0

    _______ Shares are not convertible.

    Solution

    Equity Shares are not convertible. Preference shares can be converted into equity shares depend upon the terms and conditions.

     

  • Question 5
    1 / -0

    When the  company does not have its own Articles of Association _______

    Solution

    When the public company does not have its own Articles of Association, in such a case Table F will be applicable. For private company it is compulsory to have articles of association.

     

  • Question 6
    1 / -0

    Share Forfeiture account is a:

    Solution

    All accounts which are prepared for the calculation of profit or loss are nominal accounts. All assets accounts are real and liabilities are personal accounts.

     

  • Question 7
    1 / -0

    When a company makes an offer or invites the public in general to subscribe its shares, it is known as _______

    Solution

    When a company makes an offer or invites the public in general to subscribe its shares, it is known as Initial public offer (IPO).

     

  • Question 8
    1 / -0

    The capital which is part of the uncalled capital of the company which can be called up only in the event of its winding up it is called

    Solution

    Reserve Capital: It is uncalled capital which can be called up by the company in case of an emergency i.e. winding up. It is a part of Authorized Capital.

     

  • Question 9
    1 / -0

    Which of the following statement is false

    Solution

    The Statement given as ‘Company is managed by all the members’ is not correct because it is not mandatory for all the members to run the company.

     

  • Question 10
    1 / -0

    Find out the amount of second & final call When a company issue its shares @ 10 each at a premium of 30%. Payable on Application Rs.4. On Allotment Rs.4. On First Call Rs.2.

    Solution

    Total amount should be 10 + 30% i.e. 10 + 3 = 13

    On Application Rs.4

    On Allotment Rs.4

    On First call Rs.2

    Second & final call Rs.3

     

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