ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers (Question 1 to 5)

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers
ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

1. The Interest on Calls-in-arrears Account is closed by:
(a) Crediting it to Statement of Profit & Loss
(b) Crediting it to Profit & Loss  Account
(c) Debiting it to Profit & Loss Appropriation Account
(d) Debiting it to Statement of Profit & Loss

2. The Interest on Calls-in-advance Account is closed by:
(a) Crediting it to Statement of Profit & Loss
(b) Crediting it to Profit & Loss  Account
(c) Debiting it to Profit & Loss Appropriation Account
(d) Debiting it to Statement of Profit & Loss

3. Bharat Ltd. forfeited 500 equity shares of ₹ 10 each, fully called up, on which ₹ 6 per share (including premium of ₹ 1 per share) was received. It later reissued these shares at a discount. The maximum discount per share, which the company could have given on their reissue would be:
(a) ₹ 6 per share
(b) ₹ 5 per share
(c) ₹ 4 per share
(d) ₹ 3 per share

4. QPR Ltd. forfeited 4,000 shares of ₹ 10 each, fully called up, on which application money of ₹ 3 had been paid. Out of these 2,000 shares were re-issued as fully paid up. Upon their reissue, the company transferred ₹ 4,000 to capital reserve. The rate at which these shares were reissued were:
(a) ₹ 10 per share
(b) ₹ 4 per share
(c) ₹ 9 per share
(d) ₹ 8 per share

5. JKB Ltd. forfeited 4,000 shares of ₹ 10 each, fully called up, on which application money of ₹ 3 had been paid. Out of these 2,000 shares were re-issued as fully paid up. Upon their reissue, the company transferred ₹ 4,000 to capital reserve. Balance of share forfeiture account would be:
(a) ₹ 6,000
(b) ₹ 4,000
(c) ₹ 12,000
(d) None of these

Answer – Question Number 1 To 5 

1. Answer- (a) Crediting it to Statement of Profit & Loss

2. Answer- (d) Debiting it to Statement of Profit & Loss

3. Answer- (b) ₹ 5 per share

4. Answer- (c) ₹ 9 per share

5. Answer- (a) ₹ 6,000

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers (Question 6 to 10)

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers
ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

6. MRJ Ltd. was formed on 1st April 2020, with an authorized capital of ₹ 16,00,000 divided
into equity shares of ₹ 10 each.
On 1st April 2020, the company issued  60,000 shares at a premium of ₹ 2 per share to
be received with allotment. It received applications for 55,000 shares which were duly allotted.
All amounts due on the allotted shares was received except the final call of ₹ 2 per share on
1,000 shares. The company forfeited these shares and later reissued 800 of the forfeited shares
@ ₹ 7 per share fully called up.
The Balance Sheet of the company was prepared as at 31st March, 2021, as per Schedule III of the Companies Act, 2013. 
 The issued capital of the company to be shown in Notes to Accounts as at
31st March, 2021, under ‘Share Capital’ will be:
(a) ₹ 16,00,000
(b) ₹ 6,00,000
(c) ₹ 5,50,000
(d) ₹ 5,49,600

7. JKS Ltd. was formed on 1st April 2020, with an authorized capital of ₹ 14,00,000 divided into equity shares of ₹ 10 each.
On 1st April 2020, the company issued  60,000 shares at a premium of ₹ 2 per share to be received with allotment. It received applications for 55,000 shares which were duly allotted.
All amounts due on the allotted shares was received except the final call of ₹ 2 per share on 1,000 shares. The company forfeited these shares and later reissued 800 of the forfeited shares
@ ₹ 7 per share fully called up.
The Balance Sheet of the company was prepared as at 31st March, 2021, as per Schedule III of the Companies Act, 2013.
The subscribed shares of the company at the end of the year 2020-21 will be:
(a) ₹ 16,00,000
(b) ₹ 6,00,000
(c) ₹ 5,50,000
(d) ₹ 5,49,600

8. JKS Ltd. was formed on 1st April 2020, with an authorized capital of ₹ 15,00,000 divided into equity shares of ₹ 10 each.
On 1st April 2020, the company issued  60,000 shares at a premium of ₹ 2 per share to be received with allotment. It received applications for 55,000 shares which were duly allotted.
All amounts due on the allotted shares was received except the final call of ₹ 2 per share on 1,000 shares. The company forfeited these shares and later reissued 800 of the forfeited shares @ ₹ 7 per share fully called up.
The Balance Sheet of the company was prepared as at 31st March, 2021, as per Schedule III of the Companies Act, 2013.The amount of Share Capital to be shown in the Balance Sheet of the company as
at 31st March, 2021, will be:
(a) ₹ 12,00,000
(b) ₹ 9,00,000
(c) ₹ 8,50,000
(d) ₹ 5,49,600

9. SRM Ltd. was formed on 1st April 2020, with an authorized capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each.
On 1st April 2020, the company issued  70,000 shares at a premium of ₹ 2 per share to be received with allotment. It received applications for 65,000 shares which were duly allotted.
All amounts due on the allotted shares was received except the final call of ₹ 2 per share on 1,000 shares. The company forfeited these shares and later reissued 800 of the forfeited shares @ ₹ 7 per share fully called up.
The Balance Sheet of the company was prepared as at 31st March, 2021, as per Schedule III of the Companies Act, 2013.
 The net gain made by the company on the reissue of the 800 shares will be transferred to:
(a) Reserve Capital Account
(b) Capital Reserve Account
(c) Securities Premium Reserve Account
(d) Statement of Profit and Loss Account

10. AMR Ltd. was formed on 1st April 2020, with an authorized capital of ₹ 12,00,000 divided into equity shares of ₹ 10 each.
On 1st April 2020, the company issued  50,000 shares at a premium of ₹ 2 per share to be received with allotment. It received applications for 45,000 shares which were duly allotted.
All amounts due on the allotted shares was received except the final call of ₹ 2 per share on 1,000 shares. The company forfeited these shares and later reissued 800 of the forfeited shares @ ₹ 7 per share fully called up.
The Balance Sheet of the company was prepared as at 31st March, 2021, as per Schedule III of the Companies Act, 2013.
Balance of share forfeiture account will be:

(a) ₹ 1,600
(b) ₹ 8,000
(c) ₹ 5,400
(d) ₹ None of these

Answer – Question Number 6 To 10 

6. Answer- (b) ₹ 6,00,000

7. Answer- (c) ₹ 5,50,000

8. Answer- (d) ₹ 5,49,600

9. Answer- (b) Capital Reserve Account

10. Answer- (a) ₹ 1,600

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers (Question 11 to 15)

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers
ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

11. NILESH SARKAR Ltd. issued 100000 shares of ₹10 each at a premium of ₹ 5 per share, payable as:
On application ₹ 4 (including ₹ 2 premium) per share
On allotment ₹ 8 (including ₹ 3 premium) per share
On call ₹ 3 per share . Applications were received for 100000 shares and allotment was made to all. Securities premium reserve account would be credited :
(a) ₹ 5,00,000
(b) ₹ 2,00,000
(c) ₹ 3,00,000
(d) ₹ None of these

12. ONKAR Ltd. was registered with an authorized capital of ₹60,00,000 divided in 60,000 shares of ₹ 100 each. The company issued 20,000 shares at a premium of ₹ 20 per share.
Amount receivables as :

₹40 on application,
₹ 40 on allotment (including premium)
₹ 20 on first call & ₹ 20 on second & final call.
All shares were subscribed & all money was duly received. Share issue expenses amounted to ₹ 20,000 which were fully written off against securities premium reserve A/c. Balance of Securities premium reserve account would be :

(a) ₹ 4,00,000
(b) ₹ 2,00,000
(c) ₹ 3,80,000
(d) ₹ None of these

13. Jay India  Ltd. offered 60000 shares of ₹ 10 each to the public payable as:
₹ 2 on application
₹ 3 on allotment
₹ 2 on First call and the balance as and when required.
All the shares were applied for and duly allotted but Mukesh a shareholder holding 500 shares paid the entire balance on allotment. Amount of calls in Advance will be:

(a) ₹ 2,500
(b) ₹ 1,000
(c) ₹ 1,500
(d) ₹ None of these

14. The result of forfeiture of shares is:

(a) Cancellation of membership of the shareholder.
(b) Reduction of issued share capital of the company.
(c) a and b both

15. X, a shareholder, holding 400 shares of ₹ 10 each has paid application money of ₹  2 per share and allotment money of ₹ 3 per share but has failed to pay the first call of ₹ 2 per share and second call of ₹ 3 per share. His shares were forfeited. Amount debited to share capital account will be:

(a) ₹ 2,000
(b) ₹ 4,000
(c) ₹ 1,500
(d) ₹ None of these

Answer – Question Number 11 To 15

11. Answer- (a) ₹ 5,00,000

12. Answer- (c) ₹ 3,80,000

13. Answer- (a) ₹ 2,500

14. Answer- (c) a and b both

15. Answer- (b) ₹ 4,000

ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers
ISC ACCOUNTS 12 Issue Of Shares MCQs With Solved Answers

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