ISC ACCOUNTS 12 shares MCQs with solved answers

ISC ACCOUNTS 12 shares MCQs with solved answers (Question 1 t0 5)

1. The net gain made by the company on the reissue of the 5000 shares will be transferred to:
(a) Reserve Capital Account
(b) Capital Reserve Account
(c) Securities Premium Reserve Account
(d) Statement of P/L

2. Rahul Ltd. purchased a running business from Vedika Ltd. for a sum of
₹25,00,000 payable as ₹22,00,000 in fully paid equity shares of ₹10 each and
balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery ₹9,00,000; Buildings ₹ 9,00,000; Sundry Debtors ₹3,00,000; Stock ₹5,00,000; Sundry Creditors ₹ 2,00,000. The number of shares would be issued Vedika Ltd :

(a) 22000
(b) 220000
(c) 25000
(d) 250000

3. OM Ltd. purchased a running business from Vedika Ltd. for a sum of
₹25,00,000 payable as ₹22,00,000 in fully paid equity shares of ₹10 each and
balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery ₹9,00,000; Buildings ₹ 9,00,000; Sundry Debtors ₹3,00,000; Stock ₹5,00,000; Sundry Creditors ₹ 2,00,000. Amount of goodwill or capital Reserve will be :

(a) ₹1,00,000 (Goodwill)
(b) ₹2,00,000 (Goodwill)
(c) ₹1,00,000 (Capital Reserve)
(d) ₹2,00,000 (Capital Reserve)
(e) No Goodwill and No Capital Reserve

4. MOKSHA Ltd. purchased a running business from Vedika Ltd. for a sum of
₹25,00,000 payable as ₹22,00,000 in fully paid equity shares of ₹10 each and
balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery ₹12,00,000; Buildings ₹ 9,00,000; Sundry Debtors ₹3,00,000; Stock ₹5,00,000; Sundry Creditors ₹ 3,00,000. Amount of goodwill or capital Reserve will be :

(a) ₹1,00,000 (Goodwill)
(b) ₹2,00,000 (Goodwill)
(c) ₹1,00,000 (Capital Reserve)
(d) ₹2,00,000 (Capital Reserve)
(e) No Goodwill and No Capital Reserve

5. Share Issued at par to vendors what journal entry will be passed in the books of the Company?
(a) Vendor’s A/c  Dr.
To Share capital a/c
(b) Share Cap[ital A/c  Dr
To Vendor’s A/c  Dr.
(c) Vendor’s A/c  Dr.
To Share capital a/c
To Securities Premium Reserve A/c
(d) None of These

Also practice: Issue of Shares MCQs With Solved Answer

Answer – Question Number 1 To 5 

1. Answer- (b) Capital Reserve Account

2. Answer- (b) 220000

3. Answer- (a) ₹1,00,000 (Goodwill)

4. Answer- (c) ₹1,00,000 (Capital Reserve)
5. Answer-(c) Vendor’s A/c  Dr.
To Share capital a/c
ISC ACCOUNTS 12 Interest On Capital MCQs with solved answers

ISC ACCOUNTS 12 shares MCQs with solved answers (Question 6 t0 10)

6. X Ltd. Forfeited 100 shares of₹ 100 each issued at a premium of 50% to be paid at time allotment on which the first call of ₹30 per equity share was not received, final call of₹ 20 is yet to be made. These shares were reissued at₹ 70 per share at₹ 80 paid up. The amount will be credited to the Shares Forfeited Account:
(a)₹8,000
(b) ₹5,000
(c) ₹4,000
(d)₹3,000

7. Y Ltd. Forfeited 100 shares of ₹ 100 each issued at a premium of 50% to be paid at time allotment on which the first call of ₹30 per equity share was not received, final call of₹ 20 is yet to be made. These shares were reissued at₹ 70 per share at₹ 80 paid up. The amount will be debited to the Share Capital Account:
(a)₹8,000
(b) ₹5,000
(c) ₹4,000
(d)₹3,000

8. AATA Ltd. issued 40,000 shares of ₹ 10 each at a premium of ₹ 2 payable ₹ 5 on application including premium, ₹ 4 on allotment, and ₹ 3 on call.
The company received applications for 55,000 shares and allotment was made as under:
(i) Applicants for 20,000 shares were allotted in full.
(ii) Applicants for 25,000 shares were allotted 20,000 shares.
(iii) Applicants for rest shares were allotted Nil shares.

Mr. X who was allotted 200 shares under category (i) paid full amount due on allotment.
Mr. Y holding 500 shares failed to pay call money. His shares were forfeited and reissued @ ₹ 8 per share fully paid.

(i) Amount of Calls in advance will be :

(a) ₹600
(b) ₹1,500
(c) ₹2,100
(d) ₹3,500

(ii) Amount of Calls in arrears will be :

(a) ₹600
(b) ₹1,500
(c) ₹2,100
(d) ₹3,500

(iii) Amount credited to share forfeiture Account will be :

(a) ₹600
(b) ₹1,500
(c) ₹2,100
(d) ₹3,500

(iv) Amount transfer to capital Reserve Account will be :

(a) ₹600
(b) ₹1,500
(c) ₹500
(d) ₹3,500

(v) Amount debited to  share capital Account will be :

(a) ₹600
(b) ₹5,000
(c) ₹2,100
(d) ₹3,500

9. Ajay Co. Ltd. Purchased a machine from Vikram Co. for ₹ 64,000.
It was decided to pay ₹ 10,000 in cash and balance paid by issue of shares of ₹ 10 each. The number of shares issued to vendors when share- Issued at par,Issued at premium of 20%:

(a) 5400 and 4500 shares
(b) 4500 and 5400 shares
(c) 6400 and 5500 shares
(d) 5500 and 6400 shares
10. Share Issued at premium to vendors what journal entry will be passed in the books of the Company?
(a) Vendor’s A/c  Dr.
To Share capital a/c
(b) Share Cap[ital A/c  Dr
To Vendor’s A/c  Dr.
(c) Vendor’s A/c  Dr.
To Share capital a/c
To Securities Premium Reserve A/c
(d) None of These

Also Practice: Admission of a new partner MCQs with Solved answer 12 cbse

Answer – Question Number 6 To10

6. Answer- (b) ₹5,000

7. Answer- (a)₹8,000

8. Answer- 

(i) (a) ₹600

(ii) (b) ₹1,500

(iii) (d) ₹3,500

(iv) (c) ₹500

(v) (b) ₹5,000

9. Answer- (a) 5400 and 4500 shares
10. Answer-
(c) Vendor’s A/c  Dr.
To Share capital a/c
To Securities Premium Reserve A/c