Accountancy MCQ Class 12 Chapter 6 | Accounting for Share Capital | Accountancy Quiz for Class 12 and Other Competitive Exams
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Accountancy MCQ Class 12 Chapter 6
1. Reserve share capital means : (b) Portion of uncalled capital to be called only at liquidation
(a) Part of authorised capital to be called at the beginning
(b) Portion of uncalled capital to be called only at liquidation
(c) Over subscribed capital
(d) Under subscribed capital
2. Balance of forfeited shares account after the reissue of forfeited shares is transferred to _______. (b) Capital reserve account
(a) Profit and loss A/c
(b) Capital reserve account
(c) General reserve account
(d) None of the above
3. When full amount is due on any call but it is not received, then the short fall is debited to : (b) Calls-in-arrear
(a) Calls-in-advance
(b) Calls-in-arrear
(c) Share Capital
(d) Suspense Account
4. What does reserve capital mean? (a) A part of subscribed uncalled capital
(a) A part of subscribed uncalled capital
(b) Reserve profit
(c) A part of capital reserve
(d) A part of capital redemption reserve
5. Premium on the issue of shares is shown on which side of the balance sheet? (b) Liabilities
(a) Assets
(b) Liabilities
(c) Both assets and liabilities
(d) None of the above
6. The difference between subscribed capital and called up capital is called : (c) Uncalled capital
(a) Calls-in-arear
(b) Calls-in-advance
(c) Uncalled capital
(d) None of these
7. Securities premium can not be applied ________. (a) For paying dividends to members
(a) For paying dividends to members
(b) For issuing bonus shares to members
(c) For writing off preliminary expenses of the company
(d) For writing off discount on issue of debentures
8. Which statement is issued before the issue of shares ? (d) All of these
(a) Prospectus
(b) Articles of Association
(c) Memorandum of Association
(d) All of these
9. Company can utilise securities premium for : (b) Issuing fully paid bonus shares
(a) Writing off loss incurred on revaluation of asset
(b) Issuing fully paid bonus shares
(c) Paying divided
(d) Writing off trading loss
10. Under the provisions of the Companies Act, the company can issue_______. (c) Preference shares and equity shares
(a) Only equity shares
(b) Only preference shares
(c) Preference shares and equity shares
(d) None of the above
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