Answer<\/span><\/summary>\nAnswer: (a) Equity share holder<\/p>\n<\/details>\n
\nQuestion 15.
\n________ can not be redeemed during the life time of a company.
\n(a) Equity shares
\n(b) Preference shares
\n(c) Debentures
\n(d) All of these<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (a) Equity shares<\/p>\n<\/details>\n
\nQuestion 16.
\nShares can be issued at:
\n(a) Par
\n(b) Discount (sweat equity)
\n(c) Premium
\n(d) All of these<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) All of these<\/p>\n<\/details>\n
\nQuestion 17.
\n_______ capital is the sum mentioned in capital clause of Memorandum of Association.
\n(a) Nominal
\n(b) Authorised
\n(c) Registered
\n(d) All of these<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) All of these<\/p>\n<\/details>\n
\nQuestion 18.
\n________ capital is that portion of uncalled share capital which shall not be called except in the event and for the purpose of the company wound up.
\n(a) Nominal
\n(b) Called up
\n(c) Paid up
\n(d) Reserve.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) Reserve.<\/p>\n<\/details>\n
\nQuestion 19.
\nIssued capital can never be more than _______ capital.
\n(a) Subscribed
\n(b) Nominal
\n(c) Paid up<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) Nominal<\/p>\n<\/details>\n
\nQuestion 20.
\nWhen the number of shares applied for is less than the number of shares offered, is called ______ subscription.
\n(a) minimum
\n(b) over
\n(c) under
\n(d) par<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) under<\/p>\n<\/details>\n
\nQuestion 21.
\nWhen the number of shares applied for is more than the number of shares offered, is called ______ subscription.
\n(a) minimum
\n(b) over
\n(c) under
\n(d) par<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) over<\/p>\n<\/details>\n
\nQuestion 22.
\nApplication money never is less than ________ of face value.
\n(a) 5%
\n(b) 10%
\n(c) 25%
\n(d) 100%<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (a) 5%<\/p>\n<\/details>\n
\nQuestion 23.
\nMinimum subscription amount must be received within _____ subscription list.
\n(a) 10
\n(b) 120
\n(c) 30
\n(d) 7<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) 30<\/p>\n<\/details>\n
\nQuestion 24.
\nMaximum paid-up capital in case of OPC is restricted to rupees ______.
\n(a) \u20b9 2,00,000
\n(b) \u20b9. 5,00,000
\n(c) \u20b9 50,00,000
\n(d) \u20b9 2,00,00,000<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) X 50,00,000<\/p>\n<\/details>\n
\nQuestion 25.
\nCalls amount should not exceed _______ of the face value.
\n(a) 30%
\n(b) 25%
\n(c) 90%
\n(c) 10%<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) 25%<\/p>\n<\/details>\n
\nQuestion 26.
\nSection ______ of Companies Act provide those conditions which must be followed if share are issued at discount.
\n(a) 52
\n(b) 53
\n(c) 54
\n(d) 79.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) 54<\/p>\n<\/details>\n
\nQuestion 27.
\nInterest on calls arrears will be charged@ _______ pa.
\n(a) 5%
\n(b) 6%
\n(c) 10%
\n(d) 12%.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) 10%<\/p>\n<\/details>\n
\nQuestion 28.
\nInterest on calls in advance will be allowed @ ______ p.a.
\n(a) 5%
\n(b) 6%
\n(c) 10%
\n(d) 12%.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) 12%.<\/p>\n<\/details>\n
\nQuestion 29.
\nAmount received for security premium will be credited to:
\n(a) Cash Account
\n(b) Share Capital Account
\n(c) Capital Reserve
\n(d) Security Premium Account.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) Security Premium Account.<\/p>\n<\/details>\n
\nQuestion 30.
\nDiscount (Loss) allowed on Re-issue of shares will be debited to:
\n(a) Share Discount A\/c
\n(b) Share forfeiture A\/c
\n(c) Profit and Loss A\/c
\n(d) Share Capital A\/c.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) Share forfeiture A\/c<\/p>\n<\/details>\n
\nQuestion 31.
\nAmount of security premium may be called along with:
\n(a) Application
\n(b) Allotment
\n(c) Calls
\n(d) Any of a,b,c<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (d) Any of a,b,c<\/p>\n<\/details>\n
\nQuestion 32.
\nThe balance of share forfeiture account after re-issue is transferred to:
\n(a) Share Capital
\n(b) Capital Reserve
\n(c) General Reserve
\n(d) Security Premium.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) Capital Reserve<\/p>\n<\/details>\n
\nQuestion 33.
\nJoy Ltd. issued 1,00,000 equity shares of \u20b9 10 each. The amount was payable as follows:
\nOn application -\u20b9 3 per share.
\nOn allotment – \u20b9 4 per share.
\nOn 1st and final call balance.
\nApplications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was:
\n(a) \u20b9 3,80,000
\n(b) \u20b9 3,78,000
\n(c) \u20b9 3,80,250
\n(d) \u20b9 4,00,250 (CBSEDelhi 2015)<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) \u20b9 3,80,250<\/p>\n<\/details>\n
\nQuestion 34.
\nNirman Ltd. issued 50,000 equity shares of \u20b9 10 each. The amount was payable as follows:
\nOn application – \u20b9 3 per share
\nOn allotment – \u20b9 2 per share On first and final call – The balance
\nApplications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:
\n(a) \u20b9 2,25,000
\n(b) \u20b9 2,20,000
\n(c) \u20b9 2,21,000
\n(d) \u20b9 2,19,500<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (c) \u20b9 2,21,000<\/p>\n<\/details>\n
\nQuestion 35.
\nMetacaf Ltd. issued 50,000 shares of \u20b9 100 each payable \u20b9 20 on application (on 1 st may 2012) \u20b9 30 on allotment (on 1st January 2013) \u20b9 20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received.
\n(a) \u20b9 15,00,000
\n(b) \u20b9 16,00,000
\n(c) \u20b9 10,00,000
\n(d) \u20b9 11,00,000<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: (b) \u20b9 16,00,000<\/p>\n<\/details>\n
\nFill in the blanks with correct word:<\/span><\/p>\nQuestion 36.
\nA portion of share capital that is reserved by the company and will be utilized only on the happening of winding up of the company is called _______.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Reserve Capital<\/p>\n<\/details>\n
\nQuestion 37.
\nCompany is an _____ person.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: artificial<\/p>\n<\/details>\n
\nQuestion 38.
\nCompany is _______ under the provisions of Companies Act 2013.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: incorporated<\/p>\n<\/details>\n
\nQuestion 39.
\nCompany is an artificial person created by _______.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Law<\/p>\n<\/details>\n
\nQuestion 40.
\nLiability of members of a company is _______ to the extent of the value of shares held by him.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Limited<\/p>\n<\/details>\n
\nQuestion 41.
\nA joint State company has a ______ seal.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Common<\/p>\n<\/details>\n
\nQuestion 42.
\nReserve capital is the part of _______ capital.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: 5 Uncalled<\/p>\n<\/details>\n
\nQuestion 43.
\nPublic Ltd. companies arc required to write ________ after their name.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Limited<\/p>\n<\/details>\n
\nQuestion 44.
\nPrivate Companies are required to use _____ after their names<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Private Limited<\/p>\n<\/details>\n
\nQuestion 45.
\nPublic Ltd. Company imposes ______ on the transfer of share.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: No restriction<\/p>\n<\/details>\n
\nQuestion 46.
\nShares come into existence when ______ money is demanded.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: allotment<\/p>\n<\/details>\n
\nQuestion 47.
\nThere is no fixed rate of dividend on ______ .<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: equity shares<\/p>\n<\/details>\n
\nQuestion 48.
\nOn cumulative preference shares, arrears of dividend _________ automatically.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: accumulate<\/p>\n<\/details>\n
\nQuestion 49.
\n______ shareholders don\u2019t have normal voting rights.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: preference<\/p>\n<\/details>\n
\nQuestion 50.
\nShares which are not preference shares are called __________ shares.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Equity<\/p>\n<\/details>\n
\nQuestion 51.
\nAt the time of forfeiture of shares, ________ will be debited.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Share Capital Account<\/p>\n<\/details>\n
\nQuestion 52.
\nShares cannot be issued at ___________ to the public.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Discount<\/p>\n<\/details>\n
\nQuestion 53.
\n________ Capital is not a part of balance sheet.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Reserve<\/p>\n<\/details>\n
\nQuestion 54.
\nThe purpose of creating __________ capital is to assure security to unsecured creditors.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: Reserve<\/p>\n<\/details>\n
\nQuestion 55.
\nSection _______ of the Companies Act., 2013 provides issue of sweat equity shares.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: 54<\/p>\n<\/details>\n
\nQuestion 56.
\nSection ________ of Companies Act. 2013 provides for ESOP.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: 62.<\/p>\n<\/details>\n
\nState whether the following statements are true or false:<\/span><\/p>\nQuestion 57.
\nMinimum number of members in a private limited company is three.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: False<\/p>\n<\/details>\n
\nQuestion 58.
\nMaximum number of directors in a company can be fifteen.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: True<\/p>\n<\/details>\n
\nQuestion 59.
\nOne person company is the extension of sole proprietorship with limited liability.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: True<\/p>\n<\/details>\n
\nQuestion 60.
\nIrredeemable preference shares carry the same features as that of equity shares.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: False<\/p>\n<\/details>\n
\nQuestion 61.
\nFixed dividend is allowed on equity shares.<\/p>\n\nAnswer<\/span><\/summary>\nAnswer: False<\/p>\n<\/details>\n
\nQuestion 62.
\nPreference shareholders have no normal voting rights.<\/p>\n\n