{"id":18712,"date":"2022-05-28T10:30:22","date_gmt":"2022-05-28T05:00:22","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=18712"},"modified":"2022-05-18T16:10:49","modified_gmt":"2022-05-18T10:40:49","slug":"mcq-questions-for-class-12-accountancy-chapter-7","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/mcq-questions-for-class-12-accountancy-chapter-7\/","title":{"rendered":"MCQ Questions for Class 12 Accountancy Chapter 7 Issue and Redemption of Debentures with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Chapter 7 Issue and Redemption of Debentures with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accountancy with Answers<\/a>. You can also verify your answers from our provided Issue and Redemption of Debentures Class 12 MCQs Questions with Answers. So, ace up your preparation with MCQ on Issue and Redemption of Debentures Class 12 Objective Questions.<\/p>\n

Issue and Redemption of Debentures Class 12 MCQs Questions with Answers<\/h2>\n

State which of the following is correct:<\/span><\/p>\n

Question 1.
\nWellness Co. Ltd. has issued 20,000, 9% Debentures of \u20b9 100 each at a premium of 10% on 1st April, 2018 redeemable as follows:
\n31st March, 2021 – 10,000 debentures 31st March, 2022 – 4,000 debentures 31 st March, 2023 – balance debentures.
\nIt transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. How much amount will be transferred to General Reserve on 31st March, 2021
\n(a) \u20b9 1,00,000
\n(b) \u20b9 2,50,000
\n(c) \u20b9 5,00,000
\n(d) \u20b9 20,00,000<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) \u20b9 2,50,000<\/p>\n<\/details>\n

\n

Question 2.
\nDebenture holders are the _______ of company.
\n(a) Owner
\n(b) Creditors
\n(c) Money lender
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Creditors<\/p>\n<\/details>\n

\n

Question 3.
\nPublic Limited company can issue:
\n(a) Equity Share
\n(b) Preference Share
\n(c) Debenture
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) All of these.<\/p>\n<\/details>\n

\n

Question 4.
\n______ is written acknowledgment of debt.
\n(a) Equity share
\n(b) Preference share
\n(c) Debenture
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Debenture<\/p>\n<\/details>\n

\n

Question 5.
\n_____ debentures have to be redeemed within a fixed period of time.
\n(a) Convertible
\n(b) Redeemable
\n(c) Participating
\n(d) Naked.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Redeemable<\/p>\n<\/details>\n

\n

Question 6.
\nDebentures may be issued at _______.
\n(a) par
\n(b) premium
\n(c) Discount
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) All of these.<\/p>\n<\/details>\n

\n

Question 7.
\nWhen the number of debenture applied for is less than the number of debenture offered, is called ________ subscription.
\n(a) over
\n(b) under
\n(c) minimum
\n(d) None of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) under<\/p>\n<\/details>\n

\n

Question 8.
\nThe provisions of Companies Act 2013 with respect to redemption to debentures are to protect the interest of
\n(a) debenture holders
\n(b) creditors
\n(c) shareholders
\n(d) Banks<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) debenture holders<\/p>\n<\/details>\n

\n

Question 9.
\nDiscount on issue of debenture is ________.
\n(a) capitalised profit
\n(b) capitalised loss
\n(c) normal profit
\n(d) normal loss.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) capitalised loss<\/p>\n<\/details>\n

\n

Question 10.
\nDiscount on issue of debentures is ________ asset.
\n(a) Current profit
\n(b) fixed
\n(c) fictitious
\n(d) intangible.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) fictitious<\/p>\n<\/details>\n

\n

Question 11.
\nPremium on issue of debenture is ________.
\n(a) capital profit
\n(b) capitalised loss
\n(c) normal profit
\n(d) normal loss.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) capital profit<\/p>\n<\/details>\n

\n

Question 12.
\nLoss on redemption of debenture is _______.
\n(a) capitalised profit
\n(b) capitalised loss
\n(c) normal profit
\n(d) normal loss.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) capitalised loss<\/p>\n<\/details>\n

\n

Question 13.
\nLoss on issue of debenture is ______.
\n(a) capitalised profit
\n(b) capitalised loss
\n(c) normal profit
\n(d) normal loss<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) capitalised loss<\/p>\n<\/details>\n

\n

Question 14.
\nDebentures are usually ________.
\n(a) secured
\n(b) unsecured
\n(c) assets
\n(d) loss.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) secured<\/p>\n<\/details>\n

\n

Question 15.
\nThere are no restrictions on issue of at _______ discount.
\n(a) equity shares
\n(b) preference shares
\n(c) debentures
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) debentures<\/p>\n<\/details>\n

\n

Question 16.
\nWben debentures are issued then ____________ account is opened.
\n(a) capital
\n(b) debenture
\n(c) loan
\n(d) All of these.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) debenture<\/p>\n<\/details>\n

\n

Fill in the blanks with correct word:<\/span><\/p>\n

Question 17.
\nDebentures bear a fixed rate of _______.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: interest<\/p>\n<\/details>\n

\n

Question 18.
\nDebentures are ________ within a fixed period of time.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: redeemed<\/p>\n<\/details>\n

\n

Question 19.
\nDebentures are usually secured by a _______ or _______ charge on the company\u2019s property.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: fixed, floating<\/p>\n<\/details>\n

\n

Question 20.
\nThe debentures repayable after a stated period of time are known as _______ debentures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Redeemable<\/p>\n<\/details>\n

\n

Question 21.
\nA __________ debenture is one whose holder is registered in the books of the company.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: registered<\/p>\n<\/details>\n

\n

Question 22.
\nA __________ debenture is one which is payable to the bearer thereof.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: bearer<\/p>\n<\/details>\n

\n

Question 23.
\nA __________ debenture is one which is not redeemable during the life time of the company.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Perpetual<\/p>\n<\/details>\n

\n

Question 24.
\nWhen debentures are issued without any security are termed as _________ debentures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: unsecured<\/p>\n<\/details>\n

\n

Question 25.
\nWhen debentures are convertible into equity shares are called as ________ debentures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: convertible<\/p>\n<\/details>\n

\n

Question 26.
\nDebentures are usually ________.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: secured<\/p>\n<\/details>\n

\n

Question 27.
\nDebentures canot be ______.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: forfeited.<\/p>\n<\/details>\n

\n

State whether the following statements are true or false:<\/span><\/p>\n

Question 28.
\nDebenture holders are the creditor of company.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 29.
\nCompany may buy its own debenture in open market.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 30.
\nDebentures cannot be issued at discount.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 31.
\nCompany cannot forfeit its debenture.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 32.
\nInterest on debentures carry fixed charge on profits.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 33.
\nOwn Debentures not cancelled as yet are shown in the liability side of a company\u2019s Balance sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 34.
\nDebentures can be issued as collateral security.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 35.
\nDebentures suspense account is created when the debentures are issued to promoters.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 36.
\nCompany can issue debentures to its vendor.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 37.
\nInterest on debentures is subject to tax deductible at source.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 38.
\nCompany cannot issue necked debentures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 39.
\nDebentures have floating change on the fixed assets of company.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 40.
\nDebenture Redemption Reserve is created @ 50 % of the face value of the debentures as per new rules.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 41.
\nIt is necessary to create Debenture Redemption Investment before debentures are redeemed.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 42.
\nA company must have created Debenture Redemption Reserve before converting the debentures into new shares or new debentures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

One word Questions:<\/span><\/p>\n

Question 43.
\nWhat is meant by \u2018Issue of Debentures as Collateral Security\u2019 ? (CBSE Outside Delhi 2019)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Debenture issued as secondary security\/additional security over and above the primary security is known as Issue of Debentures as Collateral Security.<\/p>\n<\/details>\n

\n

Question 44.
\nState the provision of the Companies Act, 2013 for the creation of Debenture Redemption Reserve. (CBSE Outside Delhi 2019)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Where a company has issued Debentures, it shall create a DRR equivalent to at least 25% of the nominal value of debentures outstanding for the redemption of such debentures.<\/p>\n<\/details>\n

\n

Question 45.
\nProfit arisen on account of buying an existing business at profit is transferred to which account?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital Reserve.<\/p>\n<\/details>\n

\n

Question 46.
\nName the debentures which continue till the continuity of the company.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Irredeemable.<\/p>\n<\/details>\n

\n

Question 47.
\nName the debenture which may be converted into equity shares at specified time.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Convertible debentures.<\/p>\n<\/details>\n

\n

Question 48.
\nName the debentures which have charge on the company\u2019s assets.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Secured debentures (also known as mortgaged debentures).<\/p>\n<\/details>\n

\n

Question 49.
\nWhen a debenture is issued at a price less than its face value or nominal value, what does such difference represent?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Discount.<\/p>\n<\/details>\n

\n

Question 50.
\nWhen debentures are redeemed more than the face value of debenture, What does the difference between face value of debenture and redeemed value of debenture is called?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Premium on redemption of debentures.<\/p>\n<\/details>\n

\n

Question 51.
\nName the head under which \u2018discount on issue of debentures\u2019 appears in the Balance Sheet of a company. Head \u2018Current Assets\u2019 and sub-head \u2018Other Current Assets\u2019.
\nWhat does the repayment or discharge of liability on account of debentures is called?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Redemption of debentures.<\/p>\n<\/details>\n

\n

Question 52.
\nUnder which head is the \u2018Debenture Redemption Reserve\u2019 shown in the Balance Sheet?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: \u2018Reserve & Surplus\u2019.<\/p>\n<\/details>\n

\n

Question 53.
\nWhen the company issues debentures to the lenders as an additional\/secondary security, in addition to other assets already pledged\/ some primary security. What does such issue of debentures is called? (CBSE 2018)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Issue of dedentures as collateral security.<\/p>\n<\/details>\n

\n

Question 54.
\nIt is a written instrument acknowledging a debt under the common seal of the company, name the term. Debenture.
\nState an exception to the creation of Debenture Redemption Reserve as per Companies (Share Capital and Debentures) Rules 18(7). (CBSE Sample Paper 2014 Modified)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Banking Companies<\/p>\n<\/details>\n

\n

Question 55.
\nMention the type of debentures whose ownership passes on mere delivery of debenture certificates.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Bearer debentures.<\/p>\n<\/details>\n

\n

Question 56.
\nCan \u2018Securities Premium\u2019 be used as working capital?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: No.<\/p>\n<\/details>\n

\n

Question 57.
\nA company purchased net assets of another company worth \u20b9 20,00,000 and issued debentures worth \u20b9 19,00,000. What type of profit has the buying company made?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital Profit.<\/p>\n<\/details>\n

\n

Question 58.
\nVikas Infrastructure Ltd. has issued 50,000, 10% debentures of \u20b9 100 each at par redeemable after the end of 7th year. Mention the amount by which the company should create Debenture Redemption Reserve as per Companies (Share Capital and Debentures) Rules 2014 before starting redemption of debenture. Answer with giving reason.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: \u20b9 12,50,000.<\/p>\n<\/details>\n

\n

Question 59.
\nAxis Ltd. has issued 8,000, 10% debentures of\u20b9 100 at a premium of \u20b9 5 per debenture redeemable at the end of 5 years. The company has created Debenture Redemption Reserve with \u20b9 4,00,000. After 5 years, the company redeemed all the debentures ? Where should the company transfer the amount of Debenture Redemption Reserve?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: General Reserve.<\/p>\n<\/details>\n

\n

Use the above-provided NCERT MCQ Questions for Class 12 Accountancy Chapter 7 Issue and Redemption of Debentures with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 12 Accountancy Issue and Redemption of Debentures MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Students who are searching for NCERT MCQ Questions for Chapter 7 Issue and Redemption of Debentures with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accountancy with Answers. You can also verify your answers from our provided Issue and …<\/p>\n

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