NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 6 Accounting for Share Capital with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Accounting for Share Capital. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.
MCQ Questions for Class 12 Accountancy with Answers
Q1. Minimum number of members in a public company:
(i) 2
(ii) 7
(iii) 50
(iv) No limit.
(ii) 7
Q2. The profit on reissue of forfeited shares is transferred to :
(i) General Reserve
(ii) Capital Redemption Reserve
(iii) Capital Reserve
(iv) Revenue Reserve
(iii) Capital Reserve
Q3. When full amount is due on any call but it is not received, then the short fall is debited to :
(i) Calls-in-advance
(ii) Calls-in-arrear
(iii) Share Capital
(iv) Suspense Account
(ii) Calls-in-arrear
Q4. A Joint stock company has:
(i) Common Seal
(ii) Limited Liability
(iii) Separate Legal Entity
(iv) All of these
(iv) All of these
Q5. When forfeited shares are re-issued the amount of discount allowed on these shares cannot exceed :
(i) 10% of called-up capital per share
(ii) 6% of paid-up capital per share
(iii) The amount received per share on forfeited shares
(iv) The unpaid amount per share on forfeited shares.
(iii) The amount received per share on forfeited shares.
Q6. Minimum number of members in a private company:
(i) 2
(ii) 7
(iii) 50
(iv) No limit.
(i) 2
Q7. Maximum limit of premium on shares is :
(i) 32%
(ii) 20%
(iii) No limit
(iv) 100%
(iii) No limit
Q8. Which statement is issued before the issue of shares ?
(i) Prospectus
(ii) Articles of Association
(iii) Memorandum of Association
(iv) All of these
(iv) All of these
Q9. Equity shareholders are the _ of the company.
(i) Owners
(ii) Creditors
(iii) Money lenders
(iv) Customers.
(i) Owners
Q10. The part of authorized capital which can be called up only on the Company being wound up is called :
(i) Issued Capital
(ii) Unsubscribed Capital
(iii) Reserve Capital
(iv) None of these
(iii) Reserve Capital.
Q11. When a company issues shares at a premium, amount of premium may be received by the company :
(i) Along with application money
(ii) Along with application money
(iii) Along with calls
(iv) Along with any of the above
(iv) Along with any of the above
Q12. Preference shareholders are the _ of the company.
(i) First Owners
(ii) Second Owners
(iii) Money lenders
(iv) Customers.
(ii) Second Owners
Q13. Gama Chemicals Ltd. is a newly formed company. How much discount per share can it allow for issuing its shares to the public ?
(i) 6%
(ii) 10%
(iii) 5%
(iv) None of the above
(iv) None of the above.
Q14. Share Application Account is :
(i) Personal Account
(ii) Real Account
(iii) Nominal/ Account
(iv) None of these
(i) Personal Account
Q15. Rate of return is not fixed on _.
(i) Preference share
(ii) Equity share
(iii) Debentures
(iv) All of these.
(ii) Equity share
Q16. Shares can be forfeited for :
(i) For non – payment of call money
(ii) For failure to attend meetings
(iii) For failure to repay the loan to the bank
(iv) For which shares are pledged as a security to
(i) For non – payment of call money.
Q17. A joint stock company is :
(i) An artificial legal person
(ii) Natural person
(iii) A general person
(iv) None of these
(i) An artificial legal person
Q18. Shares can be issued at:
(i) Par
(ii) Discount (sweat equity)
(iii) Premium
(iv) All of these
(iv) All of these
Q19. Premium received on issue of shares is shown on :
(i) Equity and Liabilities part of balance sheet
(ii) Debit side of the statement of profit and loss
(iii) Credit side of the statement of profit and loss
(iv) Assets part of the balance sheet.
(i) Equity and Liabilities part of balance she
Q20. Reserve capital means :
(i) A part of subscribed uncalled capital
(ii) Reserve Profit
(iii) A part of Capital Reserve
(iv) A part of Capital Redemption Reserve
(i) A part of subscribed uncalled capital
Q21. Issued capital can never be more than _ capital.
(i) Subscribed
(ii) Nominal
(iii) Paid up
(iv) Reserve
(ii) Nominal
Q22. A Forfeited Share can :
(i) not be re-issued at discount
(ii) re-issued at a maximum discount of 10%
(iii) be re-issued at a maximum discount equal to the amount forfeited
(iv) None of the above.
(iii) be re-issued at a maximum discount equal to the amount forfeited.
Q23. Shares may be issued :
(i) At par value
(ii) At FYemimum
(iii) At Discount
(iv) Both (i) & (ii)
(iv) Both (i) & (ii)
Q24. Application money never is less than __ of face value.
(i) 5%
(ii) 10%
(iii) 25%
(iv) 100%
(i) 5%
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MCQ Class 12 Accountancy with answers Part A & Part B
- Lesson 1. Accounting for Not for Profit Organisation Class 12 MCQ
- Lesson 2. Accounting for Partnership. Basic Concepts Class 12 MCQ
- Lesson 3. Reconstitution of Partnership Firm. Admission of a Partner Class 12 MCQ
- Lesson 4. Reconstitution of Partnership Firm. Retirement/Death of a Partner Class 12 MCQ
- Lesson 5. Dissolution of a Partnership Firm Class 12 MCQ
- Lesson 6. Accounting for Share Capital Class 12 MCQ
- Lesson 7. Issue and Redemption of Debentures Class 12 MCQ
- Lesson 8. Financial Statements of a Company Class 12 MCQ
- Lesson 9. Analysis of Financial Statements Class 12 MCQ
- Lesson 10. Accounting Ratios Class 12 MCQ
- Lesson 11. Cash Flow Statement Class 12 MCQ