Questions

Statement based questions

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5 questions · timed · auto-graded

Question 11 Mark
Statement I: Called up capital means the share capital called up by the company on the subscribed shares.
Statement II: Calls not yet made by the shareholders but received in advance is shown as Paid up capital.
Answer
(c)
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Question 21 Mark
Statement I: A public company must have at least 7 members and there is no limit for maximum members.
Statement II: A private company must have atleast 2 members and there is no limit for maximum members.
Answer
(c)
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Question 31 Mark
Statement I: Table F of Companies Act 2013 states that there must be a fortnight break between two calls.
Statement II: Application money as per SEBI should not be less than 25% of issue price.
Answer
(d)
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Question 41 Mark
Statement I: Balance left in Forfeited shares Account is shown in Note to Account on share capital.
Statement II: The excess amount of forfeited shares account is transferred to capital reserve Account.
Answer
(a)
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Question 51 Mark
Statement I: Securities Premium Reserve can be used for issue of fully paid bonus shares and for distribution of dividend in cash.
Statement II: Balance of securities premium Reserve may be transferred to General Reserve Account.
Answer
(b)
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Statement based questions - Accountancy STD 12 Commerce Questions - Vidyadip