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# CPT Company Accounts-Revision MCQs

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### CPT Company Accounts-Revision MCQs

1. 1. COMPANY ACCOUNTSCh :9 Company Accounts Important MCQ,s as per ICAI Book with Hints to Solve the samePg :9.8 Unit :1Pg :9.8 Q.1 Hint : Shareholders Equity = Total Assets - Other given Liabilities.Pg :9.8 Q.2Pg :9.49 to 9.62 Unit :2Pg :9.50 Q.4 hint: (30 x 5,000) x5% x1.5/12Pg :9.50 Q.5 to Q.9Pg :9.51 Q.10 to Q.23 Q.10 Amount received on application= Total Application Received x Amt. per Share on Application 3,00,000 x 20 =60,00,000 . Q.11 Application money adjusted against allotment= Total shareholders to whom shares were alloted pro-rata- Total Shares Issued)x Application per Share (2,40,000 -2,00,000 )x20 = 8,00,000 . Q.12 Amt. refunded to Shareholders = (Total Application Received -Total shareholders to whom shares were alloted pro-rata)x Application per Share = (3,00,000-2,40,000) x 20 =12,00,000 . Q.13 Total Amt. paid by E = (Total Shares Alloted x Total shareholders to whom shares were alloted pro-rata)x Application money per Share x Total Shares Issued . 4,000 x 2,40,000 x 20 / 2,00,000 =96,000 . Q.14 Total Amt. paid by F = (Total Shares Alloted )x(Application money per Share+Allotment Money per Share ) 6,000 x (20+50) = 4,20,000 . Q.15 Total Amt. paid by G = (Total Shares Re-issued x(Face Value-Discount) 8,0000 x (10-1) = 7,20,000 . VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
2. 2. COMPANY ACCOUNTSQ.16 Amt. transferred to Share forfeiture account at the time of Forfeiting Es Shares = (Total Shares Alloted x Total shareholders to whom shares were alloted pro-rata)x Application money per Share x Total Shares Issued . 4,000 x 2,40,000 x 20 / 2,00,000 =96,000 .Q.17 Amt. transferred to Share forfeiture account at the time of Forfeiting Fs Shares = Shares Forfeited x ( Application money received per share+Allotment money received per Share excluding Premium ). 6,000 x (20+30) = 3,00,000 .Q.18 Net balance in Share Capital Account = (Total Shares Iuued-Total Shares Forfeited-Total Shares Re-issued) x Face value per Share (2,00,000-4,000-6,000+8,000 ) x 100 = 1,98,00,000 .Q.19 Net balance in Security Premium Account = (Total Shares Issued-Total Shares alloted to "E" on which Premium not received ) x Premium per Share (2,00,000-4,000) x20 = 39,20,000 .Q.20 Net balance in Shares Forfeiture Account = (Total Shares of "F" Forfeited- Shares Re-issued to "G" ) X Total amt. received per Share (6,000-4,000 ) x (20+30) = 1,00,000 .Q.21 Net balance in Capital Reserve Account = (Total Amt. received from "E"+Total amt. received from "F" on Shares Re-issued + Total amt. received from "G" )-(Face Value of Shares Re-issued. 96000+2,00,000+7,20,000-8,00,000 = 2,16,000 .Q.22 Net balance in Bank Account = (Total Shares Issued-Total Shares Forfeited) x 120) + Amt received from " E", "F" & "G" . (2,00000-10,000) X 120) + 96000+420000+720000 = 24036000 .Q.23 Balance Sheet Total = Total Assets = Total Liabilities = Balance Total = Total Bank Balance = 24036000 . VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
3. 3. COMPANY ACCOUNTS Q.34, Q.39 , Q.40 , Q.44 , Q.45 , Q.46, Q.62, Q.70 ,Q.75,Q.83 Q.55 The amount of divedend payable =? Proposed dividend rate ( Called-Up Equity Share Capital-Calls in Arrear) 15%(5,00,000-40,000)=69,000.Pg :9.90 to 9.93 Unit :3 Q.4 Value of Preference Shares to be Re-deemed: (8,00,000)+(10% of 8,00,000) 8,80,000 Add Minimum Cash Balance Required 50,000 Total Cash Balance Required 9,30,000 less Sales proceeds of Investments 4,00,000 less Opening Cash balance 2,00,000 Cash required to be raised by issue of fresh Equity Shares 3,30,000 No. of Equity Shares to be issued Total amt. required to be raised/ value of Equity Shares including premium . No. of Equity Shares to be issued =3,30,000 / 12 = 27,500 Shares Premium on issue of fresh Equity Shares= No. of Equity Shares to be issued x Premium per Share . 27,5,00 x 2 = 55,000 Rs. 55,000 Q.5 Amt to be transferred to C.R.R Face Value of Preference Shares to be redeemed 8,00,000 less Face Value of Fresh issue of Equity Shares (27,500 x 10) 2,75,000 Transfer to C.R.R 5,25,000 Q.8, Q.10, Q.14, Q.16, Q.18 VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
4. 4. COMPANY ACCOUNTS Q.12 Bank balance as on Sept 30, 2005 = ? Bank balance as on Aug 3, 2005 29,25,000 Add Receipt from issue of 7% Debentures (12,000 x 97.5) 11,70,000 Add Receipt from issue of 8% Preference Shares (25,000 x 100) 25,00,000 Total Bank balance available 65,95,000 less Proceeds for redemption of 6% Preference Shares (30,000 x 105) 31,50,000 less One months dividends on Pref Shares to be redeemed( (30,000 x 100 x 6% /12) 15,000 Bank balance as on Sept 30, 2005 34,30,000 Q.13 Balance Outstanding to the Credit of Share Premium a/c No. of Fresh Shares issued (1,98,084/21) 9432 Shares Premium on Fresh Shares issued (9432 Shares x Rs. 1 per Share ) 9432 less Premium on redemption of 12% Preference Shares to be Written off (2,00,000 x 4% ) 8,000 Balance Outstanding to the Credit of Share Premium a/c 1,432 Pg :9.118 to 9.121 Unit :4 Q.2, Q.5, Q.7, Q.14 ,Q.19 ,Q.24 Additional MCQs stQ.1) X Ltd. issued Rs.1,00,000 12% debentures at a discount of 6% on 1 January, 2001, repayable by five equal annual drawings of Rs.20,000 each on 31st Dec. every year. The amount of discount to be written of each year assuming that the company closes its accounts on calendar year basis is --- VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
5. 5. COMPANY ACCOUNTS Options 1) Rs. 1200 each Year 2) Rs. 2,000, Rs. 1,600, Rs. 1,200, Rs. 800 Rs. 400 . 3) Rs. 1000 each Year 4) None of these Solution : Total Discount to Written Off = 1,00,000 x 6% = Rs. 6,000 Year Debenture Ratio of Amt. of discount to Outstanding benefit be written off derived (Weights) 1 100000 5 Years 2000 6,0000 x 5 / 15 2 80000 4 Years 1600 6,0000 x 4 / 15 3 60000 3 Years 1200 6,0000 x 3 / 15 4 40000 2 Years 800 6,0000 x 2 / 15 5 20000 1 Years 400 6,0000 x 1 / 15 15 6000 Ans Option ( 2 )Q.2) On 1.4.2001, X Ltd. issued Rs.1,00,000 15% Debentures of Rs.100 each at 94% redeemable as follows : Year end Nominal value of Total Debentures to redeemed 2 10% 3 20% 4 30% 5 40% The amount of discount to be written off each year assuming that the company closes its accounts on financial year basis is (a) Rs.2,400, Rs.1,800, Rs.1,200, Rs.600 (b) Rs.1,500, Rs.1,500, Rs.1,350, Rs.1,050, Rs.600 (c) Rs.1,200 each year (d) None of these VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
6. 6. COMPANY ACCOUNTSSolution : Total Discount to Written Off = 1,00,000 x 6% = Rs. 6,000 Year Debenture Ratio of Amt. of discount to Outstanding benefit be written off derived (Weights) 1 100000 10 1500 6,0000 x 10 / 40 2 100000 10 1500 6,0000 x 10 / 40 3 90000 9 1350 6,0000 x 9 / 40 4 70000 7 1050 6,0000 x 7 / 40 5 40000 4 600 6,0000 x 4 / 40 40 6000 Ans Option ( b ) VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
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