Q. When shares have been issued at discount, then the proportionate amount of discount on forfeited shares should be
✅ Correct Answer: (B)
Credited to Shares Discount Account
Financial Accounts MCQs and Notes
Q. When the amount of premium on forfeited shares has not been received, then with the proportionate amount of premium
✅ Correct Answer: (A)
Security Premium Account is debited
Q. When all the Forfeited shares are not reissued, then the proportionate amount in must be kept in that account
✅ Correct Answer: (B)
Forfeiture Share Account
Q. When Forfeited shares are reissued, then the discount allowed should be the amount received from old share holders
✅ Correct Answer: (C)
Not more than
Q. When shares are Forfeited, then the amount called up on Forfeited shares is debited to
✅ Correct Answer: (A)
Share Capital Account
Q. When a company pays remuneration to its promoters by issuing shares to them, then
✅ Correct Answer: (A)
Goodwill Account is debited
Q. According to Table 'A', annual interest on calls-in-advance should be
✅ Correct Answer: (C)
Not more than 6%
Q. According to Table 'A', a company can charge annual interest on calls-in-arrears at
✅ Correct Answer: (B)
0.05
Q. The Companies Act provides that minimum amount of of the face value of shares must be paid along with the application
✅ Correct Answer: (A)
0.05
Q. If there is a loss prior to incorporation, it will be debited to
✅ Correct Answer: (B)
Goodwill Account