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26.
R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by -
- A.Rs. 4,00,000
- C.Rs. 3,20,000
- B.Rs. 5,00,000
- D.Rs. 4,80,000
- Answer
- Report
Answer : [A]
27.
The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of Bonus Share will be -
- A.Rs. 50,000
- C.Rs. 45,000
- B.Rs. 55,000
- D.Rs. 57,000
- Answer
- Report
Answer : [B]
28.
Consider the following information pertaining to K Ltd. on September 4, 2005, the company issued 12,000 7% debentures having a face value of Rs. 100 each at a discount of 2•5%. On September 12, the company issued 25,000 preference shares of Rs. 100 each. On September 29, the company redeemed 30,000 preference shares of Rs. 100 each at a premium of 5% together with one month dividend @ 6% p.a. thereon. Bank balance on August 31, 2005 was Rs. 30,00,000. After effecting the above transaction, the Bank Balance as on September 30, 2005 will be -
- A.Rs. 35,15,000
- C.Rs. 33,45,000
- B.Rs. 33,80,000
- D.Rs. 35,05,000
- Answer
- Report
Answer : [A]
29.
As per Schedule VI of the Companies' Act, 1956, Forfeited Share Account will be -
- A.Added to paid up capital
- C.Added to capital reserve
- B.Deducted from called up capital
- D.Shown as a revenue reserve
- Answer
- Report
Answer : [B]
30.
Share premium account can be used for -
- A.Paying tax liability
- B.Meeting the cost of issue of shares or debentures
- C.Paying Dividend on shares
- D.Meeting the loss on sale of old asset
- Answer
- Report
Answer : [B]
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