BCom Second Year (Sem 3 & 4) Corporate Accounting – Daily Revision MCQ (English Medium)
Timed quiz: 15 seconds per question, the next one loads by itself when time runs out. Or solve without the timer: tap an option, right turns green, wrong turns red. New sets are added regularly.
Or scroll down and solve without the timer.
When a company issues shares at a premium, the premium amount is credited to which account?
Chapter 1: Issue of Shares
Show answer
Answer: B. Securities Premium Account
The excess over face value is a capital receipt kept separately in the Securities Premium Account.100 shares of ₹10 each (₹8 called up) were forfeited. The holder had paid ₹5 per share. What amount is credited to Share Forfeiture Account?
Chapter 2: Forfeiture and Re-issue of Shares
Show answer
Answer: A. ₹500
Share Forfeiture A/c is credited with the amount actually received on the forfeited shares: 100 × ₹5 = ₹500.A debenture holder is a ______ of the company.
Chapter 3: Issue and Redemption of Debentures
Show answer
Answer: D. creditor
A debenture is an acknowledgement of a loan, so its holder is a creditor and gets fixed interest, not a share of ownership.When preference shares are redeemed out of profits, an amount equal to their nominal value must be transferred to:
Chapter 4: Redemption of Preference Shares
Show answer
Answer: C. Capital Redemption Reserve
Section 55 of the Companies Act, 2013 requires a transfer to Capital Redemption Reserve so that capital is not reduced.Under the Companies Act, 2013, the format of a company's Balance Sheet and Statement of Profit and Loss is given in:
Chapter 5: Final Accounts of Companies (Schedule III)
Show answer
Answer: A. Schedule III
Schedule III of the Companies Act, 2013 prescribes the format of company final accounts.In a company Balance Sheet as per Schedule III, the Securities Premium balance is shown under:
Chapter 5: Final Accounts of Companies (Schedule III)
Show answer
Answer: C. Reserves and Surplus
Securities premium is part of shareholders' funds and is shown under Reserves and Surplus, not in share capital.Average profit is ₹60,000 and normal profit is ₹40,000. Goodwill at 3 years' purchase of super profit is:
Chapter 6: Valuation of Goodwill
Show answer
Answer: B. ₹60,000
Super profit = 60,000 − 40,000 = ₹20,000; goodwill = 20,000 × 3 = ₹60,000.Net assets available to equity shareholders are ₹5,00,000 and there are 10,000 equity shares. The intrinsic value per share is:
Chapter 7: Valuation of Shares
Show answer
Answer: D. ₹50
Intrinsic (net asset) value per share = 5,00,000 ÷ 10,000 = ₹50.Under AS-14, an amalgamation in the nature of merger is accounted for by the:
Chapter 8: Amalgamation of Companies
Show answer
Answer: B. Pooling of interests method
AS-14 uses the pooling of interests method for a merger and the purchase method for an amalgamation in the nature of purchase.A company issues 1,000 shares of ₹10 each at ₹12 per share. The amount of securities premium is:
Chapter 1: Issue of Shares
Show answer
Answer: A. ₹2,000
Premium per share = 12 − 10 = ₹2; total = 1,000 × ₹2 = ₹2,000.
BCom Second Year (Sem 3 & 4): MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the common syllabus of Maharashtra universities (NEP). Your own university's syllabus may differ a little.