1. Premium received on issue of shares is shown on -----------
a) asset side of the balance sheet
b) liability side of the balance sheet
c) credit side of the P&L a/c
d) debit side of the P & L a/c
2. The minimum share Application money is -----------
a) 5% of the face value of shares
b) 10% of the issue price of shares
c) Re. 1 per share
d) 15% of the face value of shares
3. Premium on issue of shares can be used for -----------.
a) distribution of dividend
b) writing off capital losses
c) transferring to general reserve
d) paying fees to directors
4. Share allotment account is a -----------------
a) Impersonal account
b) Nominal account
c) personal account
d) Real account
5. Premium received on issue of shares cannot be utilised for
a) for the issue of bonus shares
b) for writing of preliminary expenses
c) for providing premium payable on redemption
d) for distribution of dividend
6. Holders of preference shares will have a right to vote if the dividend remains in arrears for a period not less than
a) 2 years
b) 3 years
c) 6 years
d) none of these
7. Minimum number of members in case of public company is ---------
a) 4
b) 5
c) 6
d) 7
8. Maximum number of members in public limited company is ---------------
a) 10
b) 20
c) 50
d) unlimited
9. Section ----------- of companies act 1956 deals with the scheme of stock invest
a) 69 to 70
b) 69 to 71
c) 69 to 73
d) 69 to 72
10. When shares issued at premium which of the following account is credited?
a) Share premium account
b) Share first call account
c) Share allotment account
d) Share forfeited account