Fundamentals of Accounting MCQs

Preference share capital Rs.5,00,000
(50,000 shares @ Rs.10 each)
General reserve Rs. 3,00,000
Security premium Rs. 30,000
Preference shares are to be redeemed at 10 % premium. What is the number of fresh equity shares to be issued @ Rs. 100 each at a premium of 10% after using the above reserve?

100 shares of Rs.10 each which are fully called up are forfeited due to non-payment of final call money of Rs.4 per share. These shares are reissued at Rs.7 per share as fully paid up. The Journal entry on reissue will be__________

__________can`t be used to make partly paid shares as fully paid shares

Which of the following is false with respect to debentures?

Ghee Ltd. purchased a property for Rs.7,50,000, The purchase consideration is paid by the issue of shares of Rs.10 each, at a premium of Rs.5. No. of shares Issued is