Company Accounts

Share Capital

Medium

common

Match List-I with List-II

List-I List-II
(TYPES OF COMPANY..) (CHARACTERISTICS..)
(A) unlimited company. (I) liability arises only in the event of winding up
(B) one person company (II) limits the number of members to 200.
(C) private company (III) paid up capital is not more than 50 lakhs.
(D) company limited by guarantee. (IV) creditors can claim their dues from the members.

Choose the correct answer from the options given below:

List-I	List-II
(TYPES OF COMPANY..)	(CHARACTERISTICS..)
(A) unlimited company.	(I) liability arises only in the event of winding up
(B) one person company	(II) limits the number of members to 200.
(C) private company	(III) paid up capital is not more than 50 lakhs.
(D) company limited by guarantee.	(IV) creditors can claim their dues from the members.

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

✅ Correct Option: 2

Looking at each type of company and its defining characteristic:

(A) Unlimited Company → In an unlimited company, members have unlimited liability. This means creditors can recover their dues not just from the company's assets but also from the personal assets of the members. This matches with (IV).

(B) One Person Company → Under the Companies Act, 2013, an OPC is a company with only one member. Key requirement: paid-up capital should not exceed ₹50 lakhs (and turnover not exceeding ₹2 crores). This matches with (III).

(C) Private Company → A private company has three main restrictions:

Limits right to transfer shares
Restricts maximum number of members to 200 (excluding employee members)
Cannot invite public to subscribe to securities

This matches with (II).

(D) Company Limited by Guarantee → In this type, members don't contribute capital through shares. Instead, they guarantee to contribute a specified amount to the company's assets, but this liability arises only during winding up of the company. This matches with (I).

Correct Matching:

(A) → (IV)
(B) → (III)
(C) → (II)
(D) → (I)

Option 2 is correct.

2022: 16 July Shift 2

Securities Premium Reserve can be used to:

A. Issue new shares to existing shareholders

B. Write off Preliminary expenses

C. Writing off of Goodwill

D. Premium on Redemption of debentures

E. Issue fully paid Bonus Shares

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Purna Ltd. forfeited 16,000 equity shares of Rs. 200 each issued at a premium of 10% for non-payment of first and final call of Rs. 60 per share. The minimum amount at which all forfeited shares can be reissued will be :-

2025: 3 June Shift 2

When the directors opt to make a proportionate allotment to all applicants, the excess application money received is normally adjusted towards the amount due on allotment. In case, the excess application money received is more than the amount due on allotment of shares, such excess amount may either be:

2022: 16 July Shift 2

Amount of Security Premium Reserve credited at the time of allotment of Shares will be

2026: 13 May Shift 2

A company forfeited 8,000 shares of 20 each on which application money Rs. 6 has been paid. Out of these, 4,000 shares were reissued as fully paid up and Rs. 16,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

2026: 21 May Shift 2

Securities Premium can be used only for the following purposes:

A. To issue fully paid bonus shares to the extent not exceeding unissued share capital of the company;

B. To issue partly paid bonus shares to the extent not exceeding unissued share capital of the company;

C. To write-off the expenses of, or commission paid, or discount allowed on any securities of the company; and

D. Purchase of its own shares (i.e., buy back of shares)

Choose the correct answer from the options given below:

Solution

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