Question : Which account is debited when shares are issued to the promoters :

Option 1: Incorporation Expense Account

Option 2: Premium Account

Option 3: Discount Account

Option 4: Capital Account

Question : If vendors are issued fully paid shares of Rs.5,00,000 in consideration of net assets Rs.3,00,000. Then the balance of Rs.2,00,000 will be:

Option 1: Debited of Statement of Profit and Loss

Option 2: Debited to Goodwill Account

Option 3: Credited to Capital Reserve Account

Option 4: Credited to Securities Premium Account

Question : If debentures of Rs. 20,000 are issued at par and are redeemable at a premium of 10%, the premium payable is debited to

Option 1: Premium on Redemption of Debentures Account

Option 2: Debentures Suspense Account

Option 3: Loss on Issue of Debentures Account

Option 4: None of the above

Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.

Option 1: Realization account debited, concerned partner's capital account

Option 2: Concerned partner's capital, realization account

Option 3: Unrecorded liability debited, cash account 

Option 4: None of the above.

Question :

 When shares are forfeited, Share Capital Account is debited with

Option 1: Nominal (face) value of shares

Option 2:

Called-up share capital

Option 3: Paid-up value of shares

Option 4: Market value of shares

Question :

 When shares are forfeited, Share Capital Account is debited with

Option 1: Nominal (face) value of shares

Option 2:

Called-up share capital

Option 3: Paid-up value of shares

Option 4: Market value of shares