Question : Which of the following statements is false?

Option 1: A company can raise funds beyond its Authorised Capital.

Option 2: Dividends declared should be classified in the Balance Sheet as a current liability.

Option 3: Dividends are usually paid as percentage of Paid up Capital.

Option 4: As per the Companies Act, only Preference Shares which are redeemable within 20 years can be issued.

Question : As per Section 52 of Companies Act 2013, Securities Premium Reserve cannot be utilised for ___________.

Option 1: Writing off capital losses.

Option 2: Issue of fully paid bonus shares.

Option 3: Writing off discount on issue of securities.

Option 4: Writing off preliminary expenses.

Question : The Foreign Exchange Regulation Act was replaced by the ______ in India.

Option 1: Foreign Exchange Currency Act

Option 2: Foreign Exchange Finances Act

Option 3: Foreign Exchange Funds Act

Option 4: Foreign Exchange Management Act

Question : Willow Ltd. was registered with an authorised capital of  Rs. 10,00,000 divided into 1,00,000 equity shares of  Rs. 10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed. All amounts were received except the final call of  Rs. 2 per share on 3,000 shares. Fill in the missing figures in the Balance Sheet of Willow Ltd. as per the provisions of Schedule III, Part I of the Companies Act, 2013.

BALANCE SHEET as at 31st March, 2018 (An extract)

Note to Accounts

Question:-  Issued capital of the company is ______.

Option 1: Rs.10,00,000

Option 2: Rs.11,00,000

Option 3: Rs.9,00,000

Option 4: Rs.8,00,000

Question : Willow Ltd. was registered with an authorised capital of  Rs. 10,00,000 divided into 1,00,000 equity shares of  Rs. 10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed. All amounts were received except the final call of  Rs. 2 per share on 3,000 shares. Fill in the missing figures in the Balance Sheet of Willow Ltd. as per the provisions of Schedule III, Part I of the Companies Act, 2013.

BALANCE SHEET as at 31st March, 2018 (An extract)

Note to Accounts

Question:-  Issued capital of the company is ______.

Option 1: Rs.10,00,000

Option 2: Rs.11,00,000

Option 3: Rs.9,00,000

Option 4: Rs.8,00,000

Question : The amount of Securities Premium Reserve Account is utilised for the purposes specified in Section 52(2) of the Companies Act, 2013. The purposes for which Securities Premium Reserve can be used are:

Option 1:

for writing off preliminary expenses

Option 2: for writing off expenses of, or commission paid or discount allowed on debentures of the company

Option 3: for providing premium payable on the redemption of redeemable preference shares or debentures of the company

Option 4: All of the above