Calls in Advance

Q.

As per Companies Act, 2013, the maximum rate of interest on calls in advance is ____________.

1. 9%

2. 10%

3. 11%

4. 12%

Q.

A shareholder holding 600 shares paid the amount of call @ Rs. 5 per share on 1st November 2013 whereas the call was due on 1st March 2014. Maximum interest on calls in advance will be :

1. Rs. 50

2. Rs. 120

3. Rs.150

4. Rs. 60

Q.

Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘Calls-in-Advance’.

Q. As per Companies Act, 2013, the maximum rate of interest on calls in advance is .

1. 9%
2. 10%
3. 11%
4. 12%

Q. Carriage outwards are shown in the _________.

1. Trading account
2. Profit and loss account
3. Balance sheet
4. None of the Above

Q. refer to call money or allotment money that has been paid even before the money has been called up.

1. Calls in advance
2. Calls in arrears
3. Under Subscription
4. Over-subscription

Q. A_______ is a mercantile agent, who is consideration of an extra remuneration guarantees to his principal that the purchasers who buy on credit will pay for the goods they take.

1. Broker
2. Factor
3. Del Credere Agent
4. Auctioneer

Q.

Calls in Advance is like a ___________.

1. loan received by the company to the shareholders

2. loan granted by the company to the shareholders

3. Loan granted by the company to the vendors
4. Loan received by the company from the vendors

Q. is like a loan received by the company from the shareholders.

1. Calls in advance
2. Calls in arrears
3. Share allotment

Q.

When the company received the call money from shareholder which is not yet called. This is known as ?

1. Calls in Advance

2. Under subscription of shares

3. Calls in Arrear

4. Default by share holder

Q.

Interest is receivable on _________ and payable on ____________

1. Calls In Advance, Calls In Advance

2. Calls in Arrears, Calls In Advance

3. Calls In Advance, Calls in Arrears

4. Calls in Arrears, Calls in Arrears

Q. Rs 1500 being LIC premium of proprietor paid by the firm will be debited to ________________.

1. Drawing a/c
2. Income tax a/c
3. Profit and loss a/c
4. None

Q. Where the bailee mixes the goods bailed with his own goods, with the bailor's consent, both of them shall have interest in _______.

1. Proportion to 40:60 in the mixture produced
2. Proportion to their shares in the mixture produced
3. Proportion to 60:40 in the mixture produced
4. None of the above

Q. Question

Q. Balance of interest on calls-on-advance account is transferred to the ___________ at the end of the year.

1. Share capital account
2. Calls in advance account
3. Securities premium account
4. Profit & loss account

Q. Purchase day book is a part of the ledger.

1. True
2. False

Q. In Account Current, Red Ink Interest is treated as negative interest.

1. True
2. False

Q. On calls in advance, interest is payable at _________.

1. 5%
2. 6%
3. 0%
4. 4%