A preference share is one
(i) which carries preferential right with respect to payment of dividend at fixed rate
(ii) which carries preferential right with respect to repayment of capital on winding up

(a)

Only (i) is correct

(b)

Only (ii) is correct

(c)

Both (i) and (ii) are correct

(d)

Both (i) and (ii) are incorrect

At the time of forfeiture, share capital account is debited with

(a)

Face value

(b)

Nominal value

(c)

Paid up amount

(d)

Called up amount

The amount received over and above the par value is credited to

(a)

Securities premium account

(b)

Calls in advance account

(c)

Share capital account

(d)

Forfeited shares account

When shares are issued for purchase of assets, the amount should be credited to

(a)

Vendor’s A/c

(b)

Sundry assets A/c

(c)

Share capital A/c

(d)

Bank A/c

If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

(a)

Rs.10 per share

(b)

Rs.8 per share

(c)

Rs.5 per share

(d)

Rs.2 per share