As per section 78 of Company’s Act amount collected as premium on securities cannot be utilized for:

Related MCQs

• Madhu Ltd. forfeited 800 shares of `10 each issued at 10% premium to Shyam (` 9 called up) on which he did not pay ` 3 of allotment (including premium) and first call of `2. Out of these, 600 shares were re-issued to Ram as fully paid up for `9 per share. What is to amount to be transferred to capital Reserve?
• If 500 shares of 10 issued at a premium of 1 on which 9 (including premium) have been called and 7 including premium have been paid are forfeited, the forfeiture account should be credited by :
• Premium received on issue of shares cannot be utilized for ---------.
• When forfeited shares (which were originally issued at a discount ) are reused at a premium, the amount of such premium will be credited to
• Security premium account can be utilized for ………….
• In case debentures of Rs. 10,000 are issued at par but payable at a premium of 10% the premium payable will be debited to:
• Consider the following data pertaining to a firm: Credit balance as per bank column of cash book `13,000; Bank interest on overdraft appeared only in the pass book `2,600; Cheques deposited but not collected by the bank ` 5,000. The balance as per pass book is
• Securities Premium Account is shown on the liabilities side under the head:
• The amount given to the policyholder due to his inability of paying further premium is called …………..
• The amount of share premium received by the company is shown in the Balance Sheet under the heading: