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CUET Accountancy 2022 PYQs8 Aug Shift 2. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2022 8 Aug Shift 2

Share Capital

past year questions, Company Accounts, CUET Accountancy 2022 8 Aug Shift 2

Medium

When shares are forfeited, capital account is debited by:

Solution

✅ Correct Option: 2

At the time of forfeiture, the Share Capital Account is debited with the amount that has been called up on the forfeited shares (not merely the amount paid), because the company had credited share capital with the called-up amount when calls were made.

Related questions:

2025: 16 May Shift 1

Arrnge the following in proper order:

(A) Issued Capital

(B) Subscribed and fully paid

(C) Subscribed and not fully paid

(D) Authorised capital

Choose the correct answer from the options given below:

2025: 15 May Shift 1

While issuing the share capital for public subscription where there is no articles of association of its own, the following provisions of Table A will apply:

(A) A period of one month must elapse between two calls.

(B) The amount of call should not exceed 25% of the face value of the share.

(C) A minimum of 7 days' notice is given to the shareholders to pay the amount.

(D) Calls must be made on a uniform basis on all shares within the same class.

Choose the correct answer from the options given below:

2026: 23 May Shift 2

The journal entry for the amount due on allotment is:

2022: 20 July Shift 1

Match List - I with List - II

List - IList - II
(a) The portion of authorised capital of a company which can be called during winding up(i) Other current liabilities
(b) Excess of share forfeited amount over the loss on reissue(ii) Reserve Capital
(c) Calls-in-advance is shown in Balance sheet under the head __(iii) Capital Reserve
(d) Equity shares cannot be issued to public at __(iv) Discount

Choose the correct answer from the options given below :

2026: 23 May Shift 2

Amit, a shareholder holding 1,000 shares of Rs. 10 each, did not pay the allotment money of Rs. 4 per share (including a premium of Rs. 2) and the first and final call of Rs. 3. His shares were forfeited after the first and final call. The amount of Share Forfeiture A/c will be:

2026: 11 May Shift 2

Applications Supported by Blocked Amount (ASBA) is a process developed by.......................to apply for subscribing to IPOs and Rights Issue etc. of securities.

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