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CUET Accountancy 2023 PYQs29 May Shift 2. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2023 29 May Shift 2

Share Capital

past year questions, Company Accounts, CUET Accountancy 2023 29 May Shift 2

Hard

Based on following passage answer questions from 41-45.

A Ltd with an Authorised Capital of Rs. 10,00,000 is divided into shares of Rs. 10 each, issued 50,000 shares at a premium of Rs. 2 per share payable as follows

on Application Rs. 3 per share

on Allotment Rs. 5 per share (including premium)

on First and Final call Balance amount

Application were received for 60,000 shares and the directors allotted shares to all on proportionate basis. All money received except first and final call from Hari who had applied for 1200 shares. His shares were forfeited and later half of his forfeited shares were reissued at Rs. 8 per share as fully paid up.

The balance, if any, left in the share forfeited account relating to reissued shares, should be transferred to _______

Solution

✅ Correct Option: 4

After reissue of forfeited shares, any credit balance remaining in the Share Forfeited Account represents a capital profit, as it arises from the original shareholders' forfeited money. This balance is transferred to the Capital Reserve Account.

More from this set:

Question 41

Identify the number of shares with which A ltd is registered.

Question 42

Select the amount received on Share Allotment Account -

Question 43

Select the amount that is received from Hari's reissued shares -

Question 44

Identify the account to which the discount allowed on reissue of forfeited shares should be debited.

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