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CUET Accountancy 2025 PYQs27 May Shift 1. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2025 27 May Shift 1

Share Capital

past year questions, Company Accounts, CUET Accountancy 2025 27 May Shift 1

Medium

common

The director of Poly Plastic Limited resolved that 200 equity shares of Rs.100 each be forfeited for non-payment of the second and final call of Rs.30 per share. Out of these, 150 shares were re-issued at Rs.60 per share to Mohit. Profit on reissue of forfeited shares transferred to capital reserve. Amount credited to capital reserve account is-

Solution

✅ Correct Option: 3

Face value per share = Rs. 100

Final call not paid = Rs. 30 per share

Amount already received per share = Rs. 100 - Rs. 30 = Rs. 70

When shares are forfeited, the amount already received (Rs. 70 per share) is credited to Share Forfeiture Account.

For 150 shares re-issued:

Amount forfeited on these 150 shares = Rs. 70 × 150 = Rs. 10,500

These shares are re-issued at Rs. 60 per share (against face value of Rs. 100).

Discount on re-issue per share = Rs. 100 - Rs. 60 = Rs. 40

Total discount on 150 shares = Rs. 40 × 150 = Rs. 6,000

When shares are re-issued, the discount is adjusted from Share Forfeiture Account. The remaining balance from Share Forfeiture Account (related to re-issued shares) is transferred to Capital Reserve.

Amount transferred to Capital Reserve = Amount forfeited on re-issued shares - Discount given on re-issue

= Rs. 10,500 - Rs. 6,000 = Rs. 4,500

Alternatively, this can be understood as: Out of Rs. 70 received earlier per share, Rs. 40 is utilized to give discount on re-issue. The remaining Rs. 30 per share (Rs. 30 × 150 = Rs. 4,500) becomes the profit on re-issue, which goes to Capital Reserve.

Answer: Rs. 4,500

Related questions:

2025: 27 May Shift 2

Identify the sequence of journal entries with regard to transfer of shares application money and allotment of shares:

(A) Share Allotment A/c Dr.

To Share Capital A/c

(B) Share Application A/c Dr.

To Share Capital A/c

(C) Bank A/c Dr.

To Share Allotment A/c

(D) Share Application A/c Dr.

To Bank A/c

Choose the correct answer from the options given below:

2026: 13 May Shift 2

A company forfeited 8,000 shares of 20 each on which application money Rs. 6 has been paid. Out of these, 4,000 shares were reissued as fully paid up and Rs. 16,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

2023: 29 May Shift 2

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

2025: 24 May Shift 1

Match List-I with List-II

List-IList-II
Allotment of SharesJournal Entry
(A) For Transfer of Application Money(I) Share Application A/c Dr. To Bank A/c
(B) For Money Refunded on Rejected Application(II) Bank A/c Dr. To Share Allotment A/c
(C) For Amount Due on Allotment(III) Share Application A/c Dr. To Share Capital A/c
(D) For Receipt of Allotment Money(IV) Share Allotment A/c Dr. To Share Capital A/c

Choose the correct answer from the options given below:

2025: 27 May Shift 1

Match List-I with List-II

List-IList-II
(A) Interest on calls in arrears(I) Preference Shares
(B) Interest on calls in advance(II) OPC
(C) Sec.2(62) of The Companies Act, 2013 defines(III) 12%
(D) Sec.43 of The Companies Act, 2013 defines(IV) 10%

Choose the correct answer from the options given below:

  1. (A) - (IV), (B) - (III), (C) - (I), (D) - (II)
  2. (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
  3. (A) - (II), (B) - (I), (C) - (IV), (D) - (III)
  4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

2026: 11 May Shift 2

Antra Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 30 per share payable as follows: On Application Rs. 40 (including Rs.10 premium), On Allotment Rs. 30 (including Rs.10 premium), On First Call Rs. 30, On Second and Final Call Rs. 30 (including Rs.10 premium). Applications were received for 35,000 shares and a pro rata allotment was made. Excess application money was utilized towards the sum due on allotment. Vijaya to whom 60 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment.

Allotment money not received on Vijaya's shares will be:

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