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CUET Accountancy 2025 PYQs14 May Shift 1. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2025 14 May Shift 1

Share Capital

past year questions, Company Accounts, CUET Accountancy 2025 14 May Shift 1

Medium

High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 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. 20

Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment.

Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.

Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first Call.

Second and final call was made. All the money due on second call have been received.

Of the shares forfeited, 1,000 share were reissued as fully paid-up for Rs. 80 per share, which included the whole of Aman's shares.

Money received on First Call is

Solution

✅ Correct Option: 4

Applications received for 40,000 shares, but pro-rata allotment made only on 35,000 applications for 30,000 shares.

Pro-rata ratio = Shares allotted : Applications = 30,000 : 35,000 = 6 : 7

Rohan's case:

  • Allotted: 600 shares
  • Failed to pay allotment money
  • Forfeited immediately after allotment (before First Call was made)

Therefore, Rohan's shares do not appear in First Call calculation.

Aman's case:

  • Applied for: 1,050 shares
  • Shares allotted = 1,050 × 67\frac{6}{7} = 900 shares
  • Failed to pay First Call
  • Forfeited immediately after First Call

Therefore, Aman received allotment but did not pay First Call on 900 shares.

First Call calculation:

Total shares allotted = 30,000 shares

Shares on which First Call was made = 30,000 - 600 (Rohan's forfeited) = 29,400 shares

Shares on which First Call was actually received = 29,400 - 900 (Aman's default) = 28,500 shares

Money received on First Call = 28,500 × Rs. 30 = Rs. 8,55,000

Related questions:

2025: 30 May Shift 1

Arrange the journal entries with regard to first call of shares in the correct sequence:

(A) For Adjustment of Excess Application Money

(B) For Amount Due on Allotment

(C) For Allotment money received.

(D) For Amount Due on call.

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Aryan Ltd took over assets worth Rs. 30,00,000 and liabilities of Rs. 9,00,000 for a purchase consideration of Rs. 36,00,000, which was paid as follows: For Rs. 6,00,000 bills were accepted and remaining was paid by issuing shares of Rs 100 each at a premium of 25 %. Find the amount which will be credited to securities premium account?

2025: 3 June Shift 2

Match List-I with List-II

List-IList-II
(A) Calls in Arrears(I) This is the case when applications for more shares of a company are received than the number offered to the public for subscription.
(B) Calls in Advance(II) This is a situation where the number of shares applied for is less than the number for which applications have been invited for subscription.
(C) Over Subscription(III) The amount due that shareholders fail to pay on allotment or on any of the calls.
(D) Under Subscription(IV) The amount sometimes received from the shareholders as a part or the whole of the amount of the calls not yet made.

Choose the correct answer from the options given below:

2025: 13 May Shift 1

Which of the following statements are correct?

(A) A company is an artificial person.

(B) Company's shares are generally transferable.

(C) Paid up capital can exceed called up capital.

(D) The part of capital which is called up only on winding up is called reserve capital.

Choose the correct answer from the options given below:

2025: 22 May Shift 2

Arrange the following steps related to the issue of shares in proper sequence.

(A) Allotment of Shares

(B) Receipt of Applications

(C) Issue of Prospectus

(D) Share calls

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Consider the given steps below related to forfeiture of shares due to non receipt of allotment money and their re-issue and arrange them in correct sequence :-

(A) Reissue of forfeited shares and transfer of gain on reissue of forfeited shares.

(B) Notice to shareholder regarding non-payment of allotment money and call money.

(C) Non-payment of allotment money and call money by shareholder.

(D) Forfeiture of shares for non-payment of allotment and call money.

Choose the correct sequence of the above steps from the options given below:

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