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CUET Accountancy 2025 PYQs15 May Shift 1. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2025 15 May Shift 1

Share Capital

past year questions, Company Accounts, CUET Accountancy 2025 15 May Shift 1

Easy

Comprehension:

Read the following passage and answer the questions

On January 1, 2024, the Director of X Ltd. issued for public subscription 50,000 equity shares of Rs. 10 each at Rs. 12 per share payable, Rs. 5 on application (including premium), Rs. 4 on allotment and the balance on call on May 01, 2024. The issue was closed on February 10, 2024 by which date applications for 70,000 shares were received. Of the cash received Rs. 40,000 was returned and Rs. 60,000 was applied to the amount due on allotment, the balance of which was paid on February 16, 2024. All the shareholders paid the call due on May 01, 2024 with the exception of an allottee of 500 shares. These shares were forfeited on September 29, 2024 and reissued as fully paid at Rs. 8 per share on November 01, 2024. The company, as a matter of policy, does not maintain a calls-in-arrears account.

On Reissue of 500 forfeited shares as fully paid at Rs. 8 per share, what amount will be debited to Shares Forfeiture Account?

Solution

✅ Correct Option: 1

On reissue, the debit to Shares Forfeiture A/c is only the “discount on reissue” (because the forfeiture balance is used to cover that discount).

Face value per share = Rs. 10.10.

Reissue price (fully paid) = Rs. 8.8.

So discount on reissue = Rs. (10−8=2)(10 - 8 = 2) per share.

For 500 shares: (500×2=Rs. 1,000)(500 \times 2 = Rs.\ 1{,}000)

So, Shares Forfeiture A/c will be debited by Rs. 1,000 (Option 1).

Note: The forfeiture amount on these shares is more than Rs. 1,000, since the shareholder had already paid application + allotment.

Related questions:

2026: 29 May Shift 1

In case of issue of shares, the company has to get minimum subscription within__________ from the date of the issue of the prospectus.

2026: 23 May Shift 2

Discount allowed on reissue of forfeited shares is debited to

2026: 12 May Shift 1

On the basis of liability of its members, the company cannot be classified into which of the following category:

2026: 13 May Shift 1

Taxman Ltd had allotted 40,000 equity shares to the applicant of 48,000 shares on pro rata basis. The amount payable on application is Rs. 4. Manorama applied for 450 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from her are:

2026: 24 May Shift 1

Match List-I with List-II

List-IList-II
(A) A company is formed according to the provisions of Law enforced from time to time.(I) Common Seal
(B) A company can hold and deal with any type of property.(II) Body Corporate
(C) The company continues to exist irrespective of the changes in its membership.(III) Separate Legal Entity
(D) The company cannot sign its name by itself.(IV) Perpetual Succession

Choose the correct answer from the options given below:

2022: 8 Aug Shift 2

When shares are forfeited, capital account is debited by:

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