CUET Accountancy 2025 15 May Shift 1 PYQs

Cronic Limited issued 10,000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except by a shareholder having 100 shares who could not pay for second and final call. Call in Arrears A/c will be debited with-

High Land India Ltd. invited applications for 50,000 Shares of Rs. 100 each per share. Applications were received for 70,000 shares and pro-rata allotment was made on the application for 50,000 shares. Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment. Of the shares forfeited, 500 share were reissued as fully paid-up for Rs. 80 per share.

Order to be followed for recording entries will be

(A) Forfeiture of shares

(B) Calculation of amount received on allotment

(C) Adjustment of excess money received on application towards allotment

(D) Reissue of shares

Choose the correct answer from the options given below:

Which statements among the following are CORRECT?

(A) A public company's shares are generally transferable.

(B) Share application account is a personal account.

(C) The director of a company may be a shareholder.

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

Choose the correct answer from the options given below: