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CUET Accountancy 2026 PYQs21 May Shift 1. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2026 21 May Shift 1

Share Capital

past year questions, Company Accounts, CUET Accountancy 2026 21 May Shift 1

Medium

common

Mukesh Ltd. offered 4,00,000 shares, of Rs. 10 each to the public for subscription, to be received as Rs. 2 on application, Rs. 3 on allotment, Rs. 3 on first call and the balance on final call. The company received applications for 4,50,000 shares. The company finalised the allotment of 4,00,000 shares and rejected applications for 50,000 shares. The company did not make the final call. The company received all the amount except on 20,000 shares where call money has not been received. The amount of share capital that will be shown in the balance sheet of Mukesh Ltd. as:

Solution

✅ Correct Option: 4

Final call of Rs.2\text{Rs.}2 was never made, so called-up capital =4,00,000×8=Rs.32,00,000=4{,}00{,}000\times8=\text{Rs.}32{,}00{,}000.

First call unpaid on 20,000 shares =20,000×3=Rs.60,000=20{,}000\times3=\text{Rs.}60{,}000, shown as calls in arrears and deducted.

Subscribed and paid-up capital =32,00,000−60,000=Rs.31,40,000=32{,}00{,}000-60{,}000=\text{Rs.}31{,}40{,}000.

Related questions:

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Sahil, a shareholder, failed to pay the money for second and final call of Rs. 30 on 2,000 shares issued to him at Rs. 220 (face value of Rs. 200 per share). His shares were forfeited after the second and final call. Share Forfeiture A/c will be credited with:

2025: 29 May Shift 2

In a Journal Entry of Forfeiture of Shares, Securities Premium Account may be debited, when :-

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If the premium amount has not been received, in respect of the shares forfeited, the Securities Premium Reserve Account

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If a delay occurs beyond 8 days from the date of closure of the subscription list in refunding the amount received due to non-fulfilment of the criteria of minimum subscription, the company shall be liable to pay the amount with interest at the rate of:

2025: 24 May Shift 1

Match List-I with List-II

List-IList-II
(Book/Theory proposed/Characteristic, etc.)(Author/Thinker/Name of Theory, etc.)
(A) Authorised Capital(I) Only available to creditors at the time of winding up of a company
(B) Issued Capital(II) The amount of capital that a company can raise in its life-time
(C) Subscribed Capital(III) Capital that is issued to the public for subscription
(D) Reserve Capital(IV) May be equal to or less than issued capital

Choose the correct answer from the options given below:

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