List of top Accountancy Questions on Shares asked in CUET (UG)

In the absence of any information, the retiring/deceased partner’s share of profit will be acquired by the remaining partners in:

Arrange the following in the correct sequence of Accounting for Share Capital:
(A) Forfeiture of shares for non-payment of call
(B) Money received on allotment
(C) Profit on reissue of forfeited shares accounts transferred to capital reserve
(D) Money received on application
Choose the correct answer from the options given below:

The Balance in the Share Forfeited Account relating to reissue of forfeited shares will be treated as:

Banjara Ltd. invited applications for 30,000 shares of 100 each at a premium of 20 per share payable as follows:
• On Application: 40 (including 10 premium)
• On Allotment: 30 (including 10 premium)
• On First Call: 30
• On Second and Final Call: 20
Applications were received for 40,000 shares, and pro-rata allotment was made on the ap plication for 35,000 shares. Excess application money was utilized towards allotment. Astha, to whom 600 shares were allotted, failed to pay the allotment money, and her shares were forfeited immediately after allotment. Rekha, who applied for 1,050 shares, failed to pay the f irst call, and her shares were forfeited immediately after the first call. The second and final call was made, and all the money due on the second call has been received. Of the shares forfeited, 1,000 shares were reissued as fully paid-up for 80 per share, which included the whole of Astha’s shares.

Arrange the following in the context of Issue of shares
A. Making calls on shares
B. Reissue of fortified shares
C. Calls in Arrear
D. Transferring profit on reissue of shares to Capital Reserve
E. Forfeiture of shares
Choose the correct answer from the options given below :

Share of profit of a deceased partner's will be debited to:

Arrange the following steps in correct order.
(A) Calls in Arrears 
(B) Reissue of shares 
(C) Making calls 
(D) Gain on Reissue transferred to Capital Reserve 
(E) Forfeiture of shares 
Choose the correct answer from the options 8iven below :

State the Journal entry when sacrificing partner Radha withdraws her Share of goodwill in cash?

P and Q are partners sharing profits in the ratio of \(2:1\). They admitted R into partnership giving \( \frac{1}{5}^{th}\) share which he acquired from P and Q in \(1:2\)ratio. Calculate the new profit sharing ratio

Find the correct sequence of procedure of issue of shares :
(A) Receipt of Applications
(B) Issue of prospectus
(C) Allotment of Shares
(D) Making call money due
(E) Receiving Call money
Choose the correct answer from the options given below :

Radhika and Raman are the partners in a firm sharing Profits in the ratio of 7:3. They admitted Kamal as a new partner for \(\frac{1}{10}\)th share. Kamal brings ₹ 19,75,000 as his capital and necessary share for premium for goodwill. It was agreed to value the goodwill at 3 years purchase of super profit. During the year, the firm earned a profit of ₹ 4,50,000 and capital employed ₹ 17,50,000. If normal rate of return is 15%, calculate the amount that Kamal should bring in for goodwill.

Match List - I with List - II

List - I	List - II
(A) Over Subscription	(II) Application received is more than shares issued
(B) Minimum subscription	(I) Minimum amount that must be raised by issue of shares
(C) Under Subscription	(IV) Application received is less than shares issued
(D) Private Placement	(III) Allotment of shares without issue of prospectus

Choose the correct answer from the options given above:

Match List - I with List - II

List - I	List - II
(A) Application money should be at least ______% of the face value of the share	(I) 25%
(B) The amount of Call should not exceed ______% of the face value of the share	(II) 90%
(C) Minimum subscription of capital cannot be less than ______ of the issued amount according to SEBI guidelines	(III) 10%
(D) Interest charged on call-in-arrears is @ ______ p.a.	(IV) 5%

Choose the correct answer from the options given above:

Debit side of partner's current Account shows:
(A) Drawings made out of Capital 
(B) Interest on Drawings 
(C) Share of Loss on Revaluation 
(D) Additional Capital Introduced 
(E) Adjustment of Goodwill already appearing in Balance Sheet 
Choose the correct answer from the options given below: