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Home Questions Q5DZMPJK9C
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Shares

Question:

Match the following for the account that will be debited regarding share.

LIST 1 LIST 2
1) Shares forfeited at par a) Bank A/c
2) Money received on allotment b) Share first call A/c
3) Money due on Shares issued at premium at first call c) Share capital A/c
4) Expenses incurred on issue of shares d) Share issue expenses A/c

 

Options:

1) d, 2) c, 3) b, 4) a

1) c, 2) a, 3) b, 4) d

1) a, 2) c, 3) b, 4) d

1) c, 2) a, 3) d, 4) b

Correct Answer:

1) c, 2) a, 3) b, 4) d

Explanation:

* Forfeiture of Shares issued at Par: Share Capital A/c..........(Called up amount) Dr. To Share Forfeiture A/c...........(Paid up amount) To Share Allotment A/c To Share Calls A/c (individually)

* For Receipt of Allotment Money- Bank A/c Dr. To Share Allotment A/c (Allotment money received on ...shares)


* Premium Amount called with Call Money -Share Application A/c  To Securities Premium A/c (Amount due on Ist/2nd call @Rs— per share including premium)


* Expenses incurred on issue of shares- Share issue expenses A/c Dr. To Bank A/c

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