CUET CUET Accountancy 2024 - Match List-I with List-II | PYQs + Solutions

CUET Accountancy 2024

Accountancy

Accounting for Share Capital

Medium

List-I (Name of account to be debited or credited, when shares are forfeited)	List-II (Amount to be debited or credited)
(A) Share Capital Account	(I) Debited with amount not received
(B) Share Forfeited Account	(II) Credited with amount not received
(C) Calls-in-arrears Account	(III) Credited with amount received towards share capital
(D) Securities Premium Account	(IV) Debited with amount called up

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Option: 2

When shares are forfeited, certain accounts are affected in specific ways.

For (A) Share Capital Account, it is debited with the amount called up but not received, so it matches with (IV).

For (B) Share Forfeited Account, it is credited with the amount received towards share capital, so it matches with (III).

For (C) Calls-in-arrears Account, it is credited with the amount not received, matching with (II).

For (D) Securities Premium Account, it is debited with the amount called up, matching with (I).

Thus, the correct matches are:

(A) - (IV), (B) - (III), (C) - (II), (D) - (I).

This corresponds to option 2.