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2,000 shares… (Class 12 Accountancy SQP 2024-25, Q13)

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AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 13

From the official CBSE sample question paper for 2024-25, section A, question 13, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q13 · 1 mark · MCQAccounting for Share Capital

2,000 shares allotted to Ms. Regal, on which ₹ 80 each called up and ₹ 50 paid were forfeited and reissued for ₹ 70 each as ₹ 90 paid up. Amount transferred to capital reserve A/c is

  1. (A)₹ 1,00,000
  2. (B)₹ 60,000
  3. (C)₹ 40,000
  4. (D)₹ 20,000

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

Open one hint at a time and try again before the next.

Hint 1

Forfeiture is the amount paid, not the amount called.

Hint 2

Discount = paid-up value credited − price received.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. Forfeited amount = 2,000 × ₹ 50 = ₹ 1,00,000. Reissue at ₹ 70 as ₹ 90 paid up allows a discount of ₹ 20 a share = ₹ 40,000.

  2. Capital Reserve = ₹ 1,00,000 − ₹ 40,000 = ₹ 60,000. Option (B).

    1 mark

Answer: (B) ₹ 60,000

Where the marks are

  • Forfeited ₹ 1,00,000 less discount ₹ 40,000 (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Accounting for Share Capital, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2024-25: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.