Question

Match List-I with List-II

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

Choose the correct answer from the options given below:

• (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)

Answer 1

The Correct Option is C

(A) Share Capital Account is debited with the amount called up. (B) Share Forfeited Account is credited with the amount received towards share capital. (C) Calls-in-arrears Account is debited with the amount not received. (D) Securities Premium Account is credited with the amount not received. Correct Matching: (A) - (I), (B) - (III), (C) - (IV), (D) - (II). Correct Answer: Option 3.