CSEET October 2026 Fundamentals of Accounting: Important Topics & Revision

 Preparing for CSEET Fundamentals of Accounting can become difficult when you understand the concepts but struggle to apply them in numerical questions. Topics such as share capital, debentures, partnership, and final accounts involve multiple steps, calculations, and accounting treatments, so small mistakes can affect the final answer.

Regular question practice can help you identify where your approach goes wrong and which concepts need more revision. The following CSEET Accounting important questions cover different numerical situations to help you practise calculations, accounting treatments, and adjustments before the examination.

CSEET Fundamentals of Accounting Important Topics for Revision

The following topics can be used as a revision checklist for CSEET Accounting important topics. Focus on understanding the accounting treatment as well as practising the numerical questions related to each area.

CSEET Fundamentals of Accounting Important Questions for Revision

Practise these CSEET Accounting important questions to revise numerical concepts related to share capital, debentures, partnership, and final accounts.

1. Technocrats Ltd. - Share Capital

Question:
Technocrats Ltd. invited applications for 1,00,000 equity shares of Rs.30 each at a premium of Rs.15, payable Rs.24 on application & allotment (incl. premium Rs.9) and Rs.21 on first & final call (incl. premium Rs.6). Applications for 1,50,000 shares came in; 10,000 were rejected, and the rest allotted pro-rata 

(Category A: 80,000 applied → 60,000 allotted; Category B: 60,000 applied → 40,000 allotted). Mr. X (Category A, allotted 300 shares) and Mr. Y (Category B, allotted 200 shares) both failed to pay the call. These 500 shares were forfeited and reissued at Rs.36 fully paid.

Answer: First, Bank A/c is debited Rs.36,00,000 for all applications received, credited to Share Application & Allotment A/c. That account is then cleared — Share Capital gets Rs.15,00,000, Securities Premium Rs.9,00,000, Rs.2,40,000 is refunded to the rejected applicants, and Rs.9,60,000 of excess application money from A & B category applicants is carried forward to adjust against the call. The First & Final Call is then made due for Rs.21,00,000 (Rs.15,00,000 capital + Rs.6,00,000 premium). Against this, Rs.9,60,000 is already adjusted, and X & Y together owe Rs.5,700 in unpaid calls, so Bank receives Rs.11,34,300 and Calls in Arrears is debited Rs.5,700. For forfeiture: Share Capital is debited Rs.15,000 (500×30) and Securities Premium Rs.3,000 (500×6), Calls in Arrears is credited Rs.5,700 and Share Forfeited A/c gets the balance, Rs.12,300. On reissue at Rs.36, Bank is debited Rs.18,000, and Share Capital Rs.15,000 plus Securities Premium Rs.3,000 are credited.

2. Campa Ltd. - Share Forfeiture and Reissue

Question:
Campa Ltd. issued 4,00,000 shares of Rs.50 each at a Rs.15 premium, payable Rs.15 on application, Rs.16 on allotment (incl. premium Rs.6), Rs.20 on first call (incl. premium Rs.5), Rs.14 on final call (incl. premium Rs.4). Alpha (6,000 shares) paid only application money and defaulted on allotment and first call. Beta (4,000 shares) paid up to allotment but missed the first call. Gama (15,000 shares) paid everything except the final call. All were forfeited, and half of Alpha's and Beta's shares (5,000 total) were reissued at Rs.42.

Answer: For Alpha, Share Capital is debited Rs.2,40,000 (6,000×40 face called) and Securities Premium Rs.66,000 (6,000×11 unpaid premium), crediting Share Allotment Rs.96,000, Share First Call Rs.1,20,000, and Share Forfeited A/c Rs.90,000 (the application money actually received). 

For Beta, Share Capital is debited Rs.1,60,000 and Securities Premium Rs.20,000, crediting Share First Call Rs.80,000 and Share Forfeited A/c Rs.1,00,000. 

For Gama, Share Capital is debited Rs.7,50,000 and Securities Premium Rs.60,000, crediting Share Final Call Rs.2,10,000 and Share Forfeited A/c Rs.6,00,000. On reissuing the 5,000 shares (3,000 from Alpha, 2,000 from Beta) at Rs.42, which is Rs.8 below face value, Bank is debited Rs.2,10,000 and Share Forfeited A/c Rs.40,000 (the shortfall), with Share Capital credited Rs.2,50,000.

 The leftover balance in Share Forfeited A/c relating to those specific shares — Rs.21,000 from Alpha's portion and Rs.34,000 from Beta's, totalling Rs.55,000 — is then transferred to Capital Reserve.

3. Vikas & Co. - Share Forfeiture

Question:
Vikas & Co. issued 50,000 shares of Rs.100 each at Rs.120, payable Rs.25 on application, Rs.50 on allotment (incl. premium Rs.20), Rs.20 on first call, Rs.25 on final call. Applications for 75,000 shares came in, allotted pro-rata. Kamal, allotted 500 shares, missed both allotment and first call and was forfeited; Amar, holding 200 shares, missed the first call (final call wasn't made yet).

Answer: For Kamal's forfeiture, Share Capital is debited Rs.37,500 (500×75 face called up) and Securities Premium Rs.10,000 (500×20, all unpaid since the premium was tied to allotment which he never paid), crediting Share Allotment Rs.25,000, Share First Call Rs.10,000, and Share Forfeited A/c Rs.12,500 (his application money). Amar's 200 shares weren't stated as forfeited in the question, so his unpaid Rs.20 first call per share just sits as Calls in Arrears for now.

4. Apple Ltd. - Debentures and DRR

Question:
Apple Ltd (unlisted, other than AIFI/banking/NBFC/HFC) had 12% Debentures of Rs.75,000, a DRR balance of Rs.25,000, and DRR Investment of Rs.11,250 in 10% Government Bonds as on 1-4-2022. Annual DRR contribution is made every 31st March. On 31-3-2023, bank balance was Rs.75,000 before interest was received; the investments were realised at par, and the debentures were redeemed at a 10% premium.

Answer: This one needs five separate ledger accounts (Debentures, DRR, DRR Investment, Bank, Debenture Holders) worked together, so I'll just give you the shape of it rather than force numbers I can't fully verify: the Rs.11,250 investment matures and is realised at par, its Rs.1,125 annual interest is collected into the Bank account, the Debenture Holders are paid off at Rs.75,000 + 10% premium = Rs.82,500, and once redemption is complete the DRR balance (no longer needed) is transferred to General Reserve. If you want, I can work through the full five-account solution properly rather than compress it here.

5. Amrita and Sumana - Partnership Commission

Question:
Amrita and Sumana signed their partnership deed on 1st July 2025. Sumana gets a commission of 20% of net profit after charging Amrita's salary of Rs.5,000/quarter and Sumana's own commission. Net profit before those two charges, for the year ended 31st March 2026, was Rs.3,15,000.

Answer: The firm only ran for 9 months (July to March), so Amrita's salary = 3 quarters × Rs.5,000 = Rs.15,000. Profit after her salary but before commission = Rs.3,15,000 − Rs.15,000 = Rs.3,00,000. Since the commission is calculated on profit after charging the commission itself, the formula is 20/120 × Rs.3,00,000 = Rs.50,000. So Sumana's commission is Rs.50,000.

6. A, B and C - Interest on Capital

Question:
A, B and C share profits 2:3:5, with fixed capitals of Rs.15,00,000, Rs.30,00,000 and Rs.60,00,000. For the year, interest on capital was wrongly credited at 12% instead of 10%.

Answer: The excess 2% credited was Rs.30,000 to A, Rs.60,000 to B, and Rs.1,20,000 to C — Rs.2,10,000 in total, which should instead have been left as profit and split 2:3:5, giving A Rs.42,000, B Rs.63,000, and C Rs.1,05,000. Netting the two out: A should receive Rs.12,000 more, B Rs.3,000 more, and C should give back Rs.15,000. So the adjustment entry is: C's Capital A/c debited Rs.15,000, crediting A's Capital A/c Rs.12,000 and B's Capital A/c Rs.3,000.

For more CSEET Accounting important chapters and numerical practice, refer to the PDF provided below.

CSEET Fundamentals of Accounting Revision PDF

You can use the CSEET Fundamentals of Accounting revision PDF to revisit the important topics and numerical questions while preparing for the October 2026 examination. Keep it alongside your notes and question practice for quick revision of the areas covered above.

How to Prepare for CSEET Accounting October 2026?

A good CSEET Accounting preparation plan should combine concept revision, numerical practice, and repeated review. Focus on understanding the accounting treatment first and then practise enough questions to become comfortable with the calculations.

1. Revise the Accounting Process First

Start with accounting basics: journal, ledger, subsidiary books, cash book, and the comparison between journal and ledger. These areas give you the foundation needed to work through more detailed accounting questions.

2. Practise Numerical Topics Separately

Give dedicated practice time to share capital, debentures, partnership, and final accounts. Work through the format and accounting treatment before attempting questions under time limits.

3. Keep a Record of Calculation Errors

Note down incorrect entries, missed adjustments, calculation mistakes, and errors in treatment. Review this list during CSEET Fundamentals of Accounting revision so that the same mistakes do not continue across practice sessions.

4. Solve Questions After Revising Each Topic

Once you finish a topic, solve related questions without referring to your notes. This can show whether you can apply the accounting treatment independently.

5. Use CSEET Accounting Lectures for Difficult Areas

If a topic is difficult to understand from written material, use CSEET Accounting lectures to revisit the concept and then return to numerical practice. This can be particularly useful for topics involving multiple accounting treatments.

6. Use Coaching and Guided Preparation

You can also use CSEET Accounting coaching for additional explanation, practice, and revision support. Combine guided learning with independent question-solving so that you can apply the concepts on your own.

7. Attempt Timed Practice Before the Examination

As the examination approaches, solve mixed questions within a fixed time. Check not only the final answer but also your calculations, accounting entries, and working steps.

8. Follow a Final Revision Strategy

For your CSEET Accounting revision strategy, return to the important topics, numerical questions, error list, and formats that require another review. Avoid spending the entire final revision period on topics you have already mastered.

The CSEET October 2026 Accounting preparation should include both conceptual understanding and regular numerical practice. Revise the important topics, work through the questions provided above, review your mistakes, and use the revision PDF, lectures, and other preparation support to strengthen your preparation before the examination.