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Pass Journal entries in the following cases: M Ltd. forfeited 200 Equity Shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Ram fo

Monjur Alahi

Pass Journal entries in the following cases:
M Ltd. forfeited 200 Equity Shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Ram for non-payment of the final call of Rs. 3 per share. Of these, 100 shares were reissued to Vishu at a discount of Rs. 4 per share.


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Salim Ahmed Kawsar

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Correct Answer - Capital Reserve-Rs. 300.

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Y Ltd. forfeited 100 equity shares of Rs. 10 each for non-payment of first call of Rs. 2 per share. The final call of Rs. 2 per share was yet to be ma

Correct Answer - Rs. 6 per share

2 Answers 1 views
Sugandh Ltd. issued 60,000 shares of Rs. 10 each at a premium of Rs. Per share payable as Rs. 3 on application, Rs. 5 (including premium) on allotment

Correct Answer - Amount received on allotment-Rs. 2,05,800.

2 Answers 7 views
Black Stone Ltd. issued 10,000 Equity Shares of Rs. 10 each at a premium of Rs. 3 per share payable Rs. 5 on application, Rs. 5 (including premium) on

Correct Answer - Forfeited Shares A/c-Rs. 1,000.

2 Answers 1 views
X Ltd. forfeited 900 Equity Shares of Rs. 100 each for the non-payment of allotment money of Rs. 30 pe share and the first call of Rs. 20 per share. T

Correct Answer - Capital Reserve-Rs. 22,500.

2 Answers 1 views
Sunshine Ltd. issued 20,000 shares of Rs. 100 each payable Rs. 25 per share on application, Rs. 25 per share on allotment and the balance in two calls

Correct Answer - Capital Reserve-Rs. 18,000.

2 Answers 1 views
X Ltd. forfeited 100 shares of Rs. 10 each (Rs. 8 called-up) issued at a premium of Rs. 2 per share to Mr. R, on which he had paid application money o

Correct Answer - Capital Reserve-Rs. 280.

2 Answers 1 views
Show the forfeiture and reissue entries under each of the following cases: (i) X Ltd. Forfeited 300 shares of Rs. 10 each, Rs. 8 called-up held by Mr.

Correct Answer - Capital Reserve-(i) Rs. 1,500; (ii) Rs. 2,400; (iii) Rs. 250.

2 Answers 1 views
Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each. The shares were issued at a premium of Rs. 20 per share. The amou

Correct Answer - Capital Reserve-Rs. 19,000.

2 Answers 5 views
Amrit Ltd. issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as Rs. 3 on application, Rs. 4 on allotment (including premium)

Correct Answer - Allotment money not paid by Sonu-Rs. 2,000; First call not paid by Sonu-Rs. 1,600; Capital Reserve-Rs. 3,600.

2 Answers 1 views
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2 per share payable as : `{:("On application",-,"Rs.

Correct Answer - Capital Reserve-Rs. 6,640.

2 Answers 6 views

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