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The Director of a company foreited 300 shares of Rs. 10 each issued at a premium of Rs. 3 per share, for the non-payment of the first call money of Rs

Monjur Alahi

The Director of a company foreited 300 shares of Rs. 10 each issued at a premium of Rs. 3 per share, for the non-payment of the first call money of Rs. 2 per share. The final call of Rs. 2 per share has not been made. Half the forfeited shares were reissued at Rs. 1,500 as fully paid-up. Record the Journal entries for the forfeiture and reissue of shares.


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Salim Ahmed Kawsar

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Correct Answer - Capital Reserve-Rs. 900.

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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
Eastern Company Limited, having an authorised capital of Rs. 10,00,000 divided into shares of Rs. 10 each, issued 50,000 shares at a premium of Rs. 3

Correct Answer - Balance Sheet Total-Rs. 5,49,700.

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
A share of Rs. 100 issued at a premium of Rs. 10 on which Rs. 80 (including premium ) was called and Rs. 60 (including premium) was paid, has been for

Correct Answer - Capital Reserve-Rs. 20.

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

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