Question

800 shares of ₹10 each issued at 20% premium were forfeited for non-payment of allotment money of ₹5 (including premium) and first & final of ₹3 per share. Share Forfeiture Account will be credited with:

विकल्प

• ₹1,600

• ₹2,400

• ₹3,200

• ₹4,800

Answer 1

₹3,200

Explanation:

Shares forfeited = 800, Face value = ₹10 each, Issued at 20% premium → Premium = ₹2 per share, Issue price = ₹12 per share

Application = balance (since allotment ₹5 including premium + final call ₹3)

Application = ₹4

Allotment = ₹5 (₹3 capital + ₹2 premium)

First & Final Call = ₹3

Total = ₹4 + ₹5 + ₹3 = ₹12

Called-up = Full ₹12 per share

Amount received = ₹4 per share

Share Forfeiture A/c is credited with the amount received = ₹4 per share × 800 shares = ₹3,200