Question

Mohit had applied for 900 shares and was allotted in the ratio 3 : 2. He had paid application money of ₹3 per share and couldn’t pay allotment money of ₹5 per share. First and Final call of ₹2 per share was not yet made by the company. His shares were forfeited. The following entry will be passed:

Share Capital A/c     ...Dr.	X	-
To Share Forfeited A/c	-	Y
To Share Allotment A/c	-	Z

Here X, Y and Z are:

विकल्प

• ₹6,000; ₹2,700; ₹3,300

• ₹4,800; ₹2,700; ₹2,100

• ₹4,800; ₹1,800; ₹3,000

• ₹6,000; ₹1,800; ₹4,200

Answer 1

₹4,800; ₹2,700; ₹2,100

Explanation:

Applied = 900 shares
Allotment ratio = 3 : 2
Shares allotted = 900 × `(2/3)` = 600 shares

Application Money
Paid = 900 × ₹3 = ₹2,700
Required (for 600 shares @ ₹3) = 600 × 3 = ₹1,800
Excess application = 2,700 − 1,800 = ₹900

Allotment Money
Due = 600 × ₹5 = ₹3,000
Less: Adjusted from application = ₹900
Net due (unpaid) = ₹2,100

Share Capital Called-up
Application ₹3 + Allotment ₹5 = ₹8 per share
Total = 600 × 8 = ₹4,800

Amounts for Forfeiture Entry
Share Capital A/c Dr. = ₹4,800
To Share Forfeiture A/c (actual received = application ₹2,700)
To Share Allotment A/c (unpaid = ₹2,100)

Share Capital A/c     ...Dr.	4,800	-
To Share Forfeited A/c	-	2,700
To Share Allotment A/c	-	2,100