Question

Sinoy Ltd. issued 20,000 shares of ₹10 each at a premium of ₹6. The amount was payable as follows:

On Application	₹7 per share (Including Premium ₹1 per share)
On Allotment	₹5 per share (Including Premium ₹2 per share)
On First and Final Call	Balance

The issue was fully subscribed. All the money was duly received except the allotment and first and final call on 1,000 shares. These shares were forfeited. On forfeiture of these shares, the ‘Securities Premium Account’ will be debited by:

विकल्प

• ₹2,000

• ₹3,000

• ₹5,000

• ₹20,000

Answer 1

₹5,000

Explanation:

Unpaid premium per defaulted share = ₹5

(total premium ₹6 − ₹1 received on application)

Defaulted shares = 1,000 → Securities Premium A/c debited = 1,000 × ₹5 = ₹5,000