Question

Z Ltd. invited applications for issuing 3,00,000 equity shares of ₹20 each at a premium of ₹30 per share. The amount was payable as follows: On Application ₹10 per share (including ₹6 premium) On Allotment ₹13 per share (including ₹7 premium) On First Call ₹13 per share (including ₹8 premium) On Second and Final Call Balance Amount Vishakha, a shareholder holding 500 shares, did not pay the allotment and first call money and her shares were forfeited after first call.

Securities Premium Reserve A/c will be debited by ______.

विकल्प

• ₹10,500

• ₹7,500

• ₹12,000

• ₹15,000

Answer 1

Securities Premium Reserve A/c will be debited by ₹7,500.

Explanation:

Vishakha didn’t pay:

Allotment Premium = ₹7

First Call Premium = ₹8

unpaid premium = ₹7 + ₹8 = ₹15 per share

500 shares:

₹15 × 500

= ₹7,500