Question

Zee Ltd. invited applications for issuing 50,000 equity shares of ₹100 each at a premium of ₹30 per share. The amount was payable as follows:

On Application	₹20 per share (including ₹5 premium)
On Allotment	₹30 per share (including ₹8 premium)
On First Call	₹40 per share (including ₹7 premium)
On Second and Final Call	Balance Amount

Gopal, a shareholder holding 500 shares did not pay the second and final call money and his shares were forfeited after second and final call.

Share Forfeiture Account will be Credited by:

विकल्प

• ₹45,000

• ₹35,000

• ₹4,000

• ₹18,500

Answer 1

₹35,000

Explanation:

Share Forfeiture Account will be Credited from Capital portion received: 

On application	₹15 per share
On allotment	₹22 per share
On first call	₹33 per share
	₹70

500 Shares × ₹70

= ₹35,000