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प्रश्न
Elite Ltd. invited applications for issuing 2,00,000 shares of ₹50 each at a premium of ₹15 per share. The amount was payable as follows:
| On Application | ₹20 (including premium ₹10) |
| On Allotment | ₹30 (including premium ₹5) |
| On First and Final Call | ₹15 |
Applications were received for 3,00,000 shares and pro-rata allotment was made to all the applicants. All calls were made and were duly received except allotment and first and final call from Rashmi who applied for 600 shares. Her shares were forfeited.
Amount Credited to Share Forfeiture Account will be:
पर्याय
₹12,000
₹8,000
₹6,000
₹10,000
MCQ
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उत्तर
₹8,000
Explanation:
Shares allotted to Rashmi `= 600xx200000/300000 = 400`
Excess application money received = 600 − 400 = 200 Shares × ₹20 = ₹4,000
| Allotment money due from Rashmi = 400 × ₹30 | 12,000 |
| Less: Excess received on application | (4,000) |
| Allotment money not received | 8,000 |
Entry on Forfeiture:
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 1. | Share Capital A/c (400 × ₹50) ...Dr. | 20,000 | ||
| Securities Premium A/c (400 × ₹5) ...Dr. | 2,000 | |||
| To Share Allotment A/c | 8,000 | |||
| To Share First and Final Call A/c | 6,000 | |||
| To Share Forfeiture A/c | 8,000 |
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