Please select a subject first
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When shares are forfeited the Share Capital Account is _________.
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State true or false with reason.
Directors can forfeit the shares for any reason.
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State whether you agree or disagree with following statement:
Directors can re-issue forfeited shares.
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Answer in one sentence only.
What is Forfeiture of Shares?
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One shareholder holding 500 equity shares paid share application money @ ₹ 3 Allotment money @ ₹ 4 per share and failed to pay final call of ₹ 3 per share, his shares were forfeited. Calculate the amount of share forfeiture.
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Pass Journal entries for the forfeiture and re-issue of shares in the following cases.
A) Asha Ltd. forfeited 100 equity shares of ₹ 20 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 5 per share. 80 shares of these were reissued at ₹ 15 per share fully paid
B) Bhakti Ltd. forfeited 100 equity shares of ₹ 10 each, ₹ 6 called-up on which the shareholder paid application and allotment of ₹ 5 per share. Of these 80 shares were re-issued as fully paid-up for ₹ 6 per share.
C) Konark Ltd. forfeited 50 shares of ₹ 10 each, ₹ 8 called-up. The shareholder failed to pay first call of ₹ 3 per share. Later on 30 shares of these were re-issued at ₹ 7 per share.
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Vraj Ltd. issued 40,000 equity shares of ₹ 20 each payable as follows:
On Application: ₹ 4
On Allotment: ₹ 6
On First Call: ₹ 6
On Second Call: ₹ 4
The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Share allotment and calls were made and as also received except Ravi holding 100 shares failed to pay both the calls. His shares were forfeited after second call.
Record the above transactions in the books of Vraj Ltd.
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A, B and C are sharing profits and losses in the ratio of 1/2, 3/10, and 1/5 respectively. Find the new ratio of the remaining partners if A retires ______.
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The Subscribed Capital of Parag Limited is 30,000 equity shares of ₹ 100 each and 50,000 preference shares of ₹ 100 each. On both of these shares ₹ 80 per share were called-up.
The Directors forfeited 500 equity shares held by Ashish who failed to pay First and Second Call each of ₹ 20 per share. They also forfeited 500 preference shares of Ashok who failed to pay ₹ 20 per share on Allotment, ₹ 20 per share on First call and ₹ 20 per share on Second call.
The Director re-issued these forfeited shares of Ashish at ₹ 60 per share, ₹ 80 paid up and those of Ashok at ₹ 72 per share ₹ 80 paid up. All re-issued shares were taken up by Anagha.
Pass Journal entries to record the forfeiture and re-issue of shares in the books of Parag Ltd.
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New Ratio (less) ______ = Gain ratio.
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New Ratio (less) ____ = Gain ratio
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New Ratio (less) ______ = Gain ratio
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New Ratio (less) ______ = Gain ratio.
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Aman, Bankim and Chitra are partners of a firm sharing profit and loss in the 3 : 3 : 2 ratio. Their firm Balance Sheet as on 31st March, 2023 is as under :
| Balance Sheet as on 31st March, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Bills Payable | 8,050 | Cash | 18,900 | ||
| General Reserve | 14,000 | Debtors | 43,750 | ||
| Creditors | 30,100 | Investments | 42,000 | ||
| Capital Accounts: | Machinery | 30,450 | |||
| Aman | 42,000 | 1,19,000 | Furniture | 22,050 | |
| Bankim | 45,500 | Equipment | 14,000 | ||
| Chitra | 31,500 | ||||
| 1,71,150 | 1,71,150 | ||||
On 1st April 2023, Chitra retired from the firm on the following terms:
(1) Outstanding amount of retiring partner Chitra, be transferred to her loan account.
(2) Write off ₹ 1,750 as bad debts.
(3) ₹ 350 is now not payable to creditors.
(4) Assets are revalued as under:
| Furniture | ₹ 21,000 |
| Machinery | ₹ 28,000 |
| Equipments | ₹ 14,700 |
Pass necessary Journal entries in the books of firm.
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On retirement of a partner, partnership deed is ______ changed.
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Asha, Nimisha and Shital are partners sharing profits and losses in the ratio of 5 : 4 : 2. Shital retires. New ratio for Asha and Nimisha is 6 : 5. Calculate Gain ratio.
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Given below is a Balance Sheet of A, B and C who were partners in a firm sharing profits and losses in the ratio 5 : 3 : 2.
Their Balance Sheet as on 31st March, 2023 was as follows :
| Balance Sheet as on 31-03-2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 5,600 | Cash | 3,800 |
| Bank Overdraft | 4,850 | Debtors | 9,000 |
| Reserve Fund | 7,500 | Stock | 8,750 |
| Capital A/c | Machinery | 15,000 | |
| A | 21,000 | Land | 35,000 |
| B | 18,500 | Furniture | 2,500 |
| C | 16,600 | ||
| 74,050 | 74,050 | ||
On 1st April, 2023 C retired on the following terms:
(1) Goodwill of the Firm will be raised in the books at ₹ 10,000.
(2) Stock be reduced by 10% and Furniture by 5% and Machinery by 11 %.
(3) R.B.D.D. be maintained at 5% on debtors.
(4) ₹ 100 to be written off from Creditors.
(5) Out of the amount due to C, ₹ 2,500 to be paid by cash and remaining amount to be transferred to his loan account.
Prepare Profit and Loss Adjustment Account, Partner's Capital A/c, Balance Sheet of new firm.
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Amar, Asit and Mohit are partners in a firm sharing profits and losses in the proportion 3 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2023 is as shown below:
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 80,000 | Bank | 25,000 |
| General Reserve | 1,00,000 | Debtors | 1,20,000 |
| Bills Payable | 50,000 | Livestock | 1,00,000 |
| Capital Accounts: | Building | 1,50,00 | |
| Amar | 2,50,000 | Plant and Machinery | 70,000 |
| Asit | 2,00,000 | Motor Truck | 2,00,000 |
| Mo hit | 1,00,000 | Goodwill | 1,15,000 |
| 7,80,000 | 7,80,000 | ||
On 1st April, 2023 Mohit retired and the following adjustments have been agreed upon:
(I) Goodwill was revalued on ₹ 1,00,000.
(2) Assets and Liabilities were revalued as follows:"
Debtors ₹ 1,00,000, Livestock ₹ 90,000, Building ₹ 2,50,000, Plant and Machinery ₹ 60,000, Motor truck ₹ 1,90,000 and Creditors ₹ 60,000.
(3) Amar and Asit contributed additional capital through Net Banking of ₹ 1,00,000 and ₹ 50,000 respectively.
(4) Balance of Mohit's Capital Account is transferred to his Loan Account. Give Journal entries in the books of new firm
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Find the odd one:
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New Ratio (less) ______ = Gain ratio.
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