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Question
Jeevan Ltd. forfeited 50 shares of ₹100 each on which allotment money of ₹30 per share (including premium of ₹10 per share) and first call of ₹30 per share was not received. The second and final call of ₹20 per share was not yet made. The amount credited to ‘Share Forfeiture Account’ on forfeiture of these shares will be:
Options
₹2,500
₹2,000
₹5,000
₹1,500
MCQ
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Solution
₹1,500
Explanation:
Called-up (capital only): 20 + 20 + 30 = ₹70
= 70 × 50 = ₹3,500
Unpaid premium: ₹10
= 10 × 50 = ₹500
Unpaid on Allotment (balance, excl. prem received): ₹20
= 20 × 50 = ₹1,000
Unpaid First Call: ₹30
= 30 × 50 = ₹1,500
Amount received (credited to Forfeiture): ₹30
= 30 × 50 = ₹1,500
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Chapter 6: Company Accounts - Issue of Shares - OBJECTIVE TYPE QUESTIONS [Page 6.205]
