Question

X Ltd. invited applications for issuing 1,60,000 shares of ₹10 each at par. The amount was payable as follows:

On Application	₹3
On Allotment	₹4
On First and Final Call	₹3

Applications were received for 2,40,000 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 Aditya who was allotted 800 shares. His shares were forfeited.
Amount Credited to Share Forfeiture Account will be:

Options

• ₹2,400

• ₹3,600

• ₹1,200

• ₹2,000

Answer 1

₹3,600

Explanation:

Shares applied by Aditya = `800xx240000/160000 = 1200`

Aditya has paid only application money @ ₹3 per share. Hence, amount Credited to Share Forfeiture Account will be: 1,200 × ₹3

= ₹3,600