Z Ltd. invited applications for issuing 3,00,000 equity shares of ₹20 each at a premium of ₹30 per share. The amount was payable as follows: On Application ₹10 per share (including ₹6 premium) On Allotment ₹13 per share (including ₹7 premium) On First Call ₹13 per share (including ₹8 premium) On Second and Final Call Balance Amount Vishakha, a shareholder holding 500 shares, did not pay the allotment and first call money and her shares were forfeited after first call. Securities Premium Reserve A/c will be debited by ______.

Z Ltd. invited applications for issuing 3,00,000 equity shares of ₹20 each at a premium of ₹30 per share. The amount was payable as follows: Securities Premium Reserve A/c will be debited by: - Accounts

Z Ltd. invited applications for issuing 3,00,000 equity shares of ₹20 each at a premium of ₹30 per share. The amount was payable as follows:

Vishakha, a shareholder holding 500 shares, did not pay the allotment and first call money and her shares were forfeited after first call.

Securities Premium Reserve A/c will be debited by ______.

MCQ

Fill in the Blanks

Securities Premium Reserve A/c will be debited by ₹7,500.

Explanation:

Vishakha didn’t pay:

Allotment Premium = ₹7

First Call Premium = ₹8

unpaid premium = ₹7 + ₹8 = ₹15 per share

500 shares:

₹15 × 500

= ₹7,500

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Chapter 6: Company Accounts - Issue of Shares - CASE BASED MCQs - 5 [Page 6.95]

Chapter 6 Company Accounts - Issue of Shares
CASE BASED MCQs - 5 | Q (b) | Page 6.95