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. Share Forfeiture A/c will be credited 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: Share Forfeiture A/c will be credited 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.

Share Forfeiture A/c will be credited by ______.

MCQ

Fill in the Blanks

Share Forfeiture A/c will be credited by ₹2,000.

Explanation:

Held shares: 500

Paid only Application money = ₹10/share (₹4 capital + ₹6 premium)

Only the amount actually received towards capital is credited (not premium).

On Application, capital received = ₹4 per share

500 shares × ₹4

= ₹2,000

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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 (c) | Page 6.95