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Question
Zee Ltd. invited applications for issuing 50,000 equity shares of ₹100 each at a premium of ₹30 per share. The amount was payable as follows:
| On Application | ₹20 per share (including ₹5 premium) |
| On Allotment | ₹30 per share (including ₹8 premium) |
| On First Call | ₹40 per share (including ₹7 premium) |
| On Second and Final Call | Balance Amount |
Gopal, a shareholder holding 500 shares did not pay the second and final call money and his shares were forfeited after second and final call.
Share Forfeiture Account will be Credited by:
Options
₹45,000
₹35,000
₹4,000
₹18,500
MCQ
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Solution
₹35,000
Explanation:
Share Forfeiture Account will be Credited from Capital portion received:
| On application | ₹15 per share |
| On allotment | ₹22 per share |
| On first call | ₹33 per share |
| ₹70 |
500 Shares × ₹70
= ₹35,000
shaalaa.com
Is there an error in this question or solution?
