Question : If a share of Rs.20 issued at a premium of Rs.2 on which the total amount of issue price has been called and Rs.18 (including premium) paid is forfeited, Share Capital Account will be debited by:
Option 1: Rs.22
Option 2: Rs.20
Option 3: Rs.18
Option 4: Rs.16
Correct Answer: Rs.20
Solution : Share Capital Account is debited with the amount called up on the shares forfeited till the date of forfeiture. In this question, Share Capital Account will be debited with Rs.20. Hence, the correct option is 2.
Question :
On a share of Rs. 20 issued at a premium of Rs. 4 on which Rs. 16 (including premium) is called-up and Rs. 10 (including premium) paid is forfeited, the Share Capital Account will be debited by ____________.
Option 1: Rs.20
Option 2: Rs.12
Option 3: Rs.10
Option 4: *16
If a share of Rs. 10 issued at a premium of Rs. 2 on which the full amount has been called and Rs. 8 (including premium) paid is forfeited, the Share Capital Account will be debited with
Option 1: Rs. 12
Option 2: Rs.10
Option 3: Rs. 8
Option 4: Rs. 6
Question : Krishna Ltd. forfeited 2,000 shares of Rs. 20 each, fully called up, on which only application money of RS. 6 has been paid. Out of these 1,000 shares were reissued and Rs. 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.
Option 1: Rs 20 per share
Option 2: Rs 18 per share
Option 3: Rs 22 per share
Option 4: Rs 8 per share
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