Question : Pragya Ltd. forfeited 8,000 equity shares of Rs. 100 each issued at a premium of 10% for non-payment of first and final call of Rs. 30 per share. The maximum amount of discount at which these shares can be reissued will be:
Option 1: Rs. 3,20,000
Option 2: Rs. 5,60,000
Option 3: Rs. 2,40,000
Option 4: Rs. 1,10,000
Correct Answer: Rs. 5,60,000
Solution : The maximum amount of discount on reissued forfeited shares is that it cannot be more than what was paid for them when they were first issued, and that the discount allowed on reissued forfeited shares should be deducted from the share forfeited account.
The maximum amount of discount at which these shares can be reissued is (8,000
× 70) = Rs. 5,60,000.
Hence the Correct answer is option 2.
Question : Somya Ltd. forfeited 10,000 equity shares of Rs.100 each issued at a premium of 20% for non-payment of final call of Rs.40 per share. What is the minimum amount of shares these shares can be reissued.
Option 1: Rs.4,00,000
Option 2: Rs.2,40,000
Option 3: Rs.6,00,000
Option 4: Rs.10,00,000
Question : Aaryan Ltd. forfeited 3,000 equity shares of Rs.100 each issued for non-payment of final call of Rs.30 per share. Calculate the amount of discount at which these shares can be reissued.
Option 1: Rs.2,10,000
Option 4: Rs.6,50,000
Question : ABC Ltd. forfeited 150 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share, for non-payment of allotment money of Rs. 8 per share (including premium of Rs. 5 per share), the first call of Rs. 2 per share and the final call of Rs. 3 per share. Out of these, 100 Equity Shares were reissued at Rs. 14 per share.
Question:- Share Forfeiture Account will be credited by _________.
Option 1: Rs. 300
Option 2: Rs. 120
Option 3: Rs. 350
Option 4: Rs. 450
Question:- At the time of re-issue Securities Premium Account is credited by
Option 1: Rs. 200
Option 2: Rs. 400
Option 3: Rs. 150
Option 4: None of these
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