Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:- At the time of forfeiture of 800 shares, share capital account will be debited with _______.

Option 1: Rs. 4,000

Option 2: Rs. 8,000

Option 3: Rs. 4,800

Option 4: None of these

Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:-  What will be the amount of capital Reserve?

Option 1: Rs. 800

Option 2: Rs. 2,400

Option 3: Rs. 3,000

Option 4: Rs. 2,000

Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:-  At the time of forfeiture of Ganesh’s share, forfeited share account will be ___________.

Option 1: Credited with Rs. 12,000

Option 2: Credited  with Rs. 24,000

Option 3: Credited with Rs. 9,000

Option 4: None of the above

Question : SK Ltd. invited applications for 3,20,000 equity shares of  Rs. 10 each at a premium of  Rs. 5 per share. The amount was payable as follows:

On application— Rs. 3 per share (including premium  Rs. 1 per share),

On allotment— Rs. 5 per share (including premium  Rs. 2 per share),

On first and final call—Balance.

Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at  Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan

Question:-  At the time of forfeiture of Ganesh’s share, forfeited share account will be ___________.

Option 1: Credited with Rs. 12,000

Option 2: Credited  with Rs. 24,000

Option 3: Credited with Rs. 9,000

Option 4: None of the above

Question : S  Ltd. issued 40,000 Shares of  Rs. 10 each, for  Rs. 12 each payable as under:

On application  Rs. 2 per share, on allotment  Rs. 5 per share (including premium), on first call  Rs. 2 per share and on second and final call  Rs. 3 per share.

Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, remaining applications being refused. Money overpaid on application was applied towards amount due on allotment.

A, to whom 1,600 shares were allotted, failed to pay the allotment money and B, to whom 2,000 shares were allotted, failed to pay two calls. These were subsequently forfeited after the second and final call.

Question:- At the time of forfeiture of shares, share forfeited account will be credited _______.

Option 1: Rs. 13,840

Option 2: Rs. 10,000

Option 3: Rs. 11,600

Option 4: None of these