Question : Vibhuti Ltd. Forfeited 40 shares of Rs. 10 each, Rs. 8 called up, on which Jhanvi had paid application and allotment money of Rs. 5 per share, 15 shares were reissued to Parker as fully paid up for Rs. 6 per share.
What is the balance in the share Forfeiture Account after the relevant amount has been transferred to Capital Reserve Account?
Option 1: Rs 0
Option 2: Rs 5
Option 3: Rs 25
Option 4: Rs 125
Correct Answer: Rs 125
Solution : Answer = Rs 125
Number of shares re-issued = 15 shares
Share forfeited A/c (Credited) (15x5) =75
Share forfeited A/c (Debited) (15 shares x 4) = 60
Transfer to Capital Res = 15
Balance of Share forfeited A/c = Rs 125
(Number of Shares not re-issued) =(25 shares x 5 paid up) Hence, the correct option is 4.
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
Question : 6000 shares of Rs. 100 each forfeited due to nonpayment of allotment of Rs. 40 per share and first & final call of Rs. 30 per share. Out of the forfeited shares, 4500 shares were reissued at Rs. 80 per share fully paid. Which of the following amount of share forfeiture
Question : 500 shares of Rs.20 each on which first and final call of Rs.6 per share is not paid is forfeited. Out of these, 200 shares are reissued for Rs.14 per share fully paid up. The amount transferred to the capital reserve will be:
Question : A company forfeited 700 shares of Rs. 10 each, on which only Rs. 5 per share was paid. Of these 200 shares were re-issued at Rs. 9 per share. Amount from share forfeiture account to capital reserve will be transferred-
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