Shiva Ltd. forfeited 4,500 equity shares of ₹10 each (which are issued on 40% pro-rata (basis) for non-payment of allotment @₹6 (including premium of ₹2.50) and first and final call ₹3 per share. If the excess money rece
CS Executive · Corporate and Management Accounting · PYQS · December 2019
Shiva Ltd. forfeited 4,500 equity shares of ₹10 each (which are issued on 40% pro-rata (basis) for non-payment of allotment @₹6 (including premium of ₹2.50) and first and final call ₹3 per share. If the excess money received on application is used for receiving the amount due as securities premium, what amount should be credited to 'Shares Forfeited Account'?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Company Accounts
Related Questions in this Topic
- Consider the following information : Paid-up share capital 30 Long-term loan repayable after 3 years 10 Accum...
- The voting power, in respect of shares with differential rights, of a company shall not exceed __________ of total votin...
- In case of Companies other than listed companies, __________ has the right to determine the exercise price under the Emp...
- A company can issue debentures :
- A company planned to buy-back its own shares for a consideration of ₹200 crores. For this, as per the SEBI Regulations 2...