Question

12,000 shares of Rs 100 each forfeited due to nonpayment of allotment Rs 40 per share(excluding premium Rs 10 per share) and first & final call Rs 30 per share. Calls-in Arrears Account will be ______(a) Debited by Rs 8,40,000 (b) Debited by Rs 9,60,000 (c) Credited by Rs 8,40,000 (d) Credited by Rs 9,60,000​

Answer 1

Answer:

12,000 shares of Rs 100 each forfeited due to nonpayment of allotment Rs 40 per share(excluding premium Rs 10 per share) and first & final call Rs 30 per share. Calls-in Arrears Account will be

Explanation:

Answer 2

"(a) Debited by Rs 8,40,000"

Explanation:

Calls in Arrears a/c [12000x80]                   Dr    960000

                        To Share Allotment a/c [12000x50]                  600000

                        To Share First and Final Call a/c[12000x30]    360000

(Being Calls in arrears are tranferred)