Question

5.
Vanya Ltd. forfeited 20,000 equity shares of 100 each for non-payment
of first and final call of 40 per share. The maximum amount of discount
at which these shares can be re-issued will be :
(a) 8,00,000 10 * 12,00,000 6e) 20,00,000 (d) *20,000​

Answer 1

Answer:

Vanya Ltd. forfeited 20,000 equity shares of 100 each for non-payment

of first and final call of 40 per share. The maximum amount of discount

at which these shares can be re-issued will be :

(a) 8,00,000 ☑️☑️

b)12,00,000

c) 20,00,000

(d) 20,000

hope it helps..

Answer 2

1200000

Explanation:

For Journal

we have some basic rules

Increase in Liability credit

Decrease in Liability debit

Profit will be credited

Aspect 1. Share capital is Debited at the time of issue, it's time to cancel it so reversed, means debit

Aspect 2. share Forfeiture is the forfeit amount for company and that is profit so it will be credited

Aspect 3. Share first & final call is less credited by 800000 due to non payment. so now more credited by 800000 to balance the amount

we pass journal for forfeiture of shares:

Share Capital A/C        Dr.            2000000 (20000 x 100)

      To   Share Forfeiture A/C                                 1200000 (balancing figure)

      To  Share First & Final Call A/C                          800000 (20000 x 40)

The maximum amount of discount  at which these shares can be re-issued will be : 1200000, because share forfeiture is profit for company and can be used for re-issued for shares that's why 1200000 is the discount amount for reissue

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