Question

Bajaj Ltd. Issued 4,000 shares of Rs 10 each at a premium of 20%, payable as Rs 5 on application (including premium), Rs 3 on allotment and Rs 4 on call. Mr. Q, a holder of 100 shares failed to pay the allotment and call money. His shares were forfeited. The amount to be credited to Forfeited Shares A/c will be : (a) Rs 500 (b) Rs 400 (c) Rs 1000 (d) Rs 300

Answer 1

Explanation:The answer is 300

share capital ac dr 1000

To share forfeiture ac 300

To share allotment ac300

To share first call ac400