Question

company in the Balance Sheet of the Company.
4. Star Ltd. is registered with capital of 50,00,000 divided into 50,000 equity shares of 100 each. The Company
issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due
amount was duly received, except the first and final call of 20 per share on 600 shares. Show the Share
Capital' in the Balance Sheet of the company.
De​

Answer 1

Answer:

Here, 1000 shares were forfeited and reissued at Rs 9 per share which makes the amount gained to be Rs 9,000. Earlier, D Ltd. issued shares at Rs 10 per share and hence amount payable on 1,000 shares was Rs 10,000. Hence, after re-issuance of forfeited shares, discount debited to share Forfeiture Account will be difference between earlier share price and reissued forfeited share price i.e. Rs 1,000 which will be transferred to capital reserve account.

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