Rishi ltd. Forfeited 1000 Shares of Katyayani who applied for 1800 shares for non-payment of allotment of Rs. 4 per shares (Including premium of Rs. 1 per shares) and First and final call of Rs. 4 per shares. Rishi ltd. Issued the shares of Rs. 10 each at a premium of 20%. Excess application money is to be adjusted on allotment. Source: Ultimate Book of Accountancy Securities premium reserve will be at the time of forfeiture of shares ___ (A) Debited with 800 (B) Debited with 1000 (C) Credited with 800 (D) Credited with 1000
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a) debited with 800
1800-1000=800 *1= 800
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