Comprehension
Eicher Ltd. issued 50,000 shares of 10 each at a premium of 15 per share payable as follows:
On application ₹3 per share
On allotment ₹5 (including 3 Premium)
On First Call ₹5 (including 2 Premium)
On Final Call Balance amount
Application were received for 72,000 shares. Directors allotted 50,000 shares to the applicants applying for 65,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sum due on allotment. All the money was duly received with the exception of first call from Rahul, who applied for 2,600 shares. Due to nonpayment of Ist call his share were forfeited immediately. Later on these share were re-issued at minimum issue price.
On the basis of following case study, answer the question.
On application ₹3 per share
On allotment ₹5 (including 3 Premium)
On First Call ₹5 (including 2 Premium)
On Final Call Balance amount
Application were received for 72,000 shares. Directors allotted 50,000 shares to the applicants applying for 65,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sum due on allotment. All the money was duly received with the exception of first call from Rahul, who applied for 2,600 shares. Due to nonpayment of Ist call his share were forfeited immediately. Later on these share were re-issued at minimum issue price.
On the basis of following case study, answer the question.
Question: 1
Record journal entry for forfeiture of Rahul's shares.
Record journal entry for forfeiture of Rahul's shares.
Updated On: Apr 19, 2024
- Share Capital A/c Dr 20,000
Securities Premium Reserve A/c Dr 10,000
To Share Ist call A/c 10,000
To Share final call A/c 4,000
To Share forfeiture A/c 16,000 - Share Capital A/c Dr 20,000
To Share Ist call A/c 10,000
To Share final call A/c 4,000
To Share forfeiture A/c 6,000 - Share Capital A/c Dr 16,000
Securities Premium Reserve A/c Dr 4,000
To Share Ist call A/c 10,000
To Share forfeiture A/c 10,000 - Share Capital A/c Dr 16,000
To Calls in Arrears A/c 10,000
To Share forfeiture A/c 6,000
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The Correct Option is C
Solution and Explanation
The correct option is (C): Share Capital A/c Dr 16,000
Securities Premium Reserve A/c Dr 4,000
To Share Ist call A/c 10,000
To Share forfeiture A/c 10,000
Securities Premium Reserve A/c Dr 4,000
To Share Ist call A/c 10,000
To Share forfeiture A/c 10,000
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Question: 2
Identify the amount by which bank account would be debited/credited on refund of rejected applications
Identify the amount by which bank account would be debited/credited on refund of rejected applications
Updated On: Apr 19, 2024
- ₹2,16,000 Debit
- ₹21,000 Credit
- ₹2,16,000 Credit
- ₹21,000 Debit
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The Correct Option is B
Solution and Explanation
The correct option is (B): ₹21,000 Credit
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Question: 3
Determine the amount to be transferred to Capital Reserve on reissue of Rahul's Shares
Determine the amount to be transferred to Capital Reserve on reissue of Rahul's Shares
Updated On: Apr 19, 2024
- ₹7,800
- ₹6,000
- ₹1,800
- Nil
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The Correct Option is D
Solution and Explanation
The correct option is (D):Nil
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Question: 4
Identify the ratio in which shares are issued on Pro-rata basis.
Identify the ratio in which shares are issued on Pro-rata basis.
Updated On: Apr 19, 2024
- 50:72
- 72:50
- 13:10
- 10:13
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The Correct Option is C
Solution and Explanation
The correct option is (C): 13:10
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Question: 5
Before forfeiture of Rahul's shares, who are required to issue notice in this regard.
Before forfeiture of Rahul's shares, who are required to issue notice in this regard.
Updated On: Apr 19, 2024
- Directors
- Promoters
- Employees
- Members
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The Correct Option is A
Solution and Explanation
The correct option is (A):Directors
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Top Questions on Reading Comprehension
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