Question:
On forfeiture of shares, Calls in Arrears Account will be:
On forfeiture of shares, Calls in Arrears Account will be:
Show Hint
Calls in Arrears represent unpaid amounts due on shares and are credited during forfeiture.
Updated On: Jan 18, 2025
- Credited by ₹ 7,000
- Debited by ₹ 5,000
- Credited by ₹ 5,000
- Debited by ₹ 7,000
Hide Solution
Verified By Collegedunia
The Correct Option is C
Solution and Explanation
The amount called but unpaid on 1,000 shares is ₹ 5 per share:
\[
\text{Calls in Arrears} = 1,000 \times ₹ 5 = ₹ 5,000.
\]
This amount is credited to the Calls in Arrears Account upon forfeiture.
Was this answer helpful?
0
0
Top Questions on Miscellaneous
- Abhay, Bikram, and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March, 2023. The firm’s Balance Sheet on the date of dissolution was as follows: \[ \begin{array}{|c|c|c|c|} \hline \textbf{Liabilities} & \textbf{Amount (₹)} & \textbf{Assets} & \textbf{Amount (₹)} \\ \hline \text{Capital:} & & \text{Plant and Machinery} & 80,000 \\ \text{Abhay} & 68,000 & \text{Furniture} & 45,000 \\ \text{Bikram} & 1,00,000 & \text{Motor Car} & 1,25,000 \\ \text{Chris} & 77,000 & \text{Stock} & 30,000 \\ \text{Creditors} & 1,20,000 & \text{Debtors} & 70,000 \\ & & \text{Cash at Bank} & 15,000 \\ \hline \textbf{Total} & 3,65,000 & \textbf{Total} & 3,65,000 \\ \hline \end{array} \] Adjustments:
- Plant and Machinery was taken over by Abhay at an agreed valuation of ₹ 75,000.
- Furniture realised ₹ 40,000.
- Motor Car was taken over by Bikram for ₹ 1,30,000.
- Debtors realised 10% less than their book value.
- 10% of the stock was taken over by Chris for ₹ 4,500. The remaining stock was sold for ₹ 30,000.
- Realisation expenses amounted to ₹ 5,000.
- CBSE CLASS XII - 2024
- Accountancy
- Miscellaneous
- ............. indicate the speed at which activities of the business are being performed.
- CBSE CLASS XII - 2024
- Accountancy
- Miscellaneous
- From the following information, calculate ‘Return on Investment (ROI)’: \[ \begin{array}{|l|l|} \hline \textbf{Particulars} & \textbf{₹} \\ \hline \text{Total Assets} & 22,00,000 \\ \text{10\% Debentures} & 5,00,000 \\ \text{Current Liabilities} & 2,00,000 \\ \text{Net Profit After Tax} & 7,20,000 \\ \text{Tax} & 1,80,000 \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Accountancy
- Miscellaneous
- From the following Balance Sheet of Hira Ltd. as at 31st March, 2023, prepare Comparative Balance Sheet: \[ \begin{array}{|c|l|r|r|} \hline \textbf{Particulars} & \textbf{Note No.} & \textbf{31.3.2023 (₹)} & \textbf{31.3.2022 (₹)} \\ \hline \textbf{I – Equity and Liabilities:} & & & \\ 1. \text{Shareholders' Funds:} & & & \\ \hspace{0.5cm} (a) \text{Share Capital} & 1 & 15,00,000 & 12,00,000 \\ \hline 2. \text{Non-Current Liabilities:} & & & \\ \hspace{0.5cm} (a) \text{Long-term Borrowings} & 2 & 10,00,000 & 5,00,000 \\ \hline 3. \text{Current Liabilities:} & & & \\ \hspace{0.5cm} (a) \text{Trade Payables} & 3 & 1,00,000 & 3,00,000 \\ \hline \textbf{Total} & & 26,00,000 & 20,00,000 \\ \hline \textbf{II – Assets:} & & & \\ 1. \text{Non-Current Assets:} & & & \\ \hspace{0.5cm} (a) \text{Fixed Assets/Property, Plant, and Equipment} & 4 & 20,00,000 & 15,00,000 \\ \hline 2. \text{Current Assets:} & & & \\ \hspace{0.5cm} (a) \text{Inventories} & 5 & 1,50,000 & 1,00,000 \\ \hspace{0.5cm} (b) \text{Trade Receivables} & 6 & 4,50,000 & 4,00,000 \\ \hline \textbf{Total} & & 26,00,000 & 20,00,000 \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Accountancy
- Miscellaneous
- From the following information of NK Ltd., prepare a Common Size Statement of Profit and Loss for the years ended 31st March, 2022 and 31st March, 2023: \[ \begin{array}{|l|r|r|} \hline \text{Particulars} & \text{31.3.2023 (₹)} & \text{31.3.2022 (₹)} \\ \hline \text{Revenue from Operations} & 25,00,000 & 20,00,000 \\ \text{Cost of Materials Consumed} & 8,00,000 & 6,00,000 \\ \text{Employee Benefit Expenses} & 4,00,000 & 4,00,000 \\ \text{Income Tax Rate (\%)} & 20 & 30 \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Accountancy
- Miscellaneous
View More Questions
Questions Asked in CBSE CLASS XII exam
- A person with trisomy of 21st chromosome shows:
(i) Furrowed tongue
(ii) Characteristic palm crease
(iii) Rudimentary ovaries
(iv) Gynaecomastia
Select the correct option from the choices given below:- CBSE CLASS XII - 2024
- Assisted Reproductive Technology
Observe the population growth curve and answer the questions given below:
State the conditions under which growth curve ‘A’ and growth curve ‘B’ plotted in the graph are possible.
- CBSE CLASS XII - 2024
- population ecology
Observe the population growth curve and answer the questions given below:
Population growth curves showing exponential growth (A) and logistic growth (B).
Mention what does ‘K’ in the graph represent.
- CBSE CLASS XII - 2024
- Reproduction in Plants
- If the base adenine constitutes 31% of an isolated DNA fragment, then write what will be the expected percentage of the base cytosine in it. Explain how did you arrive at the answer given.
- CBSE CLASS XII - 2024
- Diversity In The Living World
- Identify a, b, c, d, e, and f in the table given below: \[ \begin{array}{|c|c|c|c|} \hline \textbf{Sl. No.} & \textbf{Organism} & \textbf{Bioactive Molecule} & \textbf{Use} \\ \hline 1 & \textit{Monascus purpureus} & a & b \\ \hline 2 & c & d & \text{Antibiotic} \\ \hline 3 & e & \text{Cyclosporin A} & f \\ \hline \end{array} \]
- CBSE CLASS XII - 2024
- Diversity In The Living World
View More Questions