500share of Mr.A were forfeited who has already paid Rs.7per share & failed to pay Rs.3per share what s the minimum amount per share at which share forfeited can be reissued?
a) Rs.3
b) Rs.7
c) Rs.10
d) none
aswatha (udumalpet) (90 Points)
15 May 2012500share of Mr.A were forfeited who has already paid Rs.7per share & failed to pay Rs.3per share what s the minimum amount per share at which share forfeited can be reissued?
a) Rs.3
b) Rs.7
c) Rs.10
d) none
Tejas Jain
(Chartered Accountant)
(314 Points)
Replied 15 May 2012
Rs. 3 is Minimum Amount for which the shares can be issued
intermediate(ipc)course
(no)
(1460 Points)
Replied 24 May 2012
forfeited share reissue 500 shares @ 3/- i.e 1500/-
1. equity capital a/c dr 3500(500*7/-)
To calls in arrear a/c 1500(500*3/-)
To forfeited share a/c 2000(500*4/-)
2. bank a/c dr 1500
forfeited share a/c dr 2000
To equity capital a/c 3500
shivam gupta
(Student)
(142 Points)
Replied 24 May 2012
basically if at the time of issue there was no discount given by Co. then while issuing forfeited share co. cannot give discount because it is not possible to issue one class of share at par & the other at discount, so the Answer will be 10.
And miss Swati ghosh i want to tell u that the amount which is been received by the co. from the shareholder can only be forfeited as the entry u have passed are wrong . check it out.
entry should be:-
1. equity capital a/c dr 5000500*10/-)
To calls in arrear a/c 1500(500*3/-)
To forfeited share a/c 3500(500*7/-)
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