Question
ABC Ltd forfeited 200 equity shares of Rs. 10 each for
non-payment of first call money @ Rs. 2 each. The company has called-up Rs.8 on these shares as Application money at Rs. 2 per share, allotment money at Rs. 4 per share and now Rs.2 as first call money. What is the amount by which the equity share capital be debited in this case?Solution
In case of forfeiture of shares, the Share Capital Account will be debited with the called-up value of shares forfeited. The called up value in this case = Rs.8 As such the total amount to be debited is Rs.8*200 shares = Rs.1600 Note: The forfeited shares amount = Rs.6*200 = Rs.1200 (i.e. the amount paid by the shareholder), while Rs.400 (Rs.2*200 shares) will be the amount calls in arrears i.e. not paid.
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