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Question
If a share of ₹100 on which ₹75 has been called and ₹55 is paid is forfeited, the share capital account should be debited with:
[0.88 marks]
If a share of ₹100 on which ₹75 has been called and ₹55 is paid is forfeited, the share capital account should be debited with:
[0.88 marks]
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Solution
The correct option is B ₹75
At the time of forfeiture of shares, the share capital account is debited by the amount called up by the company.
At the time of forfeiture of shares, the share capital account is debited by the amount called up by the company.
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