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Standard XII

Accountancy

Re-Issue of Forfeited Shares

Reissue of fo...

Question

Reissue of forfeited share is not but only a .

sale, allotment

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allotment, sale

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Cannot say

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None of these

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Solution

The correct option is B
allotment, sale

Reissue of forfeited share is not allotment but only a sale.

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Similar questions

Q. Reissue of forfeited share is not but only a .

Q. A company has issued

10, 000

shares of

R s . 20

each and amount has been demanded as under:
On application -

R s . 5

On allotment -

R s . 7

1 s t

Call -

R s . 6

2 n d

and Final Call -

R s . 2

A shareholder holding

400

shares paid only application money and his shares have been forfeited. On reissue of these shares @

R s . 16

per share, amount debited to shares forfeited account is _____________ .

Q. Sea Ltd. issued 16,000 equity shares of ₹ 50 each at a premium of ₹ 10 per share payable on application ₹ 15, on allotment ₹ 30 (including premium), and balance on the first and final call. Applications were received for 24,500 shares, and allotment was made on a pro rata basis. Bimal, to whom 3,200 shares were allotted, failed to pay the amount due on the allotment. All his shares were forfeited after the first call was made. The forfeited shares were reissued to Dhriti at par. Calculate the amount received on reissue of forfeited shares.

[0.88 marks]

Journalise the following transaction in the books Bhushan Oil Ltd:

(a) 200 shares of Rs 100 each issued at a discount of Rs 10 were forfeited for the non payment of allotment money of Rs 50 per share. The first and final call of Rs 20 per share on these share were not made. The forfeited share were reissued at Rs 70 per share as fully paid-up.

(b) 150 shares of Rs 10 each issued at a premium of Rs 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs 8 per share including premium. The first and final call of Rs 4 per share were not made. The forfeited share were reissued at Rs 15 per share fully paid-up.

(c) 400 share of Rs 50 each issued at par were forfeited for non-payment of final call of Rs 10 per share. These share were reissued at Rs 45 per share fully paid-up.

Q. Journalise the following transaction in the books Bhushan Oil Ltd
(a) 200 shares of Rs. 100 each issued at a premium of Rs. 10 were forfeited for the non-payment of allotment money of Rs. 60 per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs. 70 per share as fully paid-up.
(b) 150 shares of Rs. 10 each issued at a premium of Rs. 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs. 8 per share including premium. The first and final call of Rs. 4 per share were not made. The forfeited share were reissued at Rs. 15 per share fully paid-up.
(c) 400 share of Rs. 50 each issued at par were forfeited for non-payment of final call of Rs. 10 per share. These share were reissued at Rs. 45 per share fully paid-up.

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Reissue of forfeited share is not __________ but only a __________.

The correct option is B allotment, sale Reissue of forfeited share is not allotment but only a sale.

Reissue of forfeited share is not but only a .

The correct option is B
allotment, sale

Reissue of forfeited share is not allotment but only a sale.