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Numerical Example of Share Capital

What amount i...

Question

What amount is shown for forfeited shares in the financial statement?

A

face value of shares

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B

called up value of shares

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C

amount originally paid up

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D

none of these

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Solution

The correct option is C
amount originally paid up

Amount originally paid up is shown for forfeited shares in the financial statement

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Similar questions

Q. At the time of forfeiture of shares which were originally issued at a discount, the accounting entry will be
I. A Debit Share capital account with the called-up value of shares forfeited.
II. A Credit Share forfeiture account with the amount received on forfeited shares.
III. A Credit Discount on issue of shares with the amount of discount allowed on forfeited shares,
IV. A Credit Calls-in-arrears with the amount due but not paid on forfeited shares.

Q. amount is shown for forfeited shares in the financial statement.

Q. X Ltd. forfeited 700 shares of Rs. 10 each (9 called up) on which he paid up 7 per share. Out of these 200 shares were re-issued at Rs. 9. Calculate the amount credited to Share Capital A/c at time of re-issued?

Q. Z Ltd. Forfeited

20

R s . 10

R s . 6

per share were called up and

R s . 4

per share were paid. What is the minimum price of reissue of these shares are fully paid up?

Q. A Limited Company forfeited 100 Equity Shares of the face value of ₹ 10 each, ₹ 6 per share called-up, for non-payment of first call of ₹ 2 per share . The forfeited shares were subsequently reissued as fully paid-up @ ₹ 7 each.
Give necessary entries in the company's journal.

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Numerical Example of Share Capital

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