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Mohit had been allotted for 600 shares by a Govinda Ltd on pro rata basis which had issued two shares for every three applied. He had paid application money of ₹3 per share and could not pay allotment money of ₹5 per share. First and final call of ₹2 per share was not yet made by the company. His shares were forfeited. the following entry will be passed:Equity Share Capital A/c Dr ₹XTo share Forfeited A/c ₹YTo Equity Share Allotment A/c ₹ZHere X, Y and Z are:(A) ₹ 6,000; ₹2,700; ₹3,000 respectively.(B) ₹ 9,000; ₹2,700; ₹4,500 respectively.(C) ₹ 4,800; ₹2,700; ₹2,100 respectively.(D) ₹ 7,200; ₹2,700; ₹4,500 respectively. |
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Answer» Correct answer is: (C) ₹ 4,800; ₹2,700; ₹2,100 respectively. The correct answer is (C) ₹ 4,800; ₹2,700; ₹2,100 respectively. Mohit's allotted share = 600 Mohit's applied share = 600 x 3/2 = 900 Amount paid by Mohit on application = 999 x ₹3 = ₹2700 Application Amount Due on Mohit's share = 600 x ₹3 = ₹1800 Excess Amount paid by Mohit on Application = ₹2700 - ₹1800 = ₹900 Allotment Amount Due on Mohit's share = 600 x ₹5 = ₹3000 Amount not paid by Mohit on Allotment = ₹3000 - ₹900 = ₹2,100 |
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