| GN Ltd forfeited 400 shares of Rs.10 each at a premium of 40%, on which only application money has been received. |
| Amount was payable as follows: |
| On ApplicationÂ…................................................................... Rs.6 (including premium of Rs.2) |
| On Allotment......................................................................... Rs.5 (Including premium of Rs.1) |
| Balance ..................................................,.,............................ on First and final call |
| Securities Premium is to be debited by Rs._______ (at the time of forfeiture of shares) |
A) Debited by Rs.400
B) Credited by Rs.800
C) Debited by Rs.1,600
D) Debited by Rs.800
Correct Answer: D
Solution :
Debited by Rs.800
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