question_answer

ABC ltd. Issued 15,000 shares @ 10 each payable as follows; On application 3; On allotment 2; on first call 3; and balance on final call All the shares were subscribed by the public and allotted by the company on time. All money due was received but one shareholder Rishi to whom 500 shares allotted failed to pay the first call and final call. Rishi's shares were forfeited after the final call made. While forfeiting his shares. Share Capital account is to be debited with:

A) 1500

B) 2500

C) 4000    

D) 5000