question_answer

Rishi Ltd. Issued 3,000 shares @ 10 each payable as follows: On application 3; On allotment 4; and on first call 3 Application were received for 3500 shares and allotment was made on pro-rata basis. Excess money is to be adjusted on allotment only. Tarun one shareholder to whom 300 shares were allotted did not pay allotment and call money and his shares were forfeited after the first call made. Share allotment Account is to be credited with (in the entry of share forfeiture):

A) 900      

B) 1200

C) 1050

D) 1400