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12th Class Accountancy Accounting For Share Capital Question Bank MCQs - Accounting for Share Capital

  • question_answer
    A company forfeited the following shares: 200 shares of Rs.10 each; called up Rs. 9 per share, paid-up Rs. 7 per share. Journal entry for forfeiture will be:

    A) Share Capital A/c            Dr.      2,000 To Share Forfeiture A/c                           200 To Calls-in-arrears A/c                          1,800

    B) Share Capital A/c            Dr.      2,000 To Share Forfeiture A/c                       1,800 To Calls-in-arrears A/c                            200

    C) Share Capital A/c            Dr.      1,800 To Share Forfeiture A/c                       1,400 To Calls-in-Arrears A/c                           400

    D) Share Capital A/c            Dr.      1,800 To Share Forfeiture A/c                           400 To Calls-in-Arrears A/c                          1,400

    Correct Answer: C

    Solution :

    [c] Share Capital A/c    Dr.      1,800             To Share Forfeiture A/c                     1,400 To Calls-in-arrears A/c                         400


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