12th Class
Accountancy
Accounting For Share Capital
Question Bank
MCQs - Accounting for Share Capital
question_answer
Rishi Ltd. Issued 3,000 shares @ 10 each payable as follows: On application 3; On allotment 4; and on first call 3 Applications were received for 3500 shares and allotment was made on pro-rata basis to all the applicants, 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. At the time of forfeiture, the Share forfeiture account is to be credited with: