X Limited forfeited a share of Rs. 10 on which Rs. 8 is called-up and Rs. 6 is paid and forfeited. By what amount, share capital account will be debited?

In a Journal Entry of Forfeiture of Shares, Share Capital Account will be :-

Consider the given statements below related to issue of shares and select the correct statements:

(A) The profit on the reissue of forfeited shares is not transferred to the General Reserve.

(B) Paid up capital is that portion of the called up capital which has actually been received from the shareholders.

(C) Shares can be forfeited for failure to repay the loan to the bank.

(D) Calls in Arrears are shown on the Assets side of the balance sheet.

Choose a pair of correct statements from the given options below.

Rahul Limited purchased a building from Handa Limited for Rs.5,40,000 and the payment is to be made by the issue of shares of Rs.100 each. What will the number of shares to be issued when shares issued at a premium of 20%?

The Profit on reissue of forfeited shares is transferred to:

Kishna Ltd. issued 15,000 shares of Rs.100 each at a premium of Rs.10 per share, payable as follows:

On application Rs.30

On allotment Rs.50 [including premium]

On first and final call Rs.30

The company received 20,000 applications and a pro rata allotment was made to all. Any excess amount received on application is adjusted towards allotment and all the money due on allotment is received except Mr. Shyam who failed to pay allotment money on his 150 allotted shares. Calculate the amount received on allotment.

Consider the given steps below for Issue of Shares :-

(A) Receipt of Applications

(B) Allotment of Shares

(C) Issue of Prospectus

(D) Receipt of Minimum Subscription

Choose the correct sequence of above steps from the options given below: