Question: X Ltd. forfeited 100 shares of Rs 10 each (Rs 8 called up) issued at a premium of 2 per share to Mr. R

X Ltd. forfeited 100 shares of Rs 10 each (Rs 8 called

X Ltd. forfeited 100 shares of Rs 10 each (Rs 8 called up) issued at a premium of 2 per share to Mr. R for non-payment of allotment money of Rs 5 per share (including premium). Out of these 70 shares were re-issued to Mr. Sanjay as Rs 8 called up for Rs 10 per share. The profit on re-issue is- A B D Rs 500 Rs 400 Rs 350 None of these

Step by Step Solution

★★★★★

3.39 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Correct option is C Forfeiture amount per share is the amount to be received by the ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft...

You receive a call from a friend, who knows that you are taking the General Physics 2 course, to place an order. Their friend tells him that he has read in an automotive magazine that, in a car, the...

This short problem is a continuation of SP 5-1. Using the E-R diagram in from SP 5-1, write a description for each of the relationships in the diagram. In your description, include the cardinalities....

This short problem is a continuation of SP 5-1. Implement the E- R diagram from SP 5-1 as tables in a database software package, such as Access. Once the tables are created, link the tables together...

Next month, a garage that specialises in servicing commercial vehicles, is considering offering 50% of its customers a two month credit period for payment, as opposed to asking all its customers to...

Consider the following data year 1 Demand (Thousands of packages) 1 300 2 120 3 200 4 135 Assume that the company has three workers on the payroll. The owner of the company estimates that he will...

A company provides the following information related to its defined benefit pension plan for the current year: PBO balance, January 1 PBO balance, December 31 Plan Assets balance, January 1 Plan...

The image shows a circle inscribed into a triangle. Find the length of CK, given that BK = 4, AB= 12, and AC 10. A 00 B K (3

Pass journal entries in the following cases: a. Ganesh Ltd. forfeited 200 shares of Rs. 10 each for non-payment of final call of Rs. 3 per share and re-issued them at Rs. 6 per share fully paid. b....

Cookie dough can be purchased in tubs or rolls. A 32-ounce tub cost $4.56 and a 16.5-ounce roll costs $2.50. Which is the better buy, per ounce?

Find the value of the variable in the figure. The diagram is not to scale. Volume = 36

Awesome Accounting Students (AAS) Incorporated disclosed the following information in Footnote 9 of their most recent annual report. December 31, 2020 $ in millions Adjusted Cost Gross Unrealized...

Define what is meant by a related party. What are the auditor's responsibilities for related parties and related party transactions?

If Barcelona has a core staff of restaurant managers and head chefs and contracts with staffing agencies to fill all other positions, from accountants to dishwashers, then the company has a structure...

Calculate the total number of units the independent retailer can purchase for their single location. Include all steps/Show all work. Scenario: Two retailers (One large and one small) do business...

Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new...

A us resident exchanges $100 for rmb650 from a local bank in the us, how would it account in the US Balance of Payment?

Burnham elementary School spent $100,000 on textbooks for the fall 2019 semester. It had expected to have a total enrollment of 450 students who would each have needed four books at a cost of $65...

Question 8 (15 points): It is the end of 2019 and you have just been hired as CFO of BREW Inc, the world's leading maker of home brewing supplies, which plans to have its IPO next year. As one of...

Identify the maximum value, minimum value, median, first quartile, and third quartile. Maximum value 240 Minimum value 190 Median 220 First quartile 200 Third quartile 230 Find the Interquartile...

Give necessary journal entries for the forfeiture and re-issue of shares: (i) X Ltd. forfeited 300 shares of 10 each fully called up, held by Ramesh for non-payment of allotment money of 3 per share...

Give journal entries for the forfeiture and re-issue of shares: X Ltd. Forfeited 10 shares of Rs.10 each (Rs.6 called up) issued at a discount of 10% to Neeta on which she had paid Rs.2 per share....

X Ltd. forfeited 10 shares of 10 each (6 called up) issued at a discount of 10% to Neeru, on which she had paid 2 per share. Out of these, 8 shares were reissued to Meera as 8 called up, for 6 per...

(a) X Ltd. forfeited 200 equity shares of Rs. 10/- each; Rs. 8/- called-up for non-payment of first call money Rs. 2/- each. Application money and allotment money was Rs. 2/- and Rs. 4/-...

A company ltd forfeited 400 shares of Rs 100 each for non payment of final call money of Rs 20 per share out of forfeited shares 300 shares were reissues at rd 70 per shares as fully paid