A company forfeited 100 shares of Rs.10 each owing to the default in the payment of...

 

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A company forfeited 100 shares of Rs.10 each owing to the default in the payment of share call money of Rs.5 each. These shares were issued at Rs.10 each, payable at Rs.2 on application, Rs.5 on allotment and the balance of Rs.5 on call. The shares were then reissued to another shareholder at a price of Rs.7 per share. The amount to be debited to forfeited shares account on account of discount on re- issue of shares would be A Rs.100 B с Rs.300 Rs.400 D Rs.500 A company forfeited 100 shares of Rs.10 each owing to the default in the payment of share call money of Rs.5 each. These shares were issued at Rs.10 each, payable at Rs.2 on application, Rs.5 on allotment and the balance of Rs.5 on call. The shares were then reissued to another shareholder at a price of Rs.7 per share. The amount to be debited to forfeited shares account on account of discount on re- issue of shares would be A Rs.100 B с Rs.300 Rs.400 D Rs.500

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