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

  • question_answer
    X Ltd. Forfeited 200 shares of Rs.10 each fully called up held by Vinod for no payment of allotment money of Rs.3 per share & Final call of Rs.4 per share. He paid the application money of Rs.3 per share. These shares were reissued to Yuvraj for Rs.8 per shares. Reissue Entry of forfeited shares:

    A)
    Bank Account Dr. 1600  
    Forfeited Shares Account Dr. 400  
    To Share Capital Account     2000
     

    B)
    Bank Account Dr. 1600  
    Share Capital Account Dr. 400  
    To Share Forfeited Account     2000
     

    C)
    Bank Account Dr. 1600  
    Forfeited Share Account Dr. 400  
    To Share Capital Account     2000
     

    D)
    Share Account Dr. 1600  
    Forfeited Shares Account Dr. 400  
    To Share Capital Account     2000
     

    Correct Answer: A

    Solution :

    Bank Account Dr. 1600  
    Forfeited Shares Account Dr. 400  
    To Share Capital Account     2000
     


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