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      Question

      X Ltd. Forfeited 1,000 shares of Rs. 10 each for the

      non-payment of final call of Rs. 2. The account will be debited for called up price of a share at the time of forfeiture of shares:
      A Share Forfeiture A/c Correct Answer Incorrect Answer
      B Share Capital A/c Correct Answer Incorrect Answer
      C Share Final Call A/c Correct Answer Incorrect Answer
      D Share Allotment A/c Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      When shares are forfeited due to non-payment of calls, the Share Capital Account is debited with the total called-up amount on those shares.

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