Question
A company forfeited 200 shares of ₹10 each, on which
₹7 was called up and the shareholder had paid ₹4 per share. What amount will be credited to the Forfeited Shares Account?Solution
The Forfeited Shares Account is credited with the actual amount received by the company towards the share capital. Forfeited amount = No. of shares forfeited x amount paid up = 200 𝑠ℎ𝑎𝑟𝑒𝑠 × Rs.4 = Rs. 800 . Note: The "Called-up" value (₹1,400) is debited to Share Capital, and the "Unpaid" value (₹600) is credited to Calls-in-Arrears.
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