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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :
On application Rs.20
On allotment Rs.50 (including premium)
On first call Rs.30
On second and final call Rs.20
Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.
 
Q.Amount transferred to Share forfeiture account at the time of forfeiting F’s shares = _________.
  • a)
    Rs 80,000
  • b)
    Rs 3,00,000
  • c)
    Rs 4,20,000
  • d)
    Rs 1,44,000
Correct answer is option 'B'. Can you explain this answer?
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per...
Calculation of amount transferred to Share forfeiture account:
Forfeited shares of E:
- E failed to pay allotment money of Rs.50 per share for 4,000 shares = 4,000 x Rs.50 = Rs.2,00,000
Forfeited shares of F:
- F failed to pay first call of Rs.30 and second call of Rs.20 per share for 6,000 shares = 6,000 x (Rs.30 + Rs.20) = Rs.3,00,000
Total amount transferred to Share forfeiture account:
- Total amount = Forfeited shares of E + Forfeited shares of F = Rs.2,00,000 + Rs.3,00,000 = Rs.5,00,000
Therefore, the amount transferred to Share forfeiture account at the time of forfeiting F's shares is Rs.3,00,000.
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per...
Amount transferred to Share forfeiture account at the time of forfeiting F's shares = Rs 3,00,000.
Explanation:
To calculate the amount transferred to the Share forfeiture account, we need to consider the following steps:
1. Calculation of excess money received on application:
- Number of shares applied for = 3,00,000
- Number of shares allotted = 2,40,000
- Excess shares applied for = 3,00,000 - 2,40,000 = 60,000
- Excess money received on application = Excess shares applied for * Application money per share
= 60,000 * Rs 20 = Rs 12,00,000
2. Utilization of excess money received on application:
- The excess money received on application is used to adjust the sum due on allotment.
- The sum due on allotment per share is Rs 50 (including premium).
- Total sum due on allotment = Number of shares allotted * Sum due on allotment per share
= 2,40,000 * Rs 50 = Rs 1,20,00,000
- Excess money utilized = Minimum of (Excess money received on application, Total sum due on allotment)
= Minimum of (Rs 12,00,000, Rs 1,20,00,000) = Rs 12,00,000
3. Calculation of forfeiture amount:
- F failed to pay the two calls, which amounts to Rs 30 (first call) + Rs 20 (second call) = Rs 50 per share.
- Number of shares forfeited = F's shares = 6,000
- Forfeiture amount = Number of shares forfeited * Forfeiture amount per share
= 6,000 * Rs 50 = Rs 3,00,000
4. Calculation of reissued shares at a discount:
- E's shares were forfeited and reissued to G at a discount of 10%.
- Number of shares forfeited and reissued = E's shares = 4,000
- Discount on reissued shares = Discount rate * Face value per share
= 10% * Rs 100 = Rs 10 per share
- Reissued price per share = Face value per share - Discount on reissued shares
= Rs 100 - Rs 10 = Rs 90 per share
- Amount received from G for reissued shares = Number of reissued shares * Reissued price per share
= 4,000 * Rs 90 = Rs 3,60,000
5. Calculation of amount transferred to the Share forfeiture account:
- Amount transferred to the Share forfeiture account = Excess money utilized + Forfeiture amount
= Rs 12,00,000 + Rs 3,00,000 = Rs 15,00,000
Therefore, the amount transferred to the Share forfeiture account at the time of forfeiting F's shares is Rs 3,00,000.
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer?
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer?.
Solutions for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. 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Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Amount transferred to Share forfeiture account at the time of forfeiting Fs shares = _________.a)Rs 80,000b)Rs 3,00,000c)Rs 4,20,000d)Rs 1,44,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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