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Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will be
  • a)
    12,000
  • b)
    32,000
  • c)
    Nil
  • d)
    10,000
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 2...
Total shares applied by H (since it is allotted pro-rata) = 400*3/2 = 600 shares
Total money paid by H = 600 shares * Rs 30 = Rs 18,000
Securities Premium in above = No of shares allotted* Premium = 400 shares * Rs 20 = Rs 8,000
Therefore, amount to be transferred to Share Forfeiture A/c = Rs 18,000-8,000 = Rs 10,000
(You cannot cancel Securities Premium if it has already been received)
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Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 2...
Calculation of Share Forfeiture Amount

Issued shares = 10,000
Face value of each share = Rs. 100
Premium = 20%

Total amount received on application = 15,000 x Rs. 30 = Rs. 4,50,000
Total amount received on allotment = 10,000 x Rs. 50 = Rs. 5,00,000
Total amount received on first call = 10,000 x Rs. 20 = Rs. 2,00,000
Total amount received on final call = 10,000 x Rs. 20 = Rs. 2,00,000
Total amount received = Rs. 13,50,000

Calculation of Forfeited Shares

Total shares applied for = 15,000
Shares allotted on prorata basis = 10,000 x (15,000/10,000) = 15,000
Shares forfeited = 400

Amount to be transferred to Share Forfeiture A/c

Money received on application = Rs. 4,50,000
Money received on allotment = Rs. 5,00,000
Total money received = Rs. 9,50,000

Money received on 400 shares = 400 x Rs. 30 = Rs. 12,000
Money received on 400 shares on allotment = 400 x Rs. 50 = Rs. 20,000

Total money received on forfeited shares = Rs. 32,000

Therefore, the amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will be Rs. 10,000.
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Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 2...
Pro rata allotment h. Agr wo 400 shares ka holder h to pro rata basis pe 600 k liye apply kia Hoga. Accordingly pesa bhi 600 shares ka Mila hoga application k time. Yaani application k time 600*30=18000 mila hoga. Lekin qki use 400 hi shares de rhe to application k time 400*30=12000 hi milna chiye tha. Yaani 6000 extra mila jo allotment k liye adjust kr denge. Overall 18000 jo application k time mila usko aese adjust kia Jayega in books: 400*10=4000- share capital(application money) 400*20=8000- premium Balance 6000- allotment money Eventually forfeiture k time 4000+6000=10000 Jayega forfeiture me
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Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer?
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Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. 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 Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. 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 Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer?.
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Here you can find the meaning of Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will bea)12,000b)32,000c)Nild)10,000Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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