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CA Foundation Exam  >  CA Foundation Questions  >  Mr. X, a holder of 10,000 shares for Rs. 10 e... Start Learning for Free
Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on application and Rs. 3 on allotment. He did not pay Rs. 2 on first call. His shares are forfeited subsequently after first call. Share capital will be debited by_______
  • a)
    Rs. 85,000
  • b)
    Rs. 1,00,000
  • c)
    Rs. 80,000
  • d)
    Rs. 60,000
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on app...
Debit of Share Capital after forfeit

The share capital will be debited by the amount paid by the shareholder at the time of application and allotment, as well as the amount not paid by the shareholder on the first call.

Calculation:

Total amount paid by the shareholder = Rs. 3 (on application) + Rs. 3 (on allotment) = Rs. 6 per share

Total amount not paid by the shareholder on the first call = Rs. 2 per share

Number of shares held by the shareholder = 10,000

Total share capital = 10,000 shares x Rs. 10 per share = Rs. 1,00,000

Amount paid by the shareholder = 10,000 shares x Rs. 6 per share = Rs. 60,000

Amount not paid by the shareholder on the first call = 10,000 shares x Rs. 2 per share = Rs. 20,000

Therefore, the share capital after forfeiture will be debited by:

Rs. 60,000 (amount paid by the shareholder) + Rs. 20,000 (amount not paid by the shareholder on the first call) = Rs. 80,000

Hence, option 'C' is the correct answer.
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Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on app...
Share capital A/C ...........80,000(10,000×8) because only Rs.3 on application,Rs.3 on allotment and Rs 2 on first call are called .
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Mr. X, a holder of 10,000 shares for Rs. 10 each has paid Rs. 3 on application and Rs. 3 on allotment. He did not pay Rs. 2 on first call. His shares are forfeited subsequently after first call. Share capital will be debited by_______a)Rs. 85,000b)Rs. 1,00,000c)Rs. 80,000d)Rs. 60,000Correct answer is option 'C'. Can you explain this answer?
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