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What is maximum amount of discount which...

What is maximum amount of discount which may be allowed on reissue of forfeited shares ?

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The amount credited to Forfeited Share Account.
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Pass journal entries for the forfeiture and re-issue in the following cases : (i) A Ltd. forfeited 400 shares of Anil of Rs. 10 each fully called up for non-payment of final call of Rs. 2 per share and re-issued to Sunil as fully paid for Rs. 10 share. (ii) B Ltd. forfeited 500 shares of Rs. 10 each fully called up for non-payment of first call of Rs. 2 per share and final call of Rs. 2 per share. All of these shares were re-issued as fully paid for Rs. 8 per share. (iii) C Ltd. forfeited 600 shares of Rs. 10 each fully called up for non-payment of allotment money of Rs. 3 per share, first call of Rs. 2 per share and final call of Rs. 2 per share. 400 of these shares were re-issued as fullly paid up at the maximum rate of discount allowed by law. (iv) D Ltd. forfeited 800 shares of Rs. 10 each fully called up, on which the holder has paid only the application money of Rs. 3 per share. Out of these, 500 shares were re-issued at Rs. 11 per share, fully paid up.

Y Ltd. forfeited 100 equity shares of Rs. 10 each for non-payment of first call of Rs. 2 per share. The final call of Rs. 2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be reissued.

DK GOEL-COMPANY ACCOUNTS - ISSUE OF SHARES -VERY SHORT ANSWER QUESTIONS (Knowledge based)
  1. How Share Issue Expenses are shown in the Balance Sheet ?

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  2. How 'securities premium reserve' appears in the Balance Sheet ?

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  3. State two purposes for which securities premium reserve can be used by...

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  4. What is Over-subscription ?

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  5. What is pro-rata allotment of shares ?

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  6. What is meant by 'Minimum Subscription' ?

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  7. What are calls in Arrears ?

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  8. How are Calls-in-arrears shown in the Balance Sheet ?

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  9. What is meant by Calls-in-Advance ?

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  10. How are Calls in Advance shown in the Balance Sheet ?

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  11. At what rate interest on Calls-in-Arrears can be charged by a Company ...

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  12. At what rate interest on Calls-in-Advance may be paid by a Company acc...

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  13. What is meant by issue of shares for consideration other than cash ?

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  14. What is meant by forfeiture of shares ?

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  15. What is meant by surrender of shares ?

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  16. What is maximum amount of discount which may be allowed on reissue of ...

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  17. Where would you transfer the balance left in the share forfeited accou...

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  18. What is meant by 'Issue of shares for consideration other than cash' ?...

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  19. What is the name given to that 'part of capital' of a company which is...

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  20. Give the meaning of 'Subscribed and Fully Paid-up-Capital'.

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