B Ltd issued shares of Rs 10 each @ discount of 10%....Mr.C purchased 30 shares and paid 2 on application but not paid thhe alotement money of rs 3......if the compny forfeitd his entire sares , the forfeiture a/c is credited by?
pls explain ......
Rama krishnan (CPT) (56 Points)
03 February 2013B Ltd issued shares of Rs 10 each @ discount of 10%....Mr.C purchased 30 shares and paid 2 on application but not paid thhe alotement money of rs 3......if the compny forfeitd his entire sares , the forfeiture a/c is credited by?
pls explain ......
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 February 2013
| Originally posted by : Rama krishnan | ||
 |
B Ltd issued shares of Rs 10 each @ discount of 10%....Mr.C purchased 30 shares and paid 2 on application but not paid thhe alotement money of rs 3......if the compny forfeitd his entire sares , the forfeiture a/c is credited by? pls explain ...... |
 |
Rs. 60
The amount received on shares to be forfeited is transferred to the Forfeited shares account. Hence in the given case, as the amount received on Forfeited Shares is Rs. 2 per share and the shares forfeited are 30, the amount to be transferred to forfeited shares account will be Rs. 60.
Rama krishnan
(CPT)
(56 Points)
Replied 03 February 2013
| Originally posted by : |)eep @ k Gupt/\ | ||
|
|
Originally posted by : Rama krishnan B Ltd issued shares of Rs 10 each @ discount of 10%....Mr.C purchased 30 shares and paid 2 on application but not paid thhe alotement money of rs 3......if the compny forfeitd his entire sares , the forfeiture a/c is credited by? pls explain ...... Rs. 60 The amount received on shares to be forfeited is transferred to the Forfeited shares account. Hence in the given case, as the amount received on Forfeited Shares is Rs. 2 per share and the shares forfeited are 30, the amount to be transferred to forfeited shares account will be Rs. 60. |
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but in the model test book the ans given is 81 so oly am confused
Deepak Gupta
(CA Student)
(15922 Points)
Replied 04 February 2013
Answer is Rs. 60 because there is printing error in Oct 2012 edition of Model Test Paper whereas in the old edition correct option is given i.e. (c), 60.
For your satisfaction, you can refer the same question from old edition:
Page No. 15, Q.42 (Model Test Paper – BOS/CPT-1/2006)
/share_files/cpt-model-test-papers-book-1--16391.asp#.UQ6x1R1QHOs
.
For verification of answer:
/share_files/cpt-model-test-papers-book-2--16392.asp#.UQ6yDR1QHOs
Answers of Model Test Papers - BOS/CPT-1/2006
SECTION – A : FUNDAMENTALS OF ACCOUNTING: 42(c) i.e. Rs.60
vishal kapoor
(B.Com)
(31 Points)
Replied 04 February 2013
sir...plz suggest me abt the time table for cpt
RAVINDER KASHYAP
(Student CA Final )
(28 Points)
Replied 04 February 2013
HEY
THE SHARE FORFEITED A/C IS CREDITED WITH RS. 60
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