Issue of share
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 October 2011
Q. Mr. Big who was the holder of 200 equity shares of Rs.100 each on which Rs.75 per share has been called up could not pay his dues on allotment and first call each at Rs.25 per share. The Directors forfeited the above shares and reissue 150 of such shares to Mr. Small at Rs.65 per share paid-up as Rs.75 per shares. The amount to be transferred to Capital Reserve account will be
Ans : Rs.2250.
How to Calculate the above sum ?
Ans : Rs.2250.
How to Calculate the above sum ?
30 October 2011
HI, the answer to ur question is :
GIven, called up capital = Rs. 75 per share
unpaid capital = 25 allotmt + 25 call = Rs.50
Therefore, paid up capital = 75 - 50 =25 p.s.
upon forfeiture, this amount is not refunded back to the shareholder, hence it can be treated as initial profit.
Discount on reissue = Rs. 10 (75 - 65)
Final profit for co. upon reissue = 25 - 10
= Rs. 15 per share reissued
No. of shares reissued = 150
Amt. to be transf. to CR = 150 x Rs. 15
= Rs. 2,250
Regards, CA Shakuntala Chhangani
GIven, called up capital = Rs. 75 per share
unpaid capital = 25 allotmt + 25 call = Rs.50
Therefore, paid up capital = 75 - 50 =25 p.s.
upon forfeiture, this amount is not refunded back to the shareholder, hence it can be treated as initial profit.
Discount on reissue = Rs. 10 (75 - 65)
Final profit for co. upon reissue = 25 - 10
= Rs. 15 per share reissued
No. of shares reissued = 150
Amt. to be transf. to CR = 150 x Rs. 15
= Rs. 2,250
Regards, CA Shakuntala Chhangani
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
