Shares doubt

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.

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.

but in the model test book the ans given is 81 so oly am confused

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

sir...plz suggest me abt the time table for cpt

HEY 

 THE SHARE FORFEITED  A/C IS CREDITED WITH RS. 60