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Urgent pls company account

harish ragav (student-IPCC) (407 Points)

30 November 2012

50 shares 100/each were forfeited issued at premium of 10%

allot-30(includin premium)

1st call-30

2nd call-20

defaulted at allot stage & forfeited upon subsequent failure to pay call money........

20 of these shares reissued

80 called up for 80/share..profit on re issue?

pls xplain wth detailed ans its urgent pls....

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Aishwarya (Article) (27 Points)
Replied 30 November 2012

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satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 30 November 2012

what mr harish asked and what is your reply ms. aishwarya....?

1 Like

Go green (ICAI) (666 Points)
Replied 30 November 2012

Aishwarya says, he should go to AIMS (Institute of Commerce) for getting that query resolved!!!

1 Like

CA Manish (Job) (5264 Points)
Replied 30 November 2012

You have written the data in short. I didnt get your data completly . I am providing you the link for a ans of similar question. I hope your query will be solved:-

/forum/please-help-me-on-finding-out-the-answer-for-forfeiture-shar-222184.asp#.ULiJZFJK31U

2 Like

satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 30 November 2012

ya the information provided is not full and clear... the answser provided by Mr. CAManish Malu would resolve... as that is giving the clarifty of the concept....

1 Like

harish ragav (student-IPCC) (407 Points)
Replied 30 November 2012

Originally posted by : harish ragav
	50 shares 100/each were forfeited issued at premium of 10% allot-30(includin premium) 1st call-30 2nd call-20 defaulted at allot stage & forfeited upon subsequent failure to pay call money........ 20 of these shares reissued 80 called up for 80/share..profit on re issue? pls xplain wth detailed ans its urgent pls....

CA CS Chirag (Practicing CA) (834 Points)
Replied 03 December 2012

Harish i am not clear on your question but i am replying on assumption....company received Rs.20 per share at the time of application and same amount is offered as discount i.e Rs.20 per share on reissue therfor no profit no loss situation. or if only 20 per share is received than loss is of Rs.20 per share (original price is 120, 20 received on application,reissued at 80 therfor 120-20-80=20 loss per share)