Practice question
Question
A company forfeited 3,000 shares of ₹10 each (which were issued at par) held by Kishore for non-payment of allotment money of ₹ 5 per share. The called up value per share was ₹ 8. On forfeiture, the amount debited to share capital
Explanation
₹ 24,000 company accounts correct; share issue forfeiture pro-rata per Companies Act.
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