CBSE 2023 · Region 1 · Set 2 · Q14

A company forfeited $\displaystyle 400$ shares of ₹ $\displaystyle 10$ each, ₹ $\displaystyle 8$ per share called up for non-payment of first call of ₹ $\displaystyle 2$ per share. On forfeiture of these shares, 'Share Capital' account will be debited with :

OR

Xyle Ltd. forfeited $\displaystyle 700$ shares of ₹ $\displaystyle 10$ each issued at a premium of $\displaystyle 10$% for non-payment of allotment money of ₹ $\displaystyle 5$ per share (including premium) and first and final call of ₹ $\displaystyle 3$ per share. On forfeiture of these shares, 'Share Forfeiture Account' will be credited with :