✓ Board-verified
Accountancy · 2024 · 1 mark
CBSE 2024 · Region 5 · Set 2 · Q4
Sarita Ltd. forfeited $\displaystyle 100$ shares of ₹ $\displaystyle 10$ each, ₹ $\displaystyle 8$ called up issued at a premium of ₹ $\displaystyle 2$ per share to Ramesh for non-payment of allotment money of ₹ $\displaystyle 5$ per share (including premium). The first and final call of ₹ $\displaystyle 2$ per share was not made. Out of these $\displaystyle 70$ shares were reissued to Ashok as ₹ $\displaystyle 8$ called up for ₹ $\displaystyle 10$ per share. The gain on reissue will be :
Official answer
From CBSE’s own marking scheme for this paper.
(C)
?'$\displaystyle 350$
Marking-scheme solution
(C)
₹$\displaystyle 350$
More from Accounting for Share Capital
- Zinki Limited forfeited a share of ₹ 100 issued at a premium of 20% for non - payment of first call of ₹ 30…2023
- A portion of the called-up capital which has been actually received from the shareholders is termed as:2023
- Reserve capital is that portion of the capital that can be called only in the event of winding up of the…2026
- Mayank Ltd. invited applications for issuing 70,000 equity shares of f 100 each. The amount was payable as…2025
- Lotus Ltd. invited applications for issuing 80,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share.…2023
- If a share of ₹ 100 on which ₹ 70 has been paid is forfeited, then at which minimum price can it be…2024
- Ajanta Ltd. invited applications for issuing 30,000 equity shares of T 10 each at a premium of 5 per share.…2026
- Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹ 10 each at 10% premium. The issue was…2024
CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.