InterviewSolution
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InterviewSolution
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At the time of forfeiture of shares which were originally issued at a discount, the accounting entry involves _______________. I. A debit to Share Capital Account with the called up value of shares forfeited II. A credit to Share Forfeiture Account with the amount received on forfeited shares III. A credit to discount on issue of shares with the amount of discount allowed on forfeited shares IV. A credit to calls in arrears with the amount due but not paid on forfeited shares (a) Both (I) and (IV) above (b) Both (IV) and (III) above (c) Both (I) and (II) above (d) (I), (II), (III) and (IV) above |
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Answer» Correct option is d) (I), (II), (III) and (IV) above |
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