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प्रश्न
State whether the following statement is true or false.
Only fully paidup shares can be forfeited.
पर्याय
True
False
उत्तर
This statement is False.
APPEARS IN
संबंधित प्रश्न
The balance of Share Forfeiture A/c is transferred to _________ account after re-issue of these share.
When shares are forfeited the Share Capital Account is _________.
State whether you agree or disagree with following statement:
Directors can re-issue forfeited shares.
Answer in one sentence only.
What is Forfeiture of Shares?
One shareholder holding 500 equity shares paid share application money @ ₹ 3 Allotment money @ ₹ 4 per share and failed to pay final call of ₹ 3 per share, his shares were forfeited. Calculate the amount of share forfeiture.
Pass Journal entries for the forfeiture and re-issue of shares in the following cases.
A) Asha Ltd. forfeited 100 equity shares of ₹ 20 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 5 per share. 80 shares of these were reissued at ₹ 15 per share fully paid
B) Bhakti Ltd. forfeited 100 equity shares of ₹ 10 each, ₹ 6 called-up on which the shareholder paid application and allotment of ₹ 5 per share. Of these 80 shares were re-issued as fully paid-up for ₹ 6 per share.
C) Konark Ltd. forfeited 50 shares of ₹ 10 each, ₹ 8 called-up. The shareholder failed to pay first call of ₹ 3 per share. Later on 30 shares of these were re-issued at ₹ 7 per share.
Complete the sentence.
Company can forfeit only ______ paid shares.
Answer in one sentence.
When can a company forfeit shares?
Correct the underlined word and rewrite the following sentence.
Only fully paid up shares can be forfeited.
Explain the following term/concept.
Forfeiture of shares
Answer in brief.
What are the effects of forfeiture of shares?
Justify the following statement.
Board of Directors have the authority to forfeit shares.
Only fully paid-up shares can be forfeited.
