d.
Dr | Share capital | 7500 | |
First call - ordinary shares | 2500 | ||
Forfeited shares | 5000 |
amount debited to share capital = ($1 paid + 0.50 call amount)*5000 shares on which call is not received
=>$7,500.
amount credited to first call = $0.50 call amount per share *5000 shares=>$2500.
amount credited to forfeited shares = $1.00 paid *5000 shares=>$5,000.
A company's share capital consists of 50 000 ordinary shares issued at $2 and paid to...
A company’s capital consists of 100 000 ordinary shares issued at $2 and paid up to $1 per share. On 1 September, a first call of 50c was made on the ordinary shares. By 30 September, the call money received amounted to $45 000. No further payments were received, and on 31 October, the shares on which calls were outstanding were forfeited. On 15 November, the forfeited shares were reissued as paid to $1.50 for a payment of $1 per...
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