CA CPT Model Test Paper 5 with solutions for online practice
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Question : 36 of 200
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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.
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.
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