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CBSE Class 12-commerce Answered

g ltd. forfeited 7000 shares of rs 100 each for the non payment
Asked by priyankasaini30082003 | 19 Feb, 2020, 07:05: PM
answered-by-expert Expert Answer
Forfeiture means cancellation of shares for non-payment of calls due. It can be done by the company only if it is allowed by its Articles of Association.
 
If any of the shareholders of the company does not pay the amount of call, the company may exercise this power to forfeit the shares held by the shareholder on which amount of call is not paid.
 
Complete Solutions along with the detailed workings for questions based on Forfeiture of Shares are provided on our website under Text Book Solutions.
Answered by Surabhi Gawade | 20 Feb, 2020, 09:30: AM

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A and B shared profits in the ratio of 7:3. They dissolved the firm and appointed A to realise the assets . A is to be received 6% commission on the amount realised from Stock, Debtors, B/R and Shares The position of the firm was as follows: - Liablities Rs Assets Rs. Creditors 60000 Plant and Machinery 20000 Repairs and Renewable Reserve 4000 Prepaid Insurance 1200 Bank Loan 20000 Stock 60000 A's Capital A/c 50000 100 shares in D.C.M. Ltd. 5000 B's Capital A/c 20000 Sundry Debtors 38000 B/R 6000 Cash at Bank 8800 A's Current A/c 5000 Profit & Loss Account 10000 154000 154000 Informations : I. A realised the assets as follows: - Full amount from Sundry Debtors and except from one for 2,OOO being insolvent. Stock realised e 52,000,; Shares in D.C.M. were sold for 60 each D_C.M. were sold for each. 2. Half the trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value and cash of 7000 in full settlement of claims. 3. Remaining creditors were paid off at a discount of 10%. Expenses of realisation amounted to Rs. 700. 4. One quarter's tax amounting to 1500 was due and had to be paid 5. There was a contingent liability amounting to 13,000. It was settled for Rs. 6000. 6. Bank Loan was discharged along with interest due for two months @18% pa Prepare necessary accounts
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