Multiple Choice Questions on At the time of forfeiture of shares the share capital account is debited with ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

At the time of forfeiture of shares the share capital account is debited with ........

General Accounting Principles Accounting for Shares
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    At the time of forfeiture of shares the share capital account is debited with

    Face value

    Incorrect Answer

    Called up value

    Correct Answer

    Paid up value

    Incorrect Answer

    Issued value

    Incorrect Answer
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    Explanation:

    The company debits the Share Capital Account with the amount called-up up to the date of forfeiture on shares. It credits the Shares Allotment Amount or Shares Call Account with amount called-up on forfeited shares but due from the shareholders.

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