Accounting · Company Accounts - Forfeiture of Shares
Match List-I with List-II regarding journal entry rules when shares are forfeited: List-I (Account Name) (A) Share Capital Account (B) Share Forfeited Account (C) Calls-in-arrears Account (D) Securities Premium Account (if uncollected) List-II (Accounting Treatment) (I) Debited with amount not received (II) Credited with amount not received (III) Credited with amount received towards share capital (IV) Debited with amount called up Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1(A) - (I), (B) - (II), (C) - (III), (D) - (IV)
- 2(A) - (IV), (B) - (III), (C) - (II), (D) - (I)✓
- 3(A) - (I), (B) - (II), (C) - (IV), (D) - (III)
- 4(A) - (IV), (B) - (I), (C) - (III), (D) - (II)
Correct answer
(A) - (IV), (B) - (III), (C) - (II), (D) - (I)
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