πŸ“Š Financial Accounting 2
Q. When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.
  • (A) paid-up capital of shares forfeited; called up capital of shares forfeited
  • (B) called up capital of shares forfeited; calls in arrear of shares forfeited
  • (C) called up capital of shares forfeited; amount received on shares forfeited
  • (D) none of these
πŸ’¬ Discuss
βœ… Correct Answer: (C) called up capital of shares forfeited; amount received on shares forfeited

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