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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does forfeiture of shares mean?
💡 Hint: Think about what happens when bills aren't paid.
Question 2
Easy
Can forfeited shares be reissued?
💡 Hint: Consider the company's opportunity to regain capital.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What happens during the forfeiture of shares?
- The company loses capital
- The company gains capital
- The shares are sold to someone else
💡 Hint: Think about the impact of unpaid dues on company funds.
Question 2
Is a company allowed to reissue forfeited shares at any price?
- True
- False
💡 Hint: Consider the legal limits on pricing after forfeiture.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company with a total of ₹2,000 in unpaid calls on 500 shares decides to forfeit them. Identify steps and potential journal entries involved.
💡 Hint: How do you track the loss of capital due to forfeiture?
Question 2
The company reissues half of its forfeited shares at a ₹10 discount and the total unpaid calls were ₹2,000. Draft the journal entries.
💡 Hint: What happens to the accounts when shares are reissued?
Challenge and get performance evaluation