Practicing Success
If a share of ₹10 is issued at a premium of ₹3, on which the full amount has been called and ₹8 has been paid on it (including premium), is forfeited, then the share capital is debited with: |
₹8 ₹5 ₹10 ₹13 |
₹10 |
Premium is paid by the shareholder so there is no use of premium. It is assumed that premium is paid on allotment and call is not paid by the shareholder. |