# . MIG Ltd. forfeited 40 shares of * 10 each issued at a premium of 40% to Raj who had applied for 48 shares. After having paid 6 (including 2 premium), he did not pay allotment money of 2 (including 1 premium) and on his subsequent failure to pay the first call of 3 (including * 1 premium) his shares were forfeited. The amount to be credited to Forfeited Shares Account is (a) *288. (b) 200. (c) ₹192. (d) * 160. Inf7 10 issued at a premium of 32, whole amount is called-up and *7 is received, Share Capital​

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Forfeiture amount per share is the amount to be received by the company on forfeiture of each share.
ForfeitureAmount=ApplicationAmount+AllotmentAmount
Substitute the values in above equation
ForfeitureAmount=Rs2
Forfeiture amount is the money received by the company on forfeiture (cancellation of share) or on the reissue of share.
ForfeitureAmount=No.ofshares×ForfeitureAmount
Substitute the values in the above equation
ForfeitureAmount=10shares×Rs2=Rs20
ForfeitureAmountfor8shares=8shares×Rs2=Rs16
ForfeitureAmountonreissue=8shares×Rs0=Rs0

The extra 1 rupee paid by the shareholder on the reissue is not considered because it is a part of the security premium, not share forfeiture amount.
Profit on the reissue is the profit earned by the company when the forfeited shares are reissued
Profitonreissue=ForfeitedAmountonforfeiture−ForfeitedAmountonReissue
Substitute the values in the above equation
Profitonreissue=Rs16−Rs0=Rs16
Hence, the profit earned on the reissue of shares is Rs 16.
Share forfeiture a/c Dr. Rs16
To share forfeiture a/c Rs16.
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