Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Shares

Question:

The director of Poly Plastic Limited resolved that 200 equity shares of Rs.100 each be forfeited for non-payment of the second and final call of Rs.30 per share. Out of these, 150 shares were re-issued at Rs.60 per share to Mohit. Profit on reissue of forfeited shares transferred to capital reserve. Amount credited to capital reserve account is-

Options:

Rs. 5400

Rs. 6000

Rs. 4500

Rs. 9000

Correct Answer:

Rs. 4500

Explanation:

The correct answer is Option (3) → Rs. 4500