Practicing Success
How much amount will be transferred to capital reserve if 600 shares are forfeited of ₹10 each, on which first call of ₹3 per share was not received, the second and final call of ₹2 per share has not yet been called. Out of these, 200 shares were reissued as ₹8 paid up for ₹7 per share? |
₹200 ₹2200 ₹800 ₹3000 |
₹800 |
The correct answer is option 3- ₹800. 1) Share Capital A/c (600 x 8) Dr. ₹4800 2) Bank A/c Dr. ₹1400 3) Share forfeiture A/c Dr. ₹800 * Forfeited amount on 600 shares = ₹3000 |