150 shares of Mr. Ram of Rs.10 each issued at a premium of Rs.4 per share payable with allotment were forfeited for non-payment of allotment money of Rs.8 per share including premium. The first and final call of Rs.4 per share was not made. The forfeited shares were reissued at Rs.15 per share fully paid-up. Calculate the amount transferred to capital reserve.

Rs. 300

Correct answer: Option (3) → Rs. 300

Concept: On re-issue, the amount transferred to Capital Reserve = amount forfeited (received) on the re-issued shares less any discount allowed on re-issue – per Accounting for Share Capital.

Face Rs 10 is split as: application Rs 2, allotment Rs 4 (plus Rs 4 premium) and first & final call Rs 4 (not yet made).
The defaulter paid only the application money = Rs 2 per share, so forfeited amount = 150 × 2 = Rs 300 (the unpaid premium is not treated as a gain).
Re-issue at Rs 15 (face Rs 10) is at a premium, so no discount is deducted on re-issue.
Amount transferred to Capital Reserve = Rs 300.