A company forfeited 100 shares of ₹10 each, ₹6 paid up, for non- payment of final call of ₹4 each. 60 shares of these were re-issued at ₹8 per share as fully paid up. The amount transferred to Capital Reserve Account would be -

₹240

The correct answer is option 3- ₹240.

Number of shares forfeited = 100
Face value per share = ₹10
Paid-up value per share = ₹6
Final call not paid = ₹4 per share

Journal entry on forfeiture-
Share Capital A/c Dr.    ₹1,000 (Calledup amount 100 x 10)
       To Share Final Call A/c     ₹400 (Not received 100 x 4)
       To Share Forfeiture A/c   ₹600 (100 X 6 Received amount)
(Forfeiture of 100 shares)

60 shares are reissued
Face value = ₹10 BUT RECEIVED ₹8.

Journal entry on reissue-
Bank A/c Dr.                    ₹480 (60 x 8)
Share Forfeiture A/c Dr.  ₹120 (60 x 2)
       To Share Capital A/c            ₹600 (60 x 10)
(Reissue of 60 forfeited shares)

Amount forfeited on 100 shares = ₹600
Amount forfeited on 60 shares = 600/100 x 60
                                                 = ₹360

Amount used in reissue of shares = ₹120
Amount transferred to capital reserve = 360-120
                                                            = ₹240