A company forfeited 400 shares of ₹20 each ₹15 called up, on which application and allotment money of ₹11 per share has been received. Out of these, 100 shares were re-issued as fully paid-up for ₹24 per share. How much amount is to be transferred to the share forfeiture account?

₹4000 ₹4400 ₹4600 ₹5000

₹4400

400 SHARES x 11 = ₹4400 received which will be forfeited and go into the share forfeiture account.