Question : A company forfeited 1,000 shares of Rs. 10 each fully called, on which Rs. 6,000 has been paid. Out of these, 800 shares were re-issued upon payment of Rs. 6,600. What is the amount to be transferred to the capital reserve?
Option 1: Rs. 4,800
Option 2: Rs. 6,000
Option 3: Rs. 4,600
Option 4: Rs. 3,400
Answer (1)
25th Jan, 2024
Correct Answer: Rs. 3,400
Solution : Answer = Rs. 3,400
Share forfeiture account credited by 800 shares x Rs.6 = Rs. 4,800.
Share forfeiture account debited by Rs. 1,400.
The amount transferred to Capital Reserve = Rs. 3,400.
Hence, the correct option is 4.
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