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
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.
Question : Sudha Ltd. forfeited 800 shares of Rs. 10 each issued at 10% premium to Shayam (Rs. 9 called up) on which he did not pay Rs. 3 of allotment (including premium) and first call of Rs. 2. Out of these, 600 shares were re-issued to Ram as fully paid for
Question : A company forfeited 700 shares of Rs. 10 each, on which only Rs. 5 per share was paid. Of these 200 shares were re-issued at Rs. 9 per share. Amount from share forfeiture account to capital reserve will be transferred-
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