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Question : Krishna Ltd. forfeited 2,000 shares of Rs. 20 each, fully called up, on which only application money of RS. 6 has been paid. Out of these 1,000 shares were reissued and Rs. 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

Option 1: Rs 20 per share

Option 2: Rs 18 per share

Option 3: Rs 22 per share

Option 4: Rs 8 per share


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Rs 8 per share


Solution : Answer = Rs 8 per share

Share forfeited credited = 1000 shares x 6 paid up = 6000

Capital Reserve = 4000

Share forfeited (Dr.) = 2000

(1000 x 2)

Re-issued Amount = 10 - 2 = Rs 8
Hence, the correct option is 4.

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