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 Rs. 9 per share. What is the amount to be transferred to the capital reserve?
Option 1: Rs. 2,400
Option 2: Rs. 1,800
Option 3: Rs. 3,000
Option 4: Rs. 3,600
Correct Answer: Rs. 2,400
Solution : Answer = Rs. 2,400
Share forfeiture account credited by Rs. 600 x 5= Rs. 3,000. Share forfeiture account debited by Rs. 600 x 1=Rs 600. The amount transferred to capital Reserve = Rs.2,400. Hence, the correct option is 1.
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 : Prarthna Ltd. forfeited 300 shares of Rs.10 each, issued at a premium of Rs.2 for non-payment of the final call of Rs.3. Out of these, 200 shares were reissued at Rs.11 per share. How much amount would be transferred to the capital reserve?
Question : X applied for 2,000 shares of Rs. 10 each at a premium of Rs. 2.50 per share. He was allotted 1,000 shares. After having paid Rs. 3 per share on application, he did not pay the allotment money of Rs. 4.50 per share (including premium) and on his subsequent
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?
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