Question : Swapna Ltd. forfeited 100 shares of Rs.20 each, and application money of Rs.2 was paid. These 100 shares were reissued for Rs.18 per share. What amount will be transferred to Capital Reserve A/c?
Option 1: Nil
Option 2: Rs.180
Option 3: Rs.320
Option 4: None of these
Correct Answer: Nil
Solution : Amount credited to Share Forfeiture A/c = 100 X Rs.2 = Rs.200. Amount debited to Share Forfeiture A/c = 100 X Rs.2 = Rs.200. Amount transferred to Capital Reserve A/c = (Rs.200 - Rs.200) = Nil. Hence, the correct option is 1.
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
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 : 6000 shares of Rs. 100 each forfeited due to nonpayment of allotment of Rs. 40 per share and first & final call of Rs. 30 per share. Out of the forfeited shares, 4500 shares were reissued at Rs. 80 per share fully paid. Which of the following amount of share forfeiture
Question : 500 shares of Rs.20 each on which first and final call of Rs.6 per share is not paid is forfeited. Out of these, 200 shares are reissued for Rs.14 per share fully paid up. The amount transferred to the capital reserve will be:
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