Question

Johri Ltd. was formed with an authorised capital of ₹10,00,000 divided into shares of ₹20 each. It offered 40,000 shares to the public for subscription at a premium of ₹10 per share. Applications were received for 37,000 shares and allotment was made to all applicants. Amounts were payable as follows: On Application ₹6 On Allotment ₹15 On 1st Call ₹5 On IInd & Final Call Balance It forfeited 3,000 shares of ₹20 each (₹16 called up) held by Mansi, for non-payment of allotment and the first call. Out of these, 2,000 shares were reissued to Sudha as ₹16 called up for ₹14 per share. Second and final call was not made by the Company.

Amount transferred to capital reserve will be ______.

विकल्प

• ₹14,000

• ₹18,000

• NIL

• ₹8,000

Answer 1

Amount transferred to capital reserve will be ₹8,000.

Explanation:

Mansi paid only ₹6 (on 3,000 shares) → ₹18,000 received

2,000 shares reissued at ₹14 (₹2 discount) → ₹4,000 discount

Profit = ₹18,000 (received on 2,000 shares) – ₹4,000 (discount)

= ₹8,000

Date	Particulars	L.F.	Debit (₹)	Credit (₹)
(i)	Share Capital A/c (3,000 × ₹16) A/c     ...Dr.		48,000
	Securities Premium A/c     ...Dr.		30,000
	To Calls in Arrears A/c			60,000
	To Share Forfeiture A/c			18,000
(ii)	Bank A/c     ...Dr.		28,000
	Share Forfeiture A/c     ...Dr.		4,000
	To Share Capital A/c			32,000
(iii)	Share Forfeiture A/c     ...Dr.		8,000
	To Capital Reserve A/c			8,000