Question

X Ltd. invited applications for issuing 2,40,000 equity shares of ₹10 each at a premium of ₹4 per share. The amount was payable as under: On application ₹4 per share (including premium ₹2) On allotment ₹4 per share On first and final call Balance Amount Applications for 3,00,000 shares were received and pro-rata allotment was made to all the applicants. All calls were made and were duly received except from Rohini, who failed to pay allotment and first and final call on 7,500 shares applied by her. These shares were forfeited. Afterwards, 40% of the forfeited shares were re-issued at ₹11 per share as fully paid-up.

On the basis of above information, you are required to answer the following question:

Amount transferred to Capital Reserve will be ______.

पर्याय

• ₹7,200

• ₹18,000

• ₹6,000

• ₹4,800

Answer 1

Amount transferred to Capital Reserve will be ₹7,200.

Explanation:

Date	Particulars	L.F.	Debit (₹)	Credit (₹)
1.	Share Capital A/c     ...Dr.		60,000
	Securities Premium A/c     ...Dr.		12,000
	To Calls in Arrears A/c			54,000
	To Share Forfeiture A/c			18,000
	(6,000 shares forfeited)
2.	Bank A/c     ...Dr.		26,400
	To Share Capital A/c			24,000
	To Securities Premium A/c			2,400
	(2,400 shares reissued @₹11 each)
3.	Share Forfeiture A/c     ...Dr.		7,200
	To Capital Reserve A/c			7,200
	(Gain on reissue)

`18,000 xx (2,400)/(6,000) = ₹7,200`