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Question
Radhe Ltd. forfeited 500 shares of ₹ 10 each fully called up for non-payment of final call of ₹ 3 per share. 300 of these shares were reissued at ₹ 8 per share as fully paid-up. The amount credited to Capital Reserve Account was:
Options
₹ 1,500
₹ 2,100
₹ 3,200
₹ 1,800
MCQ
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Solution
₹ 1,500
Explanation:
| Amount received on 300 shares (7 × 300) = | ₹ 2,100 |
| Less: Loss on Reissued (300 × 2) = | ₹ 600 |
| Amount credited to capital reserve = | ₹ 1,500 |
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