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Question
X Ltd. forfeited 1,000 shares of ₹10 each for non-payment of final call of ₹3 each. After reissue of 600 of these shares, ₹3,000 were transferred to Capital Reserve. Shares were reissued for ______.
Options
₹1,200
₹4,800
₹3,600
₹4,000
MCQ
Fill in the Blanks
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Solution
₹4,800
Explanation:
| ₹ | |
| Forfeited amount on 600 shares = 600 × 7 | 4,200 |
| Less: Amount transferred to Capital Reserve | (3,000) |
| Loss on Reissue of 600 shares | 1,200 |
As such, 600 shares were reissued for 6,000 − 1,200
= ₹4,800
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