PV Ltd. issued 40,000 shares of ₹ 10 each at a premium of ₹ 2 per share. The shares were payable as ₹ 2 on application, ₹ 5 on allotment (including premium) and ₹ 5 on call. All the shares were applied for and allotted.
CS Executive · Corporate and Management Accounting · PYQS · December 2023
PV Ltd. issued 40,000 shares of ₹ 10 each at a premium of ₹ 2 per share. The shares were payable as ₹ 2 on application, ₹ 5 on allotment (including premium) and ₹ 5 on call. All the shares were applied for and allotted. All monies were received with the exception of the call money on 1000 shares which were forfeited. If 400 of these shares were re-issued as fully paid @ ₹ 8 per share, the amount transferrable to Capital Reserve Account is:
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Corporate Accounting
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