P Ltd. forfeited 5,000 equity shares of ₹10 each for non-payment of first and final call of ₹2.50 per share which were issued at a premium of ₹3 per share receivable at allotment. Out of these, 3,200 shares are re-issued
CS Executive · Corporate and Management Accounting · PYQS · December 2019
P Ltd. forfeited 5,000 equity shares of ₹10 each for non-payment of first and final call of ₹2.50 per share which were issued at a premium of ₹3 per share receivable at allotment. Out of these, 3,200 shares are re-issued at ₹8 per share as fully paid up. The amount transferred to Capital Reserve will be :
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Company Accounts
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