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  5. Accounting For Share Capital

12th Class Accountancy Accounting For Share Capital Question Bank MCQs - Accounting for Share Capital

  • question_answer
    Vinod Ltd. Forfeited 200 shares of Rs.10 each fully called up held by X for no payment of allotment rnoney of Rs.3 per share & Final call of Rs.4 per share. He paid the application money of Rs.3 per share. These shares were reissued to Y for Rs.8 per shares. Journal entry for the transfer of Gain on reissue to Capital Reserve will be:

    A)
    Share Forfeiture A/c Dr. 200  
    To Capital Reserve     200
     

    B)
    Share Forfeiture A/c Dr. 300  
    To Capital Reserve     300
     

    C)
    Share Forfeiture A/c Dr. 400  
    To Capital Reserve     400
     

    D)
    Share Forfeiture A/c Dr. 800  
    To Capital Reserve     800
     

    Correct Answer: A

    Solution :

    Share Forfeiture A/c Dr. 200  
    To Capital Reserve     200
     


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