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

  • question_answer
    The Directors of Axim Ltd. forfeited 20,000 equity shares of Rs. 10 each, Rs. 8 per share called-up for non-payment of Rs. 2 per share. Final call of Rs. 2 per share has not been yet called Half of the forfeited shares were reissued as fully paid-up for Rs.15 per share. The amount transferred to capital reserve will be:      (CBSE 2020)

    A) Rs. 2,00,000       

    B) Rs. 1,20,000

    C) Rs. 60,000          

    D) Rs. 40,000  

    Correct Answer: C

    Solution :

    [c] Rs. 60,000
    Hint: Amount forfeited on 20,000 shares           (Rs.)
    (20,000\[\times \]6)                                      = 1,20,000
    (-) Amount forfeited on 10,000 shares
                                \[\left( \frac{1,20,000}{20,000}\times 10,000 \right)\]= (60,000)
    Capital Reserve                                = 60,000


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