The directors of Axim Ltd. Forfeited 20,000 equity shares of Rs10 each

1.	The directors of Axim Ltd. Forfeited 20,000 equity shares of Rs10 each,Rs8 per share called up for non payment of first call of Rs2 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 Capital Reserve will be
Answer» Answer: amount paid by defaulter = 20,000×6 = 1,20,000 if this amount stands for 20,000 equity SHARES hence the REISSUE is of 10,000 shares hence the amount be ₹60,000 , also no LOSS on reissue because the SHARE of ₹8 is reissued at ₹15

The directors of Axim Ltd. Forfeited 20,000 equity shares of Rs10 each,Rs8 per share called up for non payment of first call of Rs2 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 Capital Reserve will be

Answer»

Answer:

amount paid by defaulter = 20,000×6 = 1,20,000

if this amount stands for 20,000 equity SHARES hence the REISSUE is of 10,000 shares hence the amount be ₹60,000 , also no LOSS on reissue because the SHARE of ₹8 is reissued at ₹15

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