X Co. Ltd. forfeited 20 shares of Rs 10 each on which Rs 5 per share w

1.	X Co. Ltd. forfeited 20 shares of Rs 10 each on which Rs 5 per share were paid. The company issued these shares @ Rs 8 fully paid up. Amount transferred to capital reserve will be?
Answer» Answer: Rs. 100 Shares forfeiture account CONTAINS the balance of MONEY paid on the shares forfeited. Number of shares = 20 Money paid on shares = 2+3 = 5 Money unpaid on shares = (8-5) = 3 Balance in shares forfeiture account before shares were re-issued = 20*5 = 100

X Co. Ltd. forfeited 20 shares of Rs 10 each on which Rs 5 per share were paid. The company issued these shares @ Rs 8 fully paid up. Amount transferred to capital reserve will be?

Answer»

Answer:

Rs. 100

Shares forfeiture account CONTAINS the balance of MONEY paid on the shares forfeited.

Number of shares = 20

Money paid on shares = 2+3 = 5

Money unpaid on shares = (8-5) = 3

Balance in shares forfeiture account before shares were re-issued = 20*5 = 100

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X Co. Ltd. forfeited 20 shares of Rs 10 each on which Rs 5 per share were paid. The company issued these shares @ Rs 8 fully paid up. Amount transferred to capital reserve will be?​

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X Co. Ltd. forfeited 20 shares of Rs 10 each on which Rs 5 per share were paid. The company issued these shares @ Rs 8 fully paid up. Amount transferred to capital reserve will be?