Question

40. A company came out with a public
a
issue of 1 lac shares of Rs.10 each, payable
Rs.4 as Application Money, Rs.4
Allotment money and Rs.2 each, as 1st and
final call. The company has received
applications for 2 lac shares. If the
company decides to forfeit the partly-paid
shares, the amount that will be transferred
to Capital Reserves account would be
?
(a) Rs.4,000
(b) Rs.8,000
(c) Rs.32,000
(d) Rs.40,000​

Answer 1

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