Question

A Company forfeited 10 shares of
Rs. 10 each, Rs.8 called up for
nonpayment of the first call of Rs.2
per share. Of these, 8 shares were
reissued as fully paid for a price of
Rs. 7 Per share. The amount to be
transferred to capital reserve is​

Answer 1

Answer:

The correct option is D)

As per the companies act 2013 the minimum amount at which the company can reissue the shares is the amount they have received on forfeit of shares.

The amount that the company has received on forfeiture of shares is Rs 8 so the minimum amount that the company can reissue shares must be Rs 2. Below that amount the company will suffer a loss as it has received Rs 8 so it cannot charge less than Rs 2.

Hence, the minimum reissue amount is Rs2 per share.

Explanation:

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