Jindal ltd. forfeited 80 shares of ₹ 10 each on which the holder had paid only the application money of `₹3 per share. Out of these, 40 shares were reissued to Mahendra as fully paid for ₹ 9 per share. The amount transferred to Capital Reserve is:
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entry 1
share capital A/c DR. 800
to forfeiture share A/C 240
to calls-in_arrears A/C 560
entry 2
Bank A/C DR. 360
forfeiture share A/C DR. 40
to share capital A/C 400
entry 3
forfeiture share A/C DR. 120
to capital reserve AlC 120
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AIC 120. is the correct answer
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