Tara Ltd. forfeited 500 shares of ` 10 each, ` 8 called up, on which John had
paid application money ` 4 and allotment money of ` 3 per share. Out of
these, 300 shares were reissued to Kishor as fully paid up for ` 8 per share.
What is the amount that has been transferred to Capital Reserve Account?
(a) ` 500
(c) ` 1,500
(b) ` 1,000
(d) ` 2,100
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Answer: c. 1500
Explanation:
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