Question

The directors of Axim Ltd. Forfeited 20,000 equity shares of Rs10 each,Rs8 per share called up for non payment of first call of Rs2 per share. Final call of Rs 2 per share has not been yet called. Half of the forfeited shares were reissued as fully paid up for Rs 15 per share.The amount transferred Capital Reserve will be​

Answer 1

Answer:

amount paid by defaulter = 20,000×6 = 1,20,000

if this amount stands for 20,000 equity shares hence the reissue is of 10,000 shares hence the amount be ₹60,000 , also no loss on reissue because the share of ₹8 is reissued at ₹15

Answer 2

Answer:

Amount of forfeiture on 20000 shares are 120000         (20000×6)

Amount of forfeiture on 10000 shares are 60000

Amount of reissued shares are 150000        (10000×15)

Capital reserve = reissue amount- forfeited amount

                         = 150000-60000

                         =Rs. 90000

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