Question

The directors of Axim Ltd. forfeited 20,000 equity shares of 10 each, 8 per
share called up for non-payment of first call of 2 per share. Final call of 2
per share has not been yet called. Half of the forfeited shares were reissued as
fully paid up for 15 per share. The amount transferred to Capital Reserve
will be :
(A) 2,00,000
(B) 1,20,000
(C) 60,000
(D) 40,000

Answer 1

Answer:

option b 1,20,000 is the right answer