Question:
KLB Ltd. forfeited 3,000 shares of ₹ 10 each, ₹ 8 per share called up for non-payment of first call of ₹ 2 per share. All these shares were reissued at ₹ 7 per share, ₹ 8 paid up. The amount transferred to Capital Reserve Account will be:
KLB Ltd. forfeited 3,000 shares of ₹ 10 each, ₹ 8 per share called up for non-payment of first call of ₹ 2 per share. All these shares were reissued at ₹ 7 per share, ₹ 8 paid up. The amount transferred to Capital Reserve Account will be:
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When shares are reissued at a discount, the loss on reissue is deducted from the forfeited amount, and the remaining balance is transferred to the Capital Reserve Account.
Updated On: Jan 18, 2025
- ₹ 18,000
- ₹ 24,000
- ₹ 15,000
- ₹ 3,000
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The Correct Option is C
Solution and Explanation
1. Forfeited Amount per Share:
Amount already paid per share = ₹ 8 (called-up) - ₹ 2 (unpaid first call) = ₹ 6.
2. Total Forfeited Amount:
\( \text{Total forfeited amount} = 3,000 \times ₹ 6 = ₹ 18,000. \)
3. Loss on Reissue:
Reissue price per share = ₹ 7.
Paid-up value per share = ₹ 8.
Loss per share on reissue = ₹ 8 - ₹ 7 = ₹ 1.
Total loss on reissue = \( 3,000 \times ₹ 1 = ₹ 3,000. \)
4. Amount Transferred to Capital Reserve:
Amount transferred to Capital Reserve = Total forfeited amount - Loss on reissue:
\[
\text{Capital Reserve} = ₹ 18,000 - ₹ 3,000 = ₹ 15,000.
\]
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