Question:
NUK Ltd. forfeited 1,000 shares of ₹ 10 each, fully called up for non-payment of final call of ₹ 2 per share. 800 of these shares were reissued at ₹ 11 per share fully paid. The amount credited to Capital Reserve Account will be:
NUK Ltd. forfeited 1,000 shares of ₹ 10 each, fully called up for non-payment of final call of ₹ 2 per share. 800 of these shares were reissued at ₹ 11 per share fully paid. The amount credited to Capital Reserve Account will be:
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When forfeited shares are reissued at a premium, the forfeited amount of reissued shares is credited to the Capital Reserve.
Updated On: Jan 18, 2025
- ₹ 6,400
- ₹ 8,000
- ₹ 7,200
- ₹ 10,000
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The Correct Option is A
Solution and Explanation
1. Forfeiture Amount per Share:
Paid amount per share = ₹ 10 (fully called-up) - ₹ 2 (unpaid final call) = ₹ 8.
2. Total Forfeited Amount:
\( \text{Total forfeited amount for 1,000 shares} = ₹ 8 \times 1,000 = ₹ 8,000. \)
3. Reissue Details:
Number of shares reissued = 800.
Reissue price per share = ₹ 11.
Total amount received from reissue = \( ₹ 11 \times 800 = ₹ 8,800. \)
4. Capital Reserve Calculation:
Forfeited amount on reissued shares = \( ₹ 8 \times 800 = ₹ 6,400. \)
The entire forfeited amount of the reissued shares is transferred to the Capital Reserve as no discount is given:
\[
\text{Capital Reserve} = ₹ 6,400.
\]
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