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A company forfeited 4000 shares of …

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A company forfeited 4000 shares of 10 each on which application money of 3 has been paid . out of these 2000 shares were reissued as fully paid up and 4000 has been transferred to capital reserve. calculate the rate at which these shares were reissued.

Posted by Siddhant Jain 3 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Incredible Suri 3 years, 8 months ago

Share capital ac dr 40000 To calls in arrear ac 28000 To share forfeiture ac 12000 Bank ac dr 18000 Share forfeiture ac dr 2000(w.n.1) To share capital ac 20000 Share forfeiture ac dr 4000 To capital reserve ac 4000 Working note: 1.share forfeited (related to reissue) =12000×2000/4000 =6000 Now, amount transferred to capital reserve=4000 Therefore, discount allowed on reissue=6000-4000=2000 Thus, share reissued at =(20000-2000)/2000=9 Ans. shares reissued at Rs.9 per share

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