{"id":52225,"date":"2024-04-15T23:36:15","date_gmt":"2024-04-15T23:36:15","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=52225"},"modified":"2024-04-15T23:36:15","modified_gmt":"2024-04-15T23:36:15","slug":"the-director-of-m-ltd-resolved-to-forfeit-2000-equity-shares-of-rs-10-each-rs-7-50-per-share-paid-up-for-non-payment-of-final-call-of-rs-2-50-per-share-1000-of-the-forfeited-shares-were-re","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-m-ltd-resolved-to-forfeit-2000-equity-shares-of-rs-10-each-rs-7-50-per-share-paid-up-for-non-payment-of-final-call-of-rs-2-50-per-share-1000-of-the-forfeited-shares-were-re\/","title":{"rendered":"The director of &#8216;M&#8217; Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 3,500&#8243; option2=&#8221;Rs. 7,500&#8243; option3=&#8221;Rs. 9,000&#8243; option4=&#8221;Rs. 11,000&#8243; correct=&#8221;option3&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>C. Rs. 9,000<\/strong><\/p>\n<p>Explanation:<\/p>\n<p>The amount received on forfeiture of 2,000 shares = 2,000 x 7.50 = Rs. 15,000.<\/p>\n<p>The amount credited to Capital Reserve Account on reissue of 1,000 shares = 1,000 x 6 = Rs. 6,000.<\/p>\n<p>Therefore, the amount credited to Capital Reserve Account = 15,000 &#8211; 6,000 = Rs. 9,000.<\/p>\n<p>Let us now explain each option in brief:<\/p>\n<ul>\n<li>Option A: Rs. 3,500. This is the amount that would be credited to Capital Reserve Account if all 2,000 shares were reissued at Rs. 6 per share fully paid up. However, only 1,000 shares were reissued, so this option is incorrect.<\/li>\n<li>Option B: Rs. 7,500. This is the amount that would be credited to Capital Reserve Account if no shares were reissued. However, 1,000 shares were reissued, so this option is also incorrect.<\/li>\n<li>Option C: Rs. 9,000. This is the correct answer as explained above.<\/li>\n<li>Option D: Rs. 11,000. This is the amount that would be credited to Capital Reserve Account if all 2,000 shares were reissued at Rs. 10 per share fully paid up. However, only 1,000 shares were reissued, so this option is also incorrect.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 3,500&#8243; option2=&#8221;Rs. 7,500&#8243; option3=&#8221;Rs. 9,000&#8243; option4=&#8221;Rs. 11,000&#8243; correct=&#8221;option3&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-52225","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The director of &#039;M&#039; Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-m-ltd-resolved-to-forfeit-2000-equity-shares-of-rs-10-each-rs-7-50-per-share-paid-up-for-non-payment-of-final-call-of-rs-2-50-per-share-1000-of-the-forfeited-shares-were-re\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The director of &#039;M&#039; Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 3,500&#8243; option2=&#8221;Rs. 7,500&#8243; option3=&#8221;Rs. 9,000&#8243; option4=&#8221;Rs. 11,000&#8243; correct=&#8221;option3&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-m-ltd-resolved-to-forfeit-2000-equity-shares-of-rs-10-each-rs-7-50-per-share-paid-up-for-non-payment-of-final-call-of-rs-2-50-per-share-1000-of-the-forfeited-shares-were-re\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T23:36:15+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The director of 'M' Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-m-ltd-resolved-to-forfeit-2000-equity-shares-of-rs-10-each-rs-7-50-per-share-paid-up-for-non-payment-of-final-call-of-rs-2-50-per-share-1000-of-the-forfeited-shares-were-re\/","og_locale":"en_US","og_type":"article","og_title":"The director of 'M' Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. 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