{"id":55536,"date":"2024-04-16T00:29:04","date_gmt":"2024-04-16T00:29:04","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55536"},"modified":"2024-04-16T00:29:04","modified_gmt":"2024-04-16T00:29:04","slug":"the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/","title":{"rendered":"The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 2,500&#8243; option2=&#8221;Rs. 1,500&#8243; option3=&#8221;Rs. 3,500&#8243; option4=&#8221;Rs. 3,150&#8243; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is D. Rs. 3,150.<\/p>\n<p>The amount received on forfeited shares is transferred to capital reserve. The amount to be transferred to capital reserve is the difference between the amount received on reissue of forfeited shares and the amount paid up on forfeited shares. In this case, the amount received on reissue of forfeited shares is Rs. 700 x Rs. 7 = Rs. 4,900. The amount paid up on forfeited shares is Rs. 7.50 x 1000 = Rs. 7,500. Therefore, the amount to be transferred to capital reserve is Rs. 4,900 &#8211; Rs. 7,500 = Rs. 3,150.<\/p>\n<p>Option A is incorrect because it is the amount of the final call money that was not paid. Option B is incorrect because it is the amount of the paid-up capital on the forfeited shares. Option C is incorrect because it is the total amount received on the reissue of forfeited shares.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 2,500&#8243; option2=&#8221;Rs. 1,500&#8243; option3=&#8221;Rs. 3,500&#8243; option4=&#8221;Rs. 3,150&#8243; correct=&#8221;option4&#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-55536","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 a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be<\/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-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 2,500&#8243; option2=&#8221;Rs. 1,500&#8243; option3=&#8221;Rs. 3,500&#8243; option4=&#8221;Rs. 3,150&#8243; correct=&#8221;option4&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:29:04+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 a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be","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-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/","og_locale":"en_US","og_type":"article","og_title":"The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. The amount to be transferred to the capital reserve would be","og_description":"[amp_mcq option1=&#8221;Rs. 2,500&#8243; option2=&#8221;Rs. 1,500&#8243; option3=&#8221;Rs. 3,500&#8243; option4=&#8221;Rs. 3,150&#8243; correct=&#8221;option4&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:29:04+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-director-of-a-limited-company-resolved-to-forfeit-1000-equity-shares-of-rs-10-each-rs-7-50-paid-up-for-non-payment-of-the-final-call-money-of-rs-2-50-per-share-700-of-these-forfeited-shares-w\/","name":"The director of a limited company resolved to forfeit 1000 equity shares of Rs. 10 each; Rs. 7.50 paid up for non-payment of the final call money of Rs. 2.50 per share. 700 of these forfeited shares were reissued at Rs. 7 per share. 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