13. Mayfair Ltd. forfeited 2,000 shares of Rs.10 each, Rs.7 called up, on which only Rs. 4 pershare (including Rs.2 premium) and Rs.2 per share on first call has not been paid. Out of these500 shares were re-issued as fully paid that Rs. 750 was transferred to Capital Reserve. On re-issue, how much amount will be transferred to Bank A/c?(a) Rs. 3,250(b) Rs. 4,250(c) Rs. 2,250(d) Rs. 5,500
Question
- Mayfair Ltd. forfeited 2,000 shares of Rs.10 each, Rs.7 called up, on which only Rs. 4 pershare (including Rs.2 premium) and Rs.2 per share on first call has not been paid. Out of these500 shares were re-issued as fully paid that Rs. 750 was transferred to Capital Reserve. On re-issue, how much amount will be transferred to Bank A/c?(a) Rs. 3,250(b) Rs. 4,250(c) Rs. 2,250(d) Rs. 5,500
Solution
The question is about the re-issue of forfeited shares and the amount to be transferred to the bank account. Here's how you can solve it:
Step 1: Calculate the amount forfeited: The shares were called up to Rs.7 but only Rs.4 per share was paid. So, the amount forfeited is Rs.3 per share (Rs.7 - Rs.4). For 2,000 shares, the total amount forfeited is Rs.6,000 (2,000 shares * Rs.3).
Step 2: Calculate the amount re-issued: 500 shares were re-issued as fully paid. The amount transferred to Capital Reserve is Rs.750. So, the amount received on re-issue is Rs.1,500 (500 shares * Rs.3) - Rs.750 (transferred to Capital Reserve) = Rs.750.
Step 3: Calculate the amount to be transferred to Bank A/c: The amount to be transferred to the bank account is the amount forfeited (Rs.6,000) minus the amount re-issued (Rs.750). So, the amount to be transferred to Bank A/c is Rs.5,250 (Rs.6,000 - Rs.750).
So, none of the options given in the question is correct. The correct answer should be Rs.5,250.
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