Rajesh, an applicant of 8,000 shares, was allotted 5,000 shares. He paid application money of ₹ 4 (including ₹ 1 premium) but failed to pay ₹ 6 on allotment (including ₹ 2 premium) and final call of ₹ 3 His shares were forfeited and out of these 3,000 shares were re-issued @ ₹ 12 per share as fully paid up.
On the basis of above hypothetical situation, answer
a.) What amount would be reflected in Share forfeiture account upon forfeiture of shares held by Rajesh?
A. ₹ 32,000 B. ₹ 20,000 C. ₹ 15,000 D. ₹ 27,000
b.) What amount will be transferred to Capital Reserve after re-issue of 3,000 shares?
A. ₹ 16,200 B. ₹ 19,200 C. ₹ 10,200 D. Nil
