Forfeiture of shares results in the reduction of :

Taxman Ltd had allotted 40,000 equity shares to the applicant of 48,000 shares on pro rata basis. The amount payable on application is Rs. 4. Manorama applied for 450 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from her are:

The following are the features of a Company:

(A) Separate Legal Entity

(B) Unlimited Liability

(C) Perpetual Succession

(D) Common Seal

Choose the correct answer from the options given below:

PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is :

200 shares of Rs. 100 each issued at a premium of Rs.10 were forfeited for the non-payment of allotment money of Rs. 60 (including premium) per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs. 70 per share as fully paid-up. Capital reserve created after reissue will be:

Choose the correct order regarding issue of shares process.

A. Receipt of Applications

B. Issue of Prospectus

C. Allotment of Shares

D. Forfeiture of share

Choose the correct answer from the options given below:

The balance, if any, left in the share forfeited account relating to reissued shares, should be transferred to _______