CUET Accountancy - The director of Poly Plastic Limited resolved that 200 equity shares of Rs.100 each be forfeited for non-payment of the second and final call of Rs.30 per share. Out of these, 150 shares were re-issued at Rs.60 per share to Mohit. Journal entry for creating capital reserve will be: | PYQs + Solutions

CUET Accountancy 2025 4 June Shift 2

Company Accounts

Medium

common

Shares Forfeiture A/c Dr. 3,500

To Capital Reserve A/c 3,500

Shares Forfeiture A/c Dr. 6,500

To Capital Reserve A/c 6,500

Shares Forfeiture A/c Dr. 4,500

To Capital Reserve A/c 4,500

Shares Forfeiture A/c Dr. 10,500

To Capital Reserve A/c 10,500

✅ Correct Option: 3

Related questions:

22 May Shift 1

Which of the following company, by its articles, restricts the right to transfer its shares ?

13 May Shift 1

Which of the following statements are correct?

(A) A company is an artificial person.

(B) Company's shares are generally transferable.

(D) The part of capital which is called up only on winding up is called reserve capital.

Choose the correct answer from the options given below:

4 June Shift 2

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:

CUET Accountancy 2025 4 June Shift 2 PYQs

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