M. Ltd. forfeited 50 shares of Rs. 100 each issued to X (Rs. 80 called up) on which the allotment money of Rs. 30 and the first call money of Rs. 20 have not been received. The company reissued these shares @ Rs. 90 per share as fully paid up. The amount to be transferred to Capital Reserve Account would be:
A. Rs. 500
B. Rs. 1,000
C. Rs. 1,500
D. Rs. 2,000
Answer: Option B
This Question Belongs to Commerce >> Accounting
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