Q.
The directors of X Ltd. resolved to forfeit 2000 equity shares of ` 10 each. On these shares ` 7.50 per share was paid up, but final call of ` 2.50 per share was unpaid. 1,000 of the forfeited shares were reissued at ` 7 per share. Capital Reserve Account will be credited by
[A] 4,500
[B] 7,500
[C] 2,500
[D] 5,000
Answer & Explanation
Answer: 4,500