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Question

X Ltd. forfeited 20 shares of ` 10 each, ` 8 called up, on which John had paid application and allotment money of ` 5 per share, of these, 15 shares were reissued to Parker as fully paid up for ` 6 per share. What is the balance in the share Forfeiture Account after the relevant amount has been transferred to Capital Reserve Account ?

A NIL
B 5
C 25
D 100

Answer & Explanation

Answer:25

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