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A company forfeited 6,000 shares of Rs.10/- each on which application money of Rs.3/- has been paid out of these 2,000 shares were reissued as fully paid up and Rs.4,000/- has been transferred to capital reserve. Calculate the rate at which these shares were reissued?

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Rs.9/- per share

Rs.11/- per share

Rs.10/- per share

Rs.8/- per share

answer is B.

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Detailed Solution

As the amount in the forfeiture share account is 6,000 and 4,000 were transferred to the capital reserve account. Thus 2,000 was the discount given, making the discount 1(one) per share. Thus the share was issued at Rs.9/- per share.

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