Comprehension Passage
Faltu Limited invited applications for 2,00,000 shares of Rs. 10 each. These shares were issued at a premium of Rs. 11 each which was allowed at the time of allotment. All money was called and duly received except on 10,000 shares on which only application money of Rs. 3 per share was received.
In the context of share forfeiture, what happens to the amount forfeited?
1
It is credited to the Share Capital account.
2
It is transferred to the General Reserve.
3
It is credited to the Forfeited Shares Account.
4
It is refunded to the shareholders.