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Gaurav applied for 5000 share of …

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Gaurav applied for 5000 share of Rs 10 each at a premium of 2.50 per share. But he was alloted only 2500 per share on pro rata basis . After having paid Rs 3 per share on application, he did not pay allotment money of Rs 4.50 per share (including premium) and on his subsequent failure to pay the first call of Rs 2 per share, his share were forfeited. These share were reissue at the rate of Rs 8 per share credited as fully paid. pass journal entries to record the forfeiture and reissue of share with working notes

Posted by Riya Jain 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Sambhav Jain 6 years, 8 months ago

Forfeiture amt. Is rs 12500 and forfeiture discount is rs 5000 thus cap. Reserve is 7500.

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