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X Ltd. Forfeited 1,500 shares of …

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X Ltd. Forfeited 1,500 shares of ₹10 each(originally issued at a premium of ₹3 per share which was payable along with application money) on which allotment money of₹3 and first call money of ₹2 were not received ; the final call money of₹3 is not yet called .These shares were originally allotted on pro- rata basis in the ratio of 3:2 .These shares were subsequently reissued at a discount of ₹1 per share, credited as ₹7 paid up. Pass necessary journal entries for forfeiture and reissue of shares

Posted by Rashmi Priya 5 years, 7 months ago

CBSE > Class 12 > Accountancy

2 answers

Rashmi Priya 5 years, 7 months ago

But, this is not right

1Thank You

Akshat Kumar 5 years, 7 months ago

Bank A\c Dr. 10,500 Share Forfeiture A\c Dr. 1,500 To share capital A\c 12,000

4Thank You

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CBSE > Class 12 > Accountancy