Cemto Ltd. Forfeited 6,000 shares of Rs. 10 each issued at a premium of Rs. 2 per sha
Channel: Doubtnut
Date: 26/04/2020

Cemto Ltd. Forfeited 6,000 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of final call of Rs. 3 per share. 300 of the forfeited shares were reissued for Rs. 8 per share as fully paid up.  Pass necessary journal entries for the forfeiture and re-issue of shares. Also prepare share forfeited account.