(Forfeiture of Shares Issued at Premium, Reissued at Discount). ABC Ltd. forfeited 150 Equit
Channel: Doubtnut
Date: 2020-03-29

(Forfeiture of Shares Issued at Premium, Reissued at Discount). ABC Ltd. forfeited 150 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share, for non-payment of allotment money of Rs. 8 per share (including premium of Rs. 5 per share), the first call of Rs. 2 per share and the final call of Rs. 3 per share. Out of these, 100 Equity Shares were reissued at Rs. 14 per share. Give Journal entries the forfeiture and reissue of shares.