Pass journal entries for the Forfeiture and Re-issue in the following cases :  (a) X Ltd. for
Channel: Doubtnut
Date: 2020-04-26

Pass journal entries for the Forfeiture and Re-issue in the following cases :  (a) X Ltd. forfeited 200 shares of Ravi of Rs. 10 each Rs. 8 called up, on which he had paid application and allotment money of Rs. 3 per share. Out of these, 100 shares were re-issued as fully paid up for Rs. 8 per share.  (b) Y Ltd. forfeited 300 shares of Rs. 10 each, Rs. 7 called up, for non-payment of First Call of Rs. 2 per share. Out of these, 100 shares were immediately re-issued at Rs. 6 per share.  (c ) Z Ltd. forfeited 600 shares of Rs. 10 each, on which first call of Rs. 3 per share was not received, the second and final call of Rs. 2 per share has not yet been called. Out of these, 200 shares were re-issued as Rs. 8 paid for Rs. 7 per share.