Company Account -FORFEITURE & REISSUE OF SHARES (Q.11.)
Channel: vikash chakraborty
Date: 2017-02-15

Question: 11. TAG Ltd. forfeited 400 shares of Rs.10 each issued at a premium of Rs. 1 per share for the non-payment of allotment money of Rs. 4 per share (including premium). The first and final call of Rs.3 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs. 8 per share fully paid-up.
Pass necessary entries for the forfeiture and reissue of shares.
[C.B.S.E. 2011]