Company Account -FORFEITURE & REISSUE OF SHARES (Q.5.)
Channel: vikash chakraborty
Date: 2017-02-03

Question: 5. X Ltd. forfeited 1,000 shares of Rs.10 each (Rs. 8 called-up) for the non-payment of the allotment  money of Rs. 5 per share including Rs. 2 as premium. Of these, 800 shares were reissued to S at Rs. 7 per share as Rs. 8 Called-up.
Journalise the above transactions in the books of X Ltd.
[C.B.S.E. 2006]