Company Account -FORFEITURE & REISSUE (Q.2.)
Channel: vikash chakraborty
Date: 2017-02-02

Question: 2. XYZ Ltd. forfeited 200 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share, held by shyam for non-payment of allotment money of Rs. 8 per share (including share premium Rs.5 per share), first call of Rs. 2 per share and final call of Rs. 3 per share. Out of these, 125 Equity Shares were reissued to Bhajanlal @ Rs. 9 per share as fully paid-up.
Give the Journal entries to record forfeiture and reissue of shares.
[C.B.S.E. 2003]