Company Account - FORFEITURE & REISSUE OF SHARES (Q.8.)
Channel: vikash chakraborty
Date: 2017-02-06

Question: 8. The Directors of a company forfeited 300 shares of Rs.10 each issued at a premium of Rs.3 per share, for the non-payment of the first call money of Rs.2 per share. The final call of Rs.2 per share has not been made. Half the forfeited shares were reissued at Rs.1,500 as fully paid-up. Record the journal entries for the forfeiture and reissue of shares.
[C.B.S.E 2009]