On 1st May, 2022, Moneyplus Ltd. forfeited 200 shares of ₹ 20 each, ₹ 15 per share called-up, on which ₹ 10 per share has been paid by A, the amount of the first call of ₹ 5 per share being unpaid
On 1st May, 2022, Moneyplus Ltd. forfeited 200 shares of ₹ 20 each, ₹ 15 per share called-up, on which ₹ 10 per share has been paid by A, the amount of the first call of ₹ 5 per share being unpaid. Ten days later, the Directors reissued the forfeited shares to B credited as ₹ 15 per share paid-up, for a payment of ₹ 10 per share.
Give Journal entries in the company’s books to record the forfeited shares and their reissue.
[Ans.: Capital Reserve – ₹ 1,000.]
Anurag Pathak Changed status to publish September 6, 2023
