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Prayuj Ltd. forfeited 2,000 shares of ₹ 10 each, fully called up, on which they had received only ₹ 14,000. Out of forfeited shares 50 shares were reissued for ₹ 9 per share fully paid up.

Pass necessary journal entries for forfeiture and re-issue of shares. Also prepare share forfeited account.

[Ans. Amount transferred to Capital Reserve ₹ 300.]

Anurag Pathak Answered question 20 hours ago
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