A company forfeited 50 shares of 10 each issued at a premium of 10% for nonpayment of
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A company forfeited 50 shares of ₹10 each issued at a premium of 10% for nonpayment of the final call of ₹3 per share. Out of these, 35 shares were re-issued at ₹8peer share as fully paid up. Pass journal entries for forfeiture and re-issue.
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To record the forfeiture of 50 shares issued at a premium of 10 for nonpayment of the final call of 3 per share and the subsequent reissue of 35 share...View the full answer
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