A limited company has its issued capital comprising of 20,000 equity shares of 10 each payable
Question:
A limited company has its issued capital comprising of 20,000 equity shares of ₹ 10 each payable as : ₹ 2 on application; ₹ 3 on allotment (including premium); ₹ 3 on first call; and ₹ 3 on final call. The shares were called up to the first call stage. All the share money was received except from A, holding 300 shares, who paid only the application money, and B holding 200 shares who paid up to allotment. All these shares were forfeited. Of these forfeited shares, 400 shares (whole of A’s holdings and balance of B’s holdings) were reissued to C, on payment of ₹ 6 per share and as paid-up to the same extent as the other shares. Pass Journal Entries for forfeiture and reissue only.
Step by Step Answer:
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee