bj

Date Particulars L.F. Dr. (R) Cr. (R) Share Capital A/C Dr. 90,000 To Share Allotment A/c 6,000 To Share First Call A/C 10,000 To Share Final Call A/C 22,500 To Share Forfeiture A/c 51,500 (900 shares forfeited) Bank A/c 85,500 Share forfeiture A/C 4,500 To Share Capital Alc 90,000 (Reissue of 900 shares @ 195 per share) Share Forfeiture A/C Dr. 47,000 To Capital Reserve A/C 47,000 (Transfer of the balance of Forfeiture Ald to Capital Reserve A/c) Dr. Dr. q38 Pass journal entries for the forfeiture and re-issue in the following cases: (i) A Ltd. forfeited 100 shares of 10 each fully called-up for non-payment of first call of 3 per share and final call of 33 per share. All of these shares were re-issued as fully paid for 10 per share. (ii) B Ltd. forfeited 400 shares of 10 each fully called-up for non-payment of final call of 3 per share. 300 of these shares were re-issued as fully paid for 8 per share. (iii) C Ltd. forfeited 700 shares of 10 each fully called-up on which the holder has paid application money @ 33 and allotment money @ 2 per share. Out of these, 300 shares were re-issued as fully paid @ 7 per share. (iv) D Ltd. forfeited 1,000 shares of 10 each fully called-up on which the holder has paid only the application money @ 3 per share. Out of these, 600 shares were re-issued at *10.50 per share, fully paid up