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Company makes final call of 25c per share on 500 000 shares issued at $1. Holders of 20 000 shares fail to pay the call

Company makes final call of 25c per share on 500 000 shares issued at $1. Holders of 20 000 shares fail to pay the call and directors forfeit these shares. 1. Prepare GJ entries to reflect forfeiture and cancellation of shares

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