26. (Forfeiture Entries. A company issued shares of 10 each. Amount being payable ? 3 on
application; * 2 on allotment: * 4 on first call and Re. 1 on final call.
The following persons did not pay the amount. Their shares were forfeited.
(a) Amit paid 3 on his 50 shares.
(b) Sumit paid 5 on his 100 shares.
(c) Namit paid * 9 on his 20 shares.
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Explanation:
share capital ac....dr. 1700
To, calls on arr ac. 870
To, share forfeiture ac. 830
(being the shares forfeited)
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