Question

36. Beta Co. Ltd. forfeited the following equity shares of 25 each issued at a premium of
0 5 per share. The amount was payable as 10 on application, 15 on allotment
(including premium) and the balance in call.
(i) Mr. Abdul holding 500 shares failed to pay the allotment;
(ii) Mr. Rahit holding 400 shares failed to pay the call.
Of the forfeited shares only 700 shares (Full of Abdul and balance of Rahit) were re-issued
to Ani at 20 Eacias Tully paid up.
Show Journal entries relating to forfeiture and re-issue only.​

Answer 1

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