A holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share on application.
B holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share on application and allotment respectively.
C holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 on first call. They all fail to pay their arrears and the second call of ₹ 2 per share. Shares are forfeited and subsequently reissued @ ₹ 11 per share as fully paid-up.
journalise the above.
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Payable as:
On Application : 1
On Allotment : 2
On First : 3
On Second call: 2
Total called up: 8
Calculation of capital reserve
Share forfeiture of 100 shares held by A (Cr.) = 100
Share forfeiture of 200 shares held by B (Cr.) = 600
Share forfeiture of 300 shares held by C (Cr.) = 1800
Total share forfeiture cr. (at the time of cancellations of share) = 2500
Total share forfeiture cr. (at the time of cancellations of share) = 2500
less : Total shares forfeiture (dr.) (at the time of reissue) = 0
Capital reserve = 2500
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