Question

A limited company forfeited 1,000 equity shares of Rs. 10 each, issued at a discount of 10 per cent, for non-payment of first call of Rs. 2 and sepond call of Rs. 3 pe sharc. These shares were reissued to A upon payment of Rs. 7,000 credited as fully paid. The cOnpany maintains calls-in-arrears account. Record journal entries in the books of the company relating to forfeiture of 1,000 shares and their reissue.

Answer 1

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