Question

B Ltd. forfeited 100 shares of 100 each issued at 10
premium (at the time of allotment) on which first call of
F30 per share was not received the final call of 20 per
share is not yet called. 40 of these shares were
subsequently reissued at 70 per share as 80
paid-up.
Give necessary Journal Entries for forfeiture and its
reissue.​

Answer 1

Answer:

100share =100each

10000shares =10issued

forfeiture share a/c dr=10000

allotetment a/c=10000