Question

(b) Y Ltd. forfeited 700 shares of 100 each, issued at a premium of 35 per share
for non-payment of allotment money of 35 per share (including premium)
and first call of 20 per share. The second and final call of 20 has not yet
been called. 500 of these shares were re-issued as 80 paid-up for 92 per
share​

Answer 1

Explanation:

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