Question

Capital
23. X Ltd. forfeited 10 shares of Rs. 10 each (Rs. 6 called up) issued at a discount of
10% to Neeta, on which she had paid Rs. 2 per share. Out of these, 8 shares were
reissued to Meeta as Rs. 8 called up, for Rs. 6 per share. Journalise.
[Madras, B.Com., March 1989 & Sep. 1991 &
B.A., Corp. Sep. 1995)​

Answer 1

Explanation:

8 of these shares were re-issued as fully paid -up Rs 7 per share, the Profit ... Hence, the profit earned on the reissue of shares is Rs 00