Question

Commence Publications Ltd. issued 50,000 Equity Shares of ₹ 10 each at a premium of 10% payable as under:
The calls were made by the company and all the money was duly received except the allotment and call money on 500 shares. These shares were, therefore, forfeited and later reissued @ ₹ 9 per share as fully paid-up.
Pass necessary journal entries to record the above transactions.

Answer 1

Hey dude your answer is

By adding these shares 500 rupees per month

and 50 rupess per day These will help to pay compansation

Answer 2

Balance of forefeiture of reissued shares = Rs.500

Explanation:

Calculation of Balance of forefeiture of reissued shares.

Share  forefeiture  per share Cr.  =Rs.1,000

Less ( Share  forefeiture  per share Dr) =Rs.500

Balance of forefeiture of reissued shares = Rs.500