Question

COMPANY ACCOUNTS - ISSUE OF SHARES
due on
7.161
chata
Forfeiture of Shares Issued at Par
0_25. X Ltd. was registered with an authorised capital of 2,00,000 shares of 10
each. It purchased assets of Y Ltd. for 3,00,000 and issued fully paid shares for
purchase consideration. It also invited applications for 1,20,000 shares payable as
under:
*2.50 on application
2.50 on allotment
2
on first call and 3 on final call.
Amount due on allotment and first call was duly received. However, *3,58,800
were received on final call. Directors forfeited the shares of defaulting shareholders
and reissued them at 8.50 per share as fully paid up. Pass entries in the Cash Book
and Journal. Show the Share Capital in the Balance Sheet of the Company.
[Ans. Cash at Bank 212,02,200; Capital Reserve 32,200.]
Hint: Shares Forfeited 400.
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Answer 1

Answer:

can you please explain the question neatly??????!!!!!

Explanation:

can you please explain the question neatly?????!!!!