Question

Fast Food Ltd. issued a prospectus offering 10,000 equity shares of Rs. 50 each at par payable as follows : On Application 15 On Allotment 10 On First Call 15 On Final call 10 Ram, the holder of 500 equity shares did not pay the amount due on both the calls. These 500 shares were forfeited by the Board of Directors and 300 of these shares were subsequently re-issued at Rs. 55 per share. Show the entries in the Cash Book and Journal of the Company

Answer 1

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