Issue of Shares at Par and Forfeiture
33. Ravi was holding 25 shares of 10 each on which he paid * 2 on application but
could not pay 3 on allotment and 2 on first call. Directors forfeited the share
after first call. give the journal entry of forfeiture
Answers
Answered by
45
Answer :
• Holding - 25 shares
• ₹10 on each
• On Application - ₹2
• On Allotment - ₹3
• On First Call - ₹2
• On Final call - ₹3
= 2 + 3 + 2 + 3 = ₹ 10
Required Journal Entry :
➝ Share Capital ac Dr.25×10. 250
To Share Forfeited ac 25×2. 50
To Allotment ac 25×3. 75
To First Call ac 25×2. 50
To Final Call ac 25×3. 75
( Forfeiture for non payment of call and allotment Money )
Similar questions
Political Science,
15 days ago
Math,
15 days ago
Accountancy,
1 month ago
Accountancy,
1 month ago
Physics,
8 months ago
Economy,
8 months ago