Question

JCV Ltd., forfeited 200 shares of ₹ 10 each issued at a premium of ₹ 2 per share for the non-payment of allotment money of ₹ 3 per share (including premium). The first and final call of ₹ 4 per share has not been made as yet. 50% of the forfeited shares were reissued at ₹ 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares.

Answer 1

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forfeited shares were reissued at ₹ 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares.

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Answer 2

Capital Reserve  is Rs.300.

Explanation:

Calculation of Balance of forefeiture of reissued shares.

Share  forefeiture  per share Cr.( at the time of forefeiture.  =Rs.5

Less ( Share  forefeiture  per share Dr, at the time of reissue) =Rs.2

Balance of forefeiture of reissued shares( after reissue) = Rs.3

Capital Reserve

=Balance of forefeiture of reissued shares × Number of Shared reissued

= 3 ×100 = Rs.300