Question

karvy ltd. forfeited 470 equity shares of rs10 each issued at a premium of rs5 per share for non payment of allotment money of rs8 per share and first and final call of rs5 per share. out of these,60 equity shares were subsequently reissued at rs14 per share. pass journal entries for forfeiture and reissue of shares in book of karvy ltd.
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Answer 1

Answer:

Share Capital A/C ................................Dr 4700

Securities Premium Reserve A/C.....Dr 2350

To share forfeited A/C. 940

To share allotment A/C. 3760

To share callA/C. 2350

BankA/C..................................................Dr 840

To share Capital A/C. 840

Share forfeited A/C..............................Dr 940

To capital Reserve A/C. 940