New Company Ltd. was registered with 5,000 Equity Shares of 25 each payable as 5 share on application, * 10 on allotment, * 5 on first call and the balance on final call. The shares were issued to the public and were fully taken up. When cash was received, it was found that one shareholder holding 100 shares in the company failed to pay the final call money. After completion of the appropriate procedure, the Directors forfeited these shares. You are required to give the necessary Journal entries to record the above transactions.
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New Company Ltd. was registered with 5,000 Equity Shares of 25 each payable as 5 per share on application
10 on allotment, 5 on first call and the balance on final call. The shares were issued to the public and wer
fully taken up. When cash was received, it was found that one shareholder holding 100 shares in the company
failed to pay the final call money. After completion of the appropriate procedure, the Directors forfeited th
shares. You are required to give the necessary Journal entries to record the above transactions.
Ans. Share Forfeiture Ne₹2.0001
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