pappu & company forfeited 300 shares of raju of rs. 10 each, which has fully called up, wherein rs. 3 per share on allotment and rs. 4 per share on first call was unpaid. he paid rs. 3 per share on application. the company reissued these shares @ rs. 8 each to suresh.pass necessary journal entries in the books of company relating the forfeiture and reissue of shares. 12 accountancy
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share capital AC.... dr 3000
to share allotment AC 1200
to share first and final call AC 900
to forfeited shares AC 900
bank AC... dr 2400
share forfeiture AC... dr 600
to share capital AC 3000
share forfeiture AC.... dr. 300
to capital reserve AC.. 300
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