Question

Ritik Ltd. Forfeited 30 shares of Rs.10 each fully called up held by

a shareholder for non-payment of allotment money Rs.4 per share

and final call of Rs.3 per share. He has paid the application money

of Rs.3 per share. These shares were re-issued to Nischal for its face

value Rs.10 each. Give Journal entries for the forfeiture and re-issue

of shares.​

Answer 1

Answer:

Here is your solution:

Explanation:

1). Share capital a/c dr. 300

to Calls in Arrear a/c. 210

to share forfeiture a/c. 90

2). Bank a/c dr. 300

to share capital a/c. 300

Answer 2

Explanation:

1) share capital a/c Dr . 300

To share allotment a/c 120

To scond/final coll (30×3). 90

To share forbited a/c(30×3). 90

( being 30 share for forbited)

2) bank a/c Dr. 300

To share capital a/c 300

( being 30 share re-issued)

3) share forbited a/c Dr. 90

To received capital a/c 90

( being access money to

transfer received capital

account)