Question

Super Star Ltd. makes an issue of 10,000 Equity Shares of ₹ 100 each, payable as:
On application and allotment ₹ 50 per share
On first call ₹ 25 per share
On second and final call ₹ 25 per share.
Members holding 400 shares did not pay the second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @ ₹ 50 per share. Pass journal entries in the books of the company.

Answer 1

HEYA MATE YOUR ANSWER IS

second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @ ₹ 50 per share. Pass journal entries in the books of the

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Answer 2

Share forfeiture Cr = Rs.75

Share Forfeiture cr = Rs.50

Balance in forfeiture = 25

$Calculation of capital reserve = \\Balance in forfeiture A/c * No. of share re issued \\= rs 25* 200\\=5000$