Question

the director of company forfeited 2000 shares of rupees 50 each for non payment of first coal of rupees 20 and final call of rupees 10% subsequently the shares Vari issued as fully paid for rupees 50 per share pass journal entry​

Answer 1

Explanation:

1. share capt a/c ......dr. 100,000. (20,000×50)

to share forfeiture a/c. 40,000. (20,000×20)

to call in arrear a/c. 60,000. (20,000×30)

2. bank a/c .........dr. 100,000. (20000×50)

to share capt a/c 100000. (20,000×50)

3.share forfeiture a/c.....dr. 40,000. (20,000×20)

to capt reserve a/c. 40,000. (20000×20)