Question

The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each, ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50. On 10th June, 2015, ₹ 1,800 of these shares were reissued for ₹ 6 per share. Give necessary Journal entries.

Answer 1

HEYA MATE YOUR ANSWER IS

The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each, ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50. On 10th June, 2015, ₹ 1,800 of these shares were reissued for ₹ 6 per share. Give necessary Journal entries.

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Answer 2

$Share forfeiture (cr) = 7.5\\Share forfeiture (dr) = 4\\Balance in share forfeiture A/C after re issue (per share) cr. 3.5\\Calculation of capital Reserve \\= Number of share reissued * Balance in share forfeiture A/C after reissue (per share)\\= 1800 * 3.5\\capital reserve rs.6300$