Question

VT Ltd forfeited 200 shares of ₹ 10 each, issued at a premium of ₹ 5 per share, held by Mohan for non-payment of the final call of ₹ 3 per share. 100 out of these shares were reissued to Narendra at a discount of ₹ 4 per share. Journalise.

Answer 1

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Solution 150 Shares of ₹ 10 Each Issued at a Premium of ₹ 4 per Share Payable with Allotment Were Forfeited for Non-payment of Allotment Money of ₹ 8 per Share Including Premium. Concept: Accounting Treatment of Forfeiture and Re-issue of Share.

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Answer 2

Capital Reserve is Rs.300.

Explanation:

Calculation of Balance of forefeiture of reissued shares.

Share  forefeiture  per share Cr.  =Rs.7

Less ( Share  forefeiture  per share Dr) =Rs.4

Balance of forefeiture of reissued shares = Rs.3

Capital Reserve

=Balance of forefeiture of reissued shares × Number of Shared reissued

= 3 ×100 = Rs.300