Question

X Ltd forfeited 500 shares of rs .10 each fully called up for non payment of final call of rs .3

Answer 1

Answer:

Share capital A/c Dr. 5,000

To calls-in-arrears A/c 1,500

To Share forfeiture A/c 3,500

Narration: Being 500 shares were forfeited for non payment of share final call money.