X ltd.forfeited 500 sharesof munna of ₹10 each fully called-up for non-payment of first call of₹2 per share and final call of₹2per share.300 of these shares were re- issued at ₹9 per share fully paid-up .pass journal entries.
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Share capital a/c Dr 5000
To share forefieted 3000
To share 1st call 1000
To share final call 1000
(Being share forefieted)
Share forefieted a/c Dr 2700
Share capital 2700
(Being share re-issued)
Amount transfer to capital reserve will be (3000-2700)=300
To share forefieted 3000
To share 1st call 1000
To share final call 1000
(Being share forefieted)
Share forefieted a/c Dr 2700
Share capital 2700
(Being share re-issued)
Amount transfer to capital reserve will be (3000-2700)=300
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