Sarthaks APP
0 votes
26.6k views
in Accounts by (64.1k points)
edited by

Arushi Computers Ltd issued 10,000 equity shares of Rs.100 each at 10% discount. 

The net amount payable as follows:

On Application Rs.20
On Allotment 30 (Rs.40- discount Rs.10)
On First callRs.30
On Final callRs.10

A shareholder holding 200 shares did not pay final call. His shares Were forfeited. Out of these 150 shares were reissued to Ms.Sonia at Rs.75 per shares. Give journal entries in the books of the company.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Working note 

Note: At the time of forfeiture discount should be credited and when we reissue of these shares discount should be debited (special case).

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...