A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called up on which Rs 5 per share had been paid. Directors decided to re-issue all the forfeited shares to B as Rs 7.50 paid up for Rs 7 each. Pass the necessary Journal entries.

A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called

1.	A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called up on which Rs 5 per share had been paid. Directors decided to re-issue all the forfeited shares to B as Rs 7.50 paid up for Rs 7 each. Pass the necessary Journal entries.
Answer» A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called up on which Rs 5 per share had been paid. Directors decided to re-issue all the forfeited shares to B as Rs 7.50 paid up for Rs 7 each. Pass the necessary Journal entries.

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A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called up on which Rs 5 per share had been paid. Directors decided to re-issue all the forfeited shares to B as Rs 7.50 paid up for Rs 7 each. Pass the necessary Journal entries.

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