Z Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share. Mr Gupta was allotted 100 shares. Pass necessary journal entry relating to the forfeiture of shares in each of the following alternative cases: Case I: If Mr Gupta failed to pay the allotment money and his shares were forfeited. Case II: If Mr Gupta failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Case III: If Mr Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited.

Z Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On a

1.	Z Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share. Mr Gupta was allotted 100 shares. Pass necessary journal entry relating to the forfeiture of shares in each of the following alternative cases: Case I: If Mr Gupta failed to pay the allotment money and his shares were forfeited. Case II: If Mr Gupta failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Case III: If Mr Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited.
Answer» e your answer ISIN case 1 Mr Gupta failed because of 10 percentage of COMPENSATION In case 2 Mr Gupta failed because of FIRST callIn case 3 he failed because of his shares

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