Cemto Ltd. forfeited 6,000 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of final call of Rs. 3 per share. 300 of t

Cemto Ltd. forfeited 6,000 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of final call of Rs. 3 per share. 300 of the forfeited shares were reissued for Rs. 8 per share as fully paid-up.
Pass necessary Journal entries for the forfeiture and reissue of shares. Also prepare Share Forfeited Account.

Monjur Alahi

8 views

2025-01-04 04:42

1 Answers

Salim Ahmed Kawsar

Gain on Reissue to be shares transferred to Capital Reserve = Rs.1,500,
Balance of Shares Forfeited Account = Rs. 39,900.

8 views Answered 2023-02-05 15:29

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