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Give necessary journal entries for the forfeiture and re-issue of shares:
(i) Akhil Pvt. Ltd. forfeited 9,000 shares of 10 each fully called up, held by Aditya for
Marks
10
5
5
5
non- payment of allotment money of 3 per share and final call of 4 per share. He paid the application money of 3 per share. These shares were re-issued to Katen for 8 per share.?
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Give necessary journal entries for the forfeiture and re-issue of shar...
Forfeiture of Shares:
- Journal entry for forfeiture of shares:
- Share Capital A/c Dr. [9000 shares * Rs.10] 90,000
To Share Forfeited A/c [9000 shares * Rs.7] 63,000
To Calls-in-Arrears A/c [9000 shares * Rs.3] 27,000
- Explanation:
- In the above journal entry, the share capital account is debited with the face value of the forfeited shares, and Share Forfeited account is credited with the amount already received on those shares. The Calls-in-Arrears account is credited with the unpaid amount on those shares.

Re-issue of Shares:
- Journal entry for re-issue of shares:
- Bank A/c Dr. [9000 shares * Rs.8] 72,000
To Share Capital A/c [9000 shares * Rs.10] 90,000
To Securities Premium A/c [9000 shares * (Rs.8 - Rs.10)] 18,000
- Explanation:
- In the above journal entry, the bank account is debited with the amount received on the re-issue of shares. The Share Capital account is credited with the face value of the re-issued shares, and the Securities Premium account is credited with the premium received on re-issue.
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Give necessary journal entries for the forfeiture and re-issue of shares:(i) Akhil Pvt. Ltd. forfeited 9,000 shares of 10 each fully called up, held by Aditya forMarks10555non- payment of allotment money of 3 per share and final call of 4 per share. He paid the application money of 3 per share. These shares were re-issued to Katen for 8 per share.?
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Give necessary journal entries for the forfeiture and re-issue of shares:(i) Akhil Pvt. Ltd. forfeited 9,000 shares of 10 each fully called up, held by Aditya forMarks10555non- payment of allotment money of 3 per share and final call of 4 per share. He paid the application money of 3 per share. These shares were re-issued to Katen for 8 per share.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Give necessary journal entries for the forfeiture and re-issue of shares:(i) Akhil Pvt. Ltd. forfeited 9,000 shares of 10 each fully called up, held by Aditya forMarks10555non- payment of allotment money of 3 per share and final call of 4 per share. He paid the application money of 3 per share. These shares were re-issued to Katen for 8 per share.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Give necessary journal entries for the forfeiture and re-issue of shares:(i) Akhil Pvt. Ltd. forfeited 9,000 shares of 10 each fully called up, held by Aditya forMarks10555non- payment of allotment money of 3 per share and final call of 4 per share. He paid the application money of 3 per share. These shares were re-issued to Katen for 8 per share.?.
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