MN Ltd., forfeited 200 equity shares of 10 each issued at a discount of 10% for non-payment
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MN Ltd., forfeited 200 equity shares of ₹10 each issued at a discount of 10% for non-payment of the 1st call of ₹2 and final call of ₹3 per share. Out of these 100 shares were re-issued at ₹8 per share and the balance at ₹7 per share. Pass journal entries.
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When shares are forfeited due to nonpayment of calls the company cancels these shares and keeps any amount already paid by the shareholders as a forfe...View the full answer
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